Skrill Completes Takeover of Ukash

Skrill Acquisition of Ukash Now Finalized

David Hunter served as CEO of Ukash for five years before the takeover.

The deal between online payment processor, Skrill Group and the online cash payments provider, Ukash is reaching completion. This week, the chief executive officer of Ukash, David Hunter, stepped down from his job under the terms of the deal.

This means that the deal has now been finalized and Skrill will take full ownership of Ukash.

Hunter will take up several non-executive positions with businesses that are not related to Ukash. He has served as CEO of the payments provider for five years.

"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," said the chief executive officer of Skrill, David Sear.

"I'd like to thank David Hunter, who has been instrumental in the growth of Ukash, which will be integrated with paysafecard."

Deal will Strengthen Paysafecard

In last year, Skrill Group acquired Ukash as a means of strengthening its own pre-paid payment service paysafecard. Both payment methods will be merged across established and emerging markets around the globe.

"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," said Hunter at the time.

Sear also said that Skrill Group was proud to support both consumers and online business with the "world's largest online cash replacement payment method" and looked forward to serving a combined base of millions of consumers around the world.

"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," said Sears this week.

About Skrill

Skrill - with its multiple payment brands - is considered one of the most popular ways for online gamblers to fund their online casino accounts and withdraw their winnings.

The group has been moving money digitally since 2001 and has offices in London, throughout Europe and the USA.

Skrill boasts 36 million account holders in 200 countries, working with 40 currencies.