Skrill and Ukash in acquisition deal

The e-cash processing sector was humming late Thursday as news broke that online payment processor Skrill (formerly Moneybookers) has signed a deal to acquire the UK pre-paid cash voucher provider Ukash.

The consideration agreed for the acquisition has not been disclosed, and regulatory approval is still awaited.

According to a Skrill spokesman, the addition of Ukash to the group will augment the operations of subsidiary Paysafecard, which is the pre-paid unit for Skrill acquired last year for Euro 140 million (see previous report).

David Sear, the newly-appointed CEO at Skrill who takes up his responsibilities in January 2015, said Friday:

“The acquisition of Ukash will significantly extend our reach in the high-growth pre-payment 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.”

Paysafecard chief executive Udo Müller said he looked forward to the market influence that the combination of two key pre-paid technologies would generate with strong synergies, and the boost to the customer base that this would bring.

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