Digital River

Last updated
Digital River, Inc.
Company type Private
Nasdaq: DRIV (1998–2015)
IndustryE-commerce
FoundedFebruary 1994;30 years ago (1994-02)
FounderJoel Ronning (former CEO)
Headquarters
Minnetonka, Minnesota
,
U.S.
Area served
Worldwide
Key people
Products Digital software delivery
Revenue$370.5 million (2013)
OwnerDanube Private Holdings II, LLC (Siris Capital Group)
Number of employees
122 (2025)
Website www.digitalriver.com
Footnotes /references
[1] [2] [3] [4]
Digital River's previous logo. DigitalRiver corp logo 4c.png
Digital River's previous logo.

Digital River, Inc. is a privately held company headquartered in Minnetonka, Minnesota [5] that provides global e-commerce, payments and marketing services. In 2013, Digital River reported having processed more than US$30 billion in online transactions. [2]

Contents

History

Joel Ronning founded Digital River in February 1994. [6] [7] The company began trading as DRIV on the Nasdaq stock exchange on August 11, 1998. [7]

Joel Ronning stepped down as CEO in November 2012 after the company reported multiple quarters of losses. [6] [8] [3] In February 2013, Dave Dobson was named CEO. [9]

In late 2014, Siris Capital acquired the company for $840 million. [10] The acquisition was completed in 2015, with Digital River being delisted from Nasdaq after February 13. [11]

In July 2018, Adam Coyle was named CEO, with Dobson becoming Vice Chairman of the Board. Coyle had previously been on the board since 2015, and worked as an executive partner with Digital River's private equity owner, Siris Capital. [12]

In January 2020, Christopher Bernander was named CFO. [13]

Barry Kasoff was named CEO in the summer of 2024. [3] Kasoff is also president of a consulting firm specializing in corporate turnaround management. [4]

Acquisitions and divestitures

In 1999, Digital River acquired Simtel from California-based company Walnut Creek CDROM Inc. [14]

The company acquired Orbit Commerce and RegSoft.com in 2001. [15]

CCNow and Freemerchant.com were acquired in 2002. [16] [17]

Digital River acquired SWReg in 2005 for a reported $8.8 million. [18]

Other acquisitions include:

Downturn and insolvency

In late 2024, merchants using Digital River's MyCommerce platform reported that they had not been paid money owed by Digital River since that July. Digital River disputed their claims of debts being owed. [4]

On January 28, 2025, Digital River began the process of shutting down, citing insolvency due to multiple factors. [3] They stated that all employees at their Minnesota offices would be laid off effective March 28, 2025 and that their German subsidiaries were also being shuttered. [3]

Security breaches

A security breach in 2010 resulted in nearly 200,000 customers' data being stolen. [25] Digital River sued a man who tried to sell the data. [26]

In October 2017, after Digital River had decommissioned the FireClick platform and released the domain in 2016, [27] the websites for Equifax and for TransUnion's Central American division were reported to have been redirecting visitors to websites that attempted drive-by downloads of malware disguised as Adobe Flash updates. [28] [29] The attack had been performed by hijacking third-party analytics JavaScript from FireClick. [30] [28]

Related Research Articles

Teradata Corporation is an American software company that provides cloud database and analytics-related software, products, and services. The company was formed in 1979 in Brentwood, California, as a collaboration between researchers at Caltech and Citibank's advanced technology group.

<span class="mw-page-title-main">McAfee</span> American global computer security software company

McAfee Corp., formerly known as McAfee Associates, Inc. from 1987 to 1997 and 2004 to 2014, Network Associates Inc. from 1997 to 2004, and Intel Security Group from 2014 to 2017, is an American global computer security software company headquartered in San Jose, California.

<span class="mw-page-title-main">Infosys</span> Indian multinational technology company

Infosys Limited is an Indian multinational technology company that offers business consulting, information technology, and outsourcing services. Founded in 1981, the company is headquartered in Bengaluru.

