{"id":22461,"date":"2012-03-09T12:23:00","date_gmt":"2012-03-09T12:23:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/green-dot-gdot-to-acquire-loopt-inc\/22459\/"},"modified":"2012-03-09T12:23:00","modified_gmt":"2012-03-09T12:23:00","slug":"green-dot-gdot-to-acquire-loopt-inc","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/green-dot-gdot-to-acquire-loopt-inc\/22461\/","title":{"rendered":"Green Dot (GDOT) to acquire Loopt Inc."},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2012\/03\/GDOT.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-22462\" title=\"GDOT\" src=\"https:\/\/storage.googleapis.com\/smw-news-wp\/2012\/03\/GDOT.png\" alt=\"\" width=\"107\" height=\"104\"><\/a>Green Dot Corporation (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GDOT\">NYSE: GDOT<\/a>)<\/strong>, a provider of widely distributed, low-cost banking and payment solutions to a broad base of U.S. consumers, has entered into a definitive agreement to\u00a0acquire Loopt, Inc., of Mountain View, California. The transaction is expected to close by the end of the first quarter of 2012 and is subject to regulatory approvals and other closing conditions.<\/p>\n<p>The acquisition of Loopt will provide GDOT with a number of key strategic benefits that are expected to a)\u00a0improve customer acquisition and retention of\u00a0its current prepaid debit card\u00a0products, b)\u00a0drive the adoption of new banking and payment products targeted to new segments of consumers, and c) provide the opportunity for GDOT to become a leader in mobile\u00a0wallets, rewards and payment solutions at retailers nationwide. Furthermore, Loopt holds several patents that are applicable to mobile marketing in the context of location-based messaging delivered real-time to a mobile handset. Green Dot believes that these patents will be important strategic assets as it pursues its mobile business opportunities.<\/p>\n<p>&#8220;We believe that mobile phones\u00a0have the\u00a0potential to change the way people interact with their bank,\u00a0control their money and\u00a0pay for goods and services,\u201d said Steve Streit, Chairman and CEO of Green Dot.\u00a0&#8221;Loopt has innovative mobile technology, market leading mobile programming capabilities and compelling intellectual property. Meanwhile, Green Dot has a large customer base, a robust enterprise-level financial services infrastructure and\u00a0retail point-of-sale financial transaction\u00a0capabilities deployed at major retailers nationwide. When Loopt\u2019s assets are layered into Green Dot\u2019s platform,\u00a0we believe that a significant opportunity emerges for\u00a0Green Dot to become a large-scale player in mobile technology solutions at the retail point of sale.&#8221;<\/p>\n<p><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>Loopt co-founder and CEO Sam Altman stated, \u201cIt\u2019s been exhilarating to see mobile become such a critical part of our collective daily lives. As this technology truly reaches the masses, I believe we&#8217;re going to see the banking and payments industry fundamentally reshaped in a way that\u2019s better for everyone. My team and I look forward to being part of this transformation and are eager to bring cutting edge mobile\u00a0banking and payment solutions to Green Dot&#8217;s retail partners and Green Dot&#8217;s millions of current and future customers.&#8221;<\/p>\n<p>Upon closing of the transaction, Loopt\u2019s current headquarters in Mountain View, California will become the new Silicon Valley hub for Green Dot\u2019s mobile technology and product development team.<\/p>\n<p>GDOT will pay total consideration of $43.4 million in cash for the company, which includes approximately $9.8 million to be set aside as a retention pool for key Loopt employees. GDOT \u00a0expects this transaction will result in approximately $14 million of incremental operating expenses during the remainder of this year which will reduce the Company\u2019s previously guided 2012 full year adjusted EBITDA accordingly. This amount includes the above mentioned retention payments, ongoing salaries and benefits for retained Loopt employees, wind-down expenses of current Loopt services and other expenses associated with the costs of integrating Loopt\u2019s technology into Green Dot\u2019s operating infrastructure.<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-edge-lower\/22529\"><br \/>\nGold and Silver Prices Edge Lower<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/futures-point-to-a-lower-opening-6\/22527\"><br \/>\nFutures Point to a Lower Opening<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/bank-of-america-to-cut-down-principal-of-some-mortgages-bac\/22509\"><br \/>\nBank of America to Cut Down Principal of Some Mortgages (BAC)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/new-york-times-paid-former-ceo-24-million-nyt\/22508\"><br \/>\nNew York Times Paid Former CEO $24 Million (NYT)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-rise-for-a-straight-day\/22507\"><br \/>\nGold Prices Rise for a Straight Day<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-ended-higher-for-a-third-straight-day\/22506\"><br \/>\nStocks End Higher for a Third Straight Day<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-and-silver-prices-rebound-3\/22476\"><br \/>\nGold and Silver Prices Rebound<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Green Dot Corporation (NYSE: GDOT), a provider of widely distributed, low-cost banking and payment solutions to a broad base of [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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