Before SXSW Sunk Its Valuation, Loopt Location App Sells To Green Dot For $43.4 Million Cash

With a new class of passive location apps on the rise, failed geo-mobile apps of the past need to cut their losses, so Loopt today announced plans to sell to banking and payment solutions company Green Dot?for $43.4 million. Green Dot?hopes checkin functionality can help it attain and hold on to customers by expanding from prepaid cards into a mobile wallet. And it needs Loopt's talent to stick around to make that happen, so $9.8 million of the cash is reserved for a retention pool. SXSW starts today and no one has been talking about Loopt. Had it waited until after the event and watched younger competitors revel in the spotlight, its valuation could have sunk, so this was wise timing to sell.

Source: http://feedproxy.google.com/~r/Techcrunch/~3/_xFH-fufaRc/

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