"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.