Last week Skrill, formerly known as Moneybookers, announced that it has signed an acquisition deal with the UK pre-paid cash voucher provider Ukash. The financial terms of the acquisition are not being disclosed. The deal is intended to add scale and reach to Skrill Group’s rapidly growing paysafecard, which is the pre-paid unit for Skrill acquired last year for Euro 140 million.
David Sear, who will become CEO of Skrill Group in January, comments, “The acquisition of Ukash will significantly extend our reach in the high-growth prepayment market. We are proud to support both consumers and online businesses with the world's largest online cash replacement payment method and look forward to serving a combined base of millions of consumers around the world”.
Udo Müller, CEO of paysafecard, adds, “The acquisition of Ukash will bring together two prepaid technologies with strong synergies, enabling even more customers to pay online as safely and easily as with cash. Ukash increases paysafecard’s global presence and will open up new opportunities for online businesses.”