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.