Skrill acquires Ukash for undisclosed fee

Online payment processing operator, has reached a final agreement to acquire pre-paid voucher provider Ukash. The sum of the acquisition was undisclosed by both parties.

Skrill Group stated that the acquisition of Ukash will add scale and reach to its pre-paid unit Paysafecard, which it acquired in 2013 for €140 million. The deal comes just weeks after CVC Capital Partners-backed Skrill appointed former WEVE boss David Sear as its new Chief Executive Officer.

The acquisition sees Skrill increase its product coverage in the prepaid sector, users can buy topped-up paysafecards for shopping online via a network of more than 450,000 distribution outlets across 39 countries.

David Sear, who will become CEO of Skrill 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.”