DataCash is snapped up by MasterCard for £333m

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Ashley Head, chairman of DataCash, who owns around 41% of the firm, said he "hadn't yet decided" what he would do with the money, but planned to continue working at the firm.

"MasterCard is a global brand and I couldn't think of a better buyer," he said.

"I'll stay working with DataCash and am looking forward to the challenge."

DataCash, which has been listed on the junior Aim since 1996, makes a software programme that allows firms to process secure payments around the world.

MasterCard bought the firm to expand its e-commerce business. It is paying 360p per share, 54% more than DataCash's share price at the close of play yesterday.

"The acquisition of DataCash will expand our already significant e-commerce merchant gateway presence in Asia and Australia to European countries and other high-growth, emerging markets worldwide," MasterCard's chief executive Ajay Banga said.

MasterCard wants to have a bigger role to play in the payment of cash online, to take on internet players like PayPal more effectively as well as bigger rivals like Visa and American Express in online payments.

The deal led to yet another fees windfall for City banks.

Datacash was advised by Swiss giant UBS while MasterCard hired Deutsche Bank.