<span class="mw-page-title-main">Gen Digital</span> Multinational software company

Gen Digital Inc. is a multinational software company co-headquartered in Tempe, Arizona and Prague, Czech Republic. The company provides cybersecurity software and services. Gen is a Fortune 500 company and a member of the S&P 500 stock-market index. The company also has development centers in Pune, Chennai and Bangalore. Its portfolio includes Norton, Avast, LifeLock, Avira, AVG, ReputationDefender, and CCleaner.

<span class="mw-page-title-main">Synopsys</span> American software company

Synopsys, Inc. is an American electronic design automation (EDA) company headquartered in Sunnyvale, California, that focuses on silicon design and verification, silicon intellectual property and software security and quality. Synopsys supplies tools and services to the semiconductor design and manufacturing industry. Products include tools for logic synthesis and physical design of integrated circuits, simulators for development, and debugging environments that assist in the design of the logic for chips and computer systems.

TransUnion LLC is an American consumer credit reporting agency. TransUnion collects and aggregates information on over one billion individual consumers in over thirty countries including "200 million files profiling nearly every credit-active consumer in the United States". Its customers include over 65,000 businesses. Based in Chicago, Illinois, TransUnion's 2014 revenue was US$1.3 billion. It is the smallest of the three largest credit agencies, along with Experian and Equifax.

<span class="mw-page-title-main">Equifax</span> American consumer credit reporting agency

Equifax Inc. is an American multinational consumer credit reporting agency headquartered in Atlanta, Georgia and is one of the three largest consumer credit reporting agencies, along with Experian and TransUnion. Equifax collects and aggregates information on over 800 million individual consumers and more than 88 million businesses worldwide. In addition to credit and demographic data and services to business, Equifax sells credit monitoring and fraud prevention services directly to consumers.

<span class="mw-page-title-main">Capital One</span> Bank holding company headquartered in McLean, Virginia

Capital One Financial Corporation is an American bank holding company founded on July 21, 1994, and specializing in credit cards, auto loans, banking, and savings accounts, headquartered in McLean, Virginia with operations primarily in the United States. It is the 11th largest bank in the United States by total assets as of September 30, 2024, the third largest issuer of Visa and Mastercard credit cards, and one of the largest car finance companies in the United States.

<span class="mw-page-title-main">Salesforce</span> American software company

Salesforce, Inc. is an American cloud-based software company headquartered in San Francisco, California. It provides applications focused on sales, customer service, marketing automation, e-commerce, analytics, artificial intelligence, and application development.

GeoTrust is a digital certificate provider. The GeoTrust brand was bought by Symantec from Verisign in 2010, but agreed to sell the certificate business in August 2017 to private equity and growth capital firm Thoma Bravo LLC. GeoTrust was the first certificate authority to use the domain-validated certificate method which accounts for 70 percent of all SSL certificates on the Internet. By 2006, GeoTrust was the 2nd largest certificate authority in the world with 26.7 percent market share according to independent survey company Netcraft.

<span class="mw-page-title-main">AECOM</span> American engineering firm

AECOM is an American multinational infrastructure consulting firm headquartered in Dallas, Texas.

Comscore, Inc. is an American-based global media measurement and analytics company providing marketing data and analytics to enterprises, advertising agencies, brand marketers, and publishers.

Cision Ltd. is a public relations and earned media software company and services provider. The company is incorporated in the Cayman Islands and headquartered in Chicago, Illinois. Cision offers a portfolio of services including PRNewswire, PRWeb, Brandwatch, Connectively and Canada Newswire.

Web.com is an American dot-com company that provides a website builder, along with website hosting, domain name registration, web development, and various digital marketing services. It serves as a partner for very small to small-sized businesses and entrepreneurs, assisting them in establishing and expanding their online presence.

Veracode is an application security company based in Burlington, Massachusetts. Founded in 2006, it provides SaaS application security that integrates application analysis into development pipelines.

Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. Shopify is the name of its proprietary e-commerce platform for online stores and retail POS (point-of-sale) systems. The platform offers retailers a suite of services, including payments, marketing, shipping and customer engagement tools.

