Investcorp, a leading provider and manager of alternative investment products, announced today that it has agreed the sale of Skrill Group to funds advised by CVC Capital Partners for a total enterprise value of EUR600 million ($800 million), subject to regulatory approvals. As part of the transaction, Investcorp will retain a substantial minority position in the company and will continue to retain a seat on the Skrill board.
Founded in 2001, Skrill is one of Europe’s largest online payment systems and among the world’s largest independent digital wallet providers with over 36 million account holders. The Skrill Digital Wallet enables any customer to make online payments conveniently and securely, as well as to send and receive money online instantly and in a cost-effective manner. Skrill’s mission is to be the preferred choice to pay and get paid globally.
Investcorp initially invested EUR25 million for a controlling stake in the company in March 2007 when Skrill generated revenues of EUR7.8 million and EBITDA of EUR3.7 million. Today, Skrill employs approximately 700 people and for the year ending 31 December 2012, generated over EUR200 million in revenues and EUR50 million in EBITDA.
