Wednesday, April 4, 2012

Loopt Acquisition Completes

Mountain View-based mobile social networking software developer Loopt has officially been swallowed by prepaid debit card provider Greent Dot, after the official close of the $43M acquisition of Loopt. According to Green Doot, Loopt will remain in Mountain VIew, with the firm's employees becoming part of its Information Technology organization. Loopt was venture backed by New Enterprise Associates and Sequoia Capital, and headed by Sam Altman; Green Dot had said in March, when it initially announced the deal, that it would make Loopt its mobile technology and product development team.