CITI ACQUIRES ECOUNT, INC.
Ecount Is a Leader in Corporate Prepaid Card Solutions
Transaction Strengthens Citi's Cash Management Offering
New York, March 1, 2007 – Citi markets and banking today announced that it has acquired Ecount, Inc, the leading provider of corporate prepaid card solutions, based in Conshohocken, Pennsylvania. Ecount's products will be integrated into Citi's global transaction services business, strengthening the firm's cash management platform for corporations, financial institutions and governments. Terms of the agreement were not disclosed.
Ecount has provided customized prepaid card solutions for corporations looking for simple and convenient ways to deliver payments, including compensation and promotions. Established in 1997, the company serves a base of more than 1,200 corporate clients across North America. Ecount's paperless payment solutions allow corporations to reduce costs, strengthen brand awareness and increase efficiencies.
This acquisition strengthens Citi's leading position in global payments in the U.S., and it enables the launch of similar stored value card solutions worldwide. The prepaid card market is experiencing high growth, and is currently estimated at more than $2 trillion worldwide, as corporations and consumers continue to move from paper checks to electronic-based payment methods.
"Our clients are constantly looking for better ways to make payments, and with Ecount's innovative and comprehensive prepaid programs, we will be able to offer them the latest payment solutions," said Ellen Alemany, Chief Executive Officer of global transaction services at Citi. "Clients want greater flexibility and more solutions to deliver payments electronically. By combining Citi's industry-leading payments products and client base, with Ecount's expertise, technology and distribution in stored value cards, we will be a leader across all North American payment channels," added Alemany.
"Working with Citi is the ideal choice for Ecount," said Matt Gillin, CEO and Cofounder of Ecount. "Citi is a global leader in banking, with robust payment platforms, deep client relationships and innovative technology. This matches Ecount's position in the prepaid card market. Together, we will be able to optimize and strengthen our position in this expanding market, by developing world-class solutions."
Citi's cash management platform offers its clients over 50 global services, spanning payments, receivables, liquidity, investments, information services and commercial cards, and operates in over 100 countries. Its clients include corporations, financial institutions and governments.
Citi markets and banking is the most complete financial partner to corporations, financial institutions, institutional investors and governments in the world. As a global leader in banking, capital markets, and transaction services, with a presence in many countries dating back more than 100 years, Citi enables clients to achieve their strategic financial objectives by providing them with cutting-edge ideas, best-in-class products and solutions, and unparalleled access to capital and liquidity.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
Ecount, a Citi company, provides customized prepaid programs for corporations looking for a simple, convenient and cost effective way to deliver payments. Leveraging Citi's extensive payment platform and Ecount's experience and proprietary prepaid technology, corporations have access to an unmatched solution that enables comprehensive communication and unique brand extension, coupled with more immediate, economical payment delivery. With solutions ranging from incentives to compensation to specialized rewards, Ecount programs empower corporations looking to influence and motivate consumers, employees and partners. Over 1,200 leading corporations, including more than one third of the Fortune 100, rely on Ecount's prepaid solutions to gain a strategic market advantage. For more information, please visit ecount.com.