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Green Dot to Acquire Loopt
Loopt is a pioneer in mobile user interface design, real-time location-based mobile rewards marketing, and geo-location application technology
The acquisition of Loopt will provide Green Dot with a number of key strategic benefits that are expected to a) improve customer acquisition and retention of its current prepaid debit card products, b) drive the adoption of new banking and payment products targeted to new segments of consumers, and c) provide the opportunity for Green Dot to become a leader in mobile wallets, 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.
"We believe that mobile phones have the potential to change the way
people interact with their bank, control their money and pay for goods
and services,” said
Loopt co-founder and CEO
Upon closing of the transaction, Loopt’s current headquarters in
Green Dot will pay total consideration of
Green Dot will provide further details about this acquisition, including
information on Green Dot’s mobile strategy, during its Q1 earnings call
on
About Green Dot Corporation
Forward-Looking Statements
This press release contains forward-looking statements, which are
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. For example, statements regarding the key strategic benefits
that Green Dot expects from the acquisition, their expected impact on
Green Dot’s product and customer initiatives, the timing of closing and
the projected financial impact to Green Dot are all forward-looking
statements. Risks, uncertainties and assumptions include the possibility
that the acquisition does not close or that the companies may be
required to modify aspects of the transaction to achieve regulatory
approval; the market for the sale of certain products and services may
not develop as expected; that development of these products and services
may not proceed as planned; that customer acceptance of any new products
may not develop as expected; Green Dot’s limited experience with
acquiring companies and technologies, potential difficulties in
integrating operations of acquired companies and acquired technologies,
and any unexpected increases in Green Dot’s other operating expenses.
Additional risks and uncertainties are detailed in Green Dot’s filings
with the
Source:
For Green Dot Corporation
Investor Relations
Christopher
Mammone, 626-739-3942
IR@greendot.com
or
Media
Relations
Brian Ruby, 203-682-8268
Brian.Ruby@icrinc.com