Green Dot Acquires Loopt

Loopt was an early LBS provider  (2005 launch, Sam Altman, Founder). Green Dot sells pre-paid debit cards. Green Dot plans to use use Loopt and its patents "to develop mobile wallet and payment services." Green Dot will pay $43.4 million in cash; the deal is expected to close by the first quarter of this year.

It's a tough time to be an LBS only type company as this acquistion, among a string of them of late, suggests.

- GigaOm

- press release

Published Friday, March 9th, 2012

Written by Adena Schutzberg

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