Green Dot Corporation (NYSE: GDOT), a provider of widely distributed, low-cost banking and payment solutions to a broad base of U.S. consumers, announced it has completed the acquisition of privately-held Loopt, Inc. of Mountain View, California. Under the terms of the agreement, Green Dot paid approximately $43 million in cash and retention-based incentives in exchange for all shares of Loopt, Inc.
Upon the close of the acquisition, Loopt employees will continue to report to their Mountain View headquarters, and will be integrated into Green Dot's Information Technology organization.
About Green Dot Corporation
Green Dot is a publicly traded (NYSE:GDOT) bank holding company regulated by the Board of Governors of the Federal Reserve System. The Company provides widely distributed, low cost banking and payment solutions to a broad base of U.S. consumers. Green Dot's products and services include its market leading category of General Purpose Reloadable (GPR) prepaid cards and its industry-leading cash transfer network which are available directly to consumers online and through a network of approximately 59,000 retail stores nationwide where 95% of Americans shop. Green Dot is headquartered in the greater Los Angeles area. For more details, visit www.greendot.com.