Green Dot Acquires Loopt for $43,400,000

  • Feed Type
  • Date
    3/9/2012
  • Company Name
    Loopt
  • Mailing Address
    590 W. El Camino Real Mountain View, CA 94040
  • Company Description
    Loopt is a Palo Alto-based startup that has built a revolutionary social mapping service to change the way people use mobile phones to keep in touch with their friends. loopt uses GPS (and other location technology) to show you where your friends are by automatically updating maps on your mobile handset. loopt also lets you send messages to nearby friends or receive automatic alerts when they’re nearby so that you never miss an opportunity to meet. With loopt, mobile subscribers put themselves on the map.
  • Website
    http://www.loopt.com
  • Transaction Type
    M&A
  • Transaction Amount
    $43,400,000
  • Transaction Round
  • Proceeds Purposes
  • M&A Terms
    Green Dot 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.