Loopt gets pulled as location tool sells to Green Dot for $43.4 million
Once one of the forerunners in the location game, check-in tool Loopt is to be pulled from mobile marketplaces following the firm's $43.4 million acquisition by Green Dot.
The payment solution specialist claims it is to utilise Loopt's location expertise to "approve customer acquisition and retention".
Green Dot also cites the company's patent library, however, claiming it will serve as "important strategic assets as it pursues its mobile business opportunities".
Location lockout
"It's been exhilarating to see mobile become such a critical part of our collective daily lives," said Loopt CEO Sam Altman of the buyout.
"As this technology truly reaches the masses, I believe we're going to see the banking and payments industry fundamentally reshaped in a way thats better for everyone.
"My team and I look forward to being part of this transformation and are eager to bring cutting edge mobile banking and payment solutions to Green Dot's retail partners and Green Dot's millions of current and future customers."
The result of the acquisition, however, is that Loopt's location-based app is to pulled from app stores moving forward, signalling the withdrawal of another check-in tool.
At last count, the service boasted around 5 million users, putting it behind Foursquare's 10 million strong userbase as of June 2011.
Loopt's departure from the scene also follows the dissolution of one time rival Gowalla, which was wound down in January following Facebook's acquisition of the team behind the tool eight months previous.
[source: BusinessWire]