Friday, March 9, 2012

Loopt Acquired By Green Dot

Mountain View-based Loopt, the mobile social networking provider headed by Sam Altman, has been acquired by Green Dot Corporation, a provider of prepaid debit cards, in a deal worth $43.4M in cash. Loopt, which was venture backed by New Enterprise Associates and Sequoia Capital, will beome the mobile technology and product development team for Green Dot. Green Dot is based in Monrovia, California. The firms said the deal is subject to regulatory approvals and closing conditions.