Moneybookers sold


RIP Brian
Feb 22, 2001

Big financial guns take an interest in online cash processing

Europe-wide third party payment solutions provider Moneybookers has been sold to the Bahrain, New York and London based private equity firm Investment Technology Partners.

Existing Moneybookers shareholders are to maintain a significant stake in the company in terms of the agreement. Investcorp Technology specialises in private equity for small and medium-sized technology firms in the US and Europe and is part of the Investcorp Group established in 1982 and managing total assets of over US$10 billion. Some of the group's recent investments include the Euro 90 million buyout of Conduit Limited, Ireland's largest independent directory assistance business and the formation of Dialogic Corporation from a carveout of assets from Intel Corporation.

Moneybookers Limited, a member of the London-based Gatcombe Park Ventures Limited, is one of Europe's leading online payment providers and the UK's first FSA-licensed e-money issuer. The service currently boasts 2.9 million online users and has handled well over Euro 2.5 billion in deposits.

Headquartered in London, UK, Moneybookers enables online merchants and e-commerce consumers to securely and instantaneously send and receive payments online through a Moneybookers' e-wallet facility. The company is one of the fastest growing and most profitable e-money businesses worldwide.

Dr. Nikolai Riesenkampff, Moneybookers' chief executive, said: "We are delighted to have reached this agreement with Investcorp and are looking forward to this new partnership. The Investcorp team is committed to supporting us to develop and aggressively grow Moneybookers' business and market share in Europe and has been quick to recognise and understand the huge opportunities in the online payment space."

Hazem Ben-Gacem, managing director at Investcorp, said: "We are excited by the opportunity to partner with and team up with Nikolai and the rest of the management team to support Moneybookers as it continues to grow its market share. Our objective is to do what is necessary to create Europe's largest e-wallet facility within the next two to three years."

LongAcre Partners Limited served as financial advisor to Moneybookers.

Users who are viewing this thread