Skrill Group expands with acquisition of Ukash

Netteller, payment systems industry, skill, Ukash, retail fxBack in March, we reported about an potential acquisition deal for Skrill group by Optimal payments Plc, the holding company of NETELLER. The deal was worth a sum of €1.18 billion. Optimal payment’s bid for the company was inline with its intention to broaden its online payment services.

In a bid to further fortify the market strength, the management of Skrill Group has completed an acquisition of another inline payment system. Namely, Ukash which is a UK-based electronic money system and payments provider.

The deal has been sealed and it is evident from the statement of David Sear, the CEO of Skrill Group that he is highly excited with the acquisition: “Ukash is a shining example of British business. This is an exciting acquisition that will considerably extend our reach in the high-growth prepayment market, enabling us to support consumers and online businesses alike with the world’s largest online cash replacement payment method. I’d like to thank Ukash’s CEO David Hunter, who has been instrumental in the growth of Ukash, which will be integrated with paysafecard. As we move towards our combination with Optimal Payments, paysafecard will continue to be a key part of our strategy and of our offering to our customers,”

The deal has been in negotiations for about five months, as reports of a potential deal has been on since November last year. The acquisition is seen to effectively extend the scope and coverage of Skrill Group’s paysafecard utility, further strengthening Skrill’s position as Europe’s most widely utilised prepaid payment system for online purchases, as Skrill Group expands with acquisition of Ukash.

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