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Conshohocken-based Citi Prepaid, which grew out of Citi's acquisition of eCount, was sold to Germany-based Wirecard , it was announced on Wednesday. Terms were not disclosed.
eCount was sold to Citi for a reported $220 million in 2007. It specialized in the sale of prepaid accounts to groups.
eCount alumni have continued to be active locally as both investors and entrepreneurs. They include co-founders Matt Gillen and Paul Raden, now with Relay Network, and Kevin O'Nell, now CEO of PeopleLinx. As a part of the deal, Wirecard will retain over 100 Citigroup's prepaid card employees, primarily based out of Conshohocken.
One analyst quoted by TheStreet.com said the acquisition never scaled enough to be meaningful to Citi. The financial services giant began to prepare for disposing of its prepaid unit more than a year ago.
at 3:04 PM