Skrill Group has signed an agreement to acquire Ukash. On completion, the acquisition will add scale and reach to Skrill Group’s rapidly growing paysafecard.
Since its launch in 2000, paysafecard has provided a way for consumers to get cash online and is widely accepted across a number of online industries including online games, social media channels and entertainment sites. It is available via a network of more than 450,000 distribution outlets across 39 countries.
It became part of Skrill Group in 2013. Online prepayment allows consumers to pay quickly, simply and safely, as if using cash, for digital goods and services. In combination, paysafecard and Ukash will enable Skrill Group to expand digital payments across both established and emerging markets.
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."
David Hunter, CEO of Ukash, concludes, "By becoming part of Skrill Group, Ukash will come together with paysafecard to deliver payment innovation and give customers choice and confidence when engaging in the digital world."
The completion of the transaction is subject to regulatory approvals. The financial terms of the acquisition are not being disclosed.