Citi markets and banking announced that it has acquired Ecount, Inc, the leading provider of corporate prepaid card solutions. Terms of the agreement were not disclosed. 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. Marks Baughan & Co. served as the exclusive financial advisor to Ecount in this transaction.
“The Marks Baughan team of professionals was instrumental in unlocking the value of Ecount in the market,” said Ecount CEO Matt Gillin. “Marks Baughan’s thorough understanding of our company, the investor universe, and market dynamics coupled with their expertise in the prepaid industry resulted in a highly effective sale strategy, efficiently managed interactions with acquirors, and a tightly managed due diligence process. From drafting of the marketing materials through closing of the negotiations, we were extremely impressed with the level of commitment and attention we received from the entire Marks Baughan team.”
Based in Conshohocken Pennsylvania Ecount provides 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 prepaid card solutions worldwide. Additionally, the deal expands Citi’s position in the prepaid card market, the fastest growing segment of the payments industry, which is currently estimated at more than $2 trillion worldwide, as corporations and consumers continue to move from paper checks to electronic-based payment methods.
“Working with Citi is the ideal choice for Ecount,” said Gillin. “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.
This marks the 14th transaction that Marks Baughan & Co. has advised on in less than three years, confirming its leading position as a Financial Advisor in the Financial Technology sector.
For more information on this transaction, please contact:
Nick Baughan
Managing Member
610.616.3294
nbaughan@marbau.com
Bill Takeuchi
Director
610.616.3296
takeuchi@marbau.com
About Ecount
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.
About Marks Baughan & Co.
Marks Baughan & Co. provides investment banking services to growth companies in the Financial Technology and Information Management sectors. Our narrow focus and deep expertise and relationships in these two verticals provide our clients with top-quality results driven by an efficient process. Started in 2004 by two former senior members of the Credit Suisse First Boston Technology Group, Marks Baughan & Co. has established itself as one of the most successful of the new boutique investment banks by combining bulge-bracket expertise with boutique service. Our clients range from public companies with multi-billion dollar market caps to private companies with $10 million in revenues. We deliver results for clients: advising on sales of entire companies and divisions, acquisitions, private placements of equity and debt securities, or strategic advisory services for CEOs and CFOs on public offerings, M&A plans, or investor positioning.