Skrill agrees to buy paysafecard.com Wertkarten AG
London, UK – 28 June 2012 – Skrill, one of Europe’s largest online payment providers and majority owned by Investcorp, today announces that agreement has been reached for the 100% acquisition of paysafecard.com Wertkarten AG, an Austrian provider of prepaid vouchers that enable consumers to shop online.
This strategic acquisition will transform Skrill’s offering for both merchants and end-users by combining its industry-leading digital wallet service with prepaid solutions available in 31 countries. The acquisition, which is subject to regulatory approvals being obtained, is the biggest in Skrill’s history to date.
paysafecard is a prepaid electronic payment method that helps those without access to a credit card or bank account (or those who do not wish to provide card details on the internet for security reasons) make purchases online. They do this by visiting one of the 450,000 retail outlets linked to paysafecard and converting their cash into electronic money in the form of eVouchers.
“We are very happy to have come to an agreement to acquire paysafecard. This acquisition will add significant scale to the Skrill Group in terms of payment volume, customers and merchants and will increase our overall market share.” said Skrill CEO, Siegfried Heimgaertner. “The combined entity will offer a unique proposition in the payments market combining our leading digital wallet with the sophisticated POS and cash network of paysafecard. It enhances our product portfolio significantly, offering payment and money transfer options for both on and off-line channels.”
CEO Michael Müller of paysafecard adds: “After 12 years of developing the company from scratch the acquisition by a strategic partner like Skrill is the next stage for our rapidly growing and internationally-oriented company. Our strategy was always to gain a global presence and reach a size that gives us significant market leadership. This entrepreneurial vision is now even better realisable, through this new ownership and alliance with Skrill as our strategic partner.”
Upon completion of the acquisition, Skrill Group’s 560 employees will be added with 150 new talented members of staff, mostly based in Vienna. This will include experienced members of senior management who are committed to help shape the future of Skrill.
The acquisition of paysafecard.com Wertkarten AG and the indirect acquisition of regulated subsidiary paysafecard.com Wertkarten Vertriebs GmbH and Prepaid Services Company Limited is subject to clearance by both the Austrian Finanzmarktaufsichtsbehörde (FMA) and the UK Financial Services Authority (FSA) as well as the relevant merger control authorities.
Jefferies International Ltd acted as Skrill’s exclusive financial advisor on this transaction.