Skrill Group, a global provider of online payment technologies to merchants and consumers, has added significant reach to its online payment voucher provider paysafecard with the acquisition of Ukash. Established in 2001 under the holding company Smart Voucher Ltd., Ukash has grown to more than 460,000 physical points of purchase and is available in more than 50 countries. Financial terms of the acquisition, which is subject to regulatory approval, were not disclosed.
The deal comes about a month after Skrill named David Sear CEO, effective Jan. 1, 2015, and nearly two years following its acquisition of paysafecard, an online voucher company with a network of more than 450,000 distribution outlets across 39 countries. Sear noted that adding Ukash makes paysafecard the world’s largest online cash replacement payment method, which will serve a combined base of millions of consumers worldwide.
Udo Mueller, CEO of paysafecard, said the deal unites two prepaid companies with like capabilities and enables Ukash to increase paysafecard’s global presence and open up new opportunities for online businesses.
“The purchase of Ukash is a strong fit given the previous purchase of paysafecard that will enable them to create a single, closed-loop voucher system,” David Parker, founder and CEO of Polymath Consulting, tells Paybefore. As with any technology integration, Parker says work lies ahead in bringing Ukash into the fold. The open-loop side of the business may also offer some opportunities for consolidation and cost saving, he says.
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