Ecount takes on parent Citigroup's name
For the Conshohocken provider of prepaid cards to businesses, it's the final step in its integration into the enormous Citi financial organization.
Ecount, a Conshohocken provider of pre-paid cards to businesses, has been renamed.
The name change to Citi Prepaid Services shouldn't surprise anyone given that Citigroup Inc. bought Ecount in March 2007. Those were the good old pre-credit crisis days.
The news release on the change calls it the "final chapter in Ecount's successful integration" with Citi.
The terms of the deal were never announced, but my colleague Joseph N. DiStefano has reported the amount to be more than $200 million.
Ecount employed just shy of 100 people at the time Citi bought the company. Now the headcount is up to 124, according to spokeswoman Brieana Lavigne.
Its prepaid cards are sold to companies. The plastic gets customized with the corporate customer's name and is used in place of paper checks. The cards pay rebates, rewards, incentives, bonuses and compensation to employees or customers.
Citi says the business unit has more than 1,200 corporate clients across North America.
And Matt Gillin and Paul Raden, the founders of Ecount, remain at the helm. Both are managing directors of Citi Prepaid Services, which is part of Citi's Global Transaction Services business.