Endurance International Group, Inc. (EIG), previously named BizLand, now part of Newfold Digital, was an IT services company specializing in web hosting. The company was founded in 1997 and headquartered in Burlington, Massachusetts, USA. In 2021 Endurance International Group merged with Web.com forming a new company, Newfold Digital. It is one of the Internet's largest webhosting providers, with a global market share of 3.5% according to W3Techs. The company was structured differently from other large hosting companies such as Rackspace, GoDaddy, or 1&1 Ionos. The company has grown its hosting and related business through numerous acquisitions.

<span class="mw-page-title-main">Infibeam</span> Indian financial technology company

Infibeam Avenues Limited is an Indian fintech company that provides digital payment services, eCommerce platforms, digital lending, data cloud storage and omnichannel enterprise software to businesses across industries in India and globally.

Neal Creighton is an American entrepreneur based in Boston, Massachusetts, United States. He was one of the co-founders and CEO of certificate authority GeoTrust in 2001, and is co-inventor of the domain-validated certificate patent issued in 2006 which method accounts for 70 percent of all SSL certificates on the Internet. In 2006, GeoTrust was the 2nd largest certificate authority in the world with 26.7 percent market share according to independent survey company Netcraft. He was also cofounder of RatePoint, Inc., which was named the MITX 2010 Social Media Company of the Year for New England.

Between May and July 2017, American credit bureau Equifax was breached. Private records of 147.9 million Americans along with 15.2 million British citizens and about 19,000 Canadian citizens were compromised in the breach, making it one of the largest cybercrimes related to identity theft. Equifax discovered the breach end of July, but did not disclose it to the public until September 2017. In a settlement with the United States Federal Trade Commission, Equifax offered affected users settlement funds and free credit monitoring.

References

  1. ↑ "About Us". Digital River. Retrieved 31 January 2025.
  2. 1 2 "Digital River Reports Fourth Quarter and Full Year 2013 Financial Results". Digital River. 5 February 2014. Retrieved 5 February 2014.
  3. 1 2 3 4 5 Nelson, Emma (January 28, 2025). "Minnetonka e-commerce company Digital River closing, laying off 122". The Minnesota Star Tribune . Retrieved January 29, 2025.
  4. 1 2 3 Claburn, Thomas (15 October 2024). "Digital River delays sales payments to vendors since July". The Register . Situation Publishing . Retrieved 31 January 2025.
  5. ↑ "Digital River Announces Completion of Acquisition by Investor Group Led by Siris Capital Group - Digital River" (Press release). Digital River. 12 February 2015.
  6. 1 2 "Joel Ronning, Digital River CEO & Founder". How They Did It. 2020-12-28. Retrieved 2024-10-22.
  7. 1 2 DIGITAL RIVER, INC. Form 8-K CURRENT REPORT (Report). Washington, DC: United States Securities and Exchange Commission. 27 March 2001. 0001104659-01-500091. Retrieved 31 January 2025.
  8. ↑ "Digital River CEO Ronning is out after loss". Star Tribune . Retrieved 13 October 2017.
  9. ↑ "Digital River Names David C. Dobson as Chief Executive Officer". www.businesswire.com (Press release). 28 February 2013. Retrieved 13 October 2017.
  10. ↑ "Digital River Acquired For $840 Million". Twin Cities Business. 2014-11-03. Retrieved 2024-10-22.
  11. ↑ DIGITAL RIVER INC /DE Form 8-K CURRENT REPORT (Report). Washington, DC: United States Securities and Exchange Commission. 12 February 2015. 0001104659-15-009612. Retrieved 31 January 2025.
  12. ↑ GmbH, finanzen.net. "Digital River Appoints Adam Coyle as Chief Executive Officer - Markets Insider".
  13. ↑ "tech.mn – Digital River Appoints New CFO". tech.mn. 28 January 2020. Retrieved 23 April 2020.
  14. ↑ "Digital River acquires Walnut Creek assets". Minneapolis/St. Paul Business Journal. 12 October 1999. Retrieved 2024-10-10.
  15. ↑ "Digital River Expanding Customer Base Through Acquisitions | InformationWeek". www.informationweek.com. Retrieved 2024-10-22.
  16. ↑ staff.writer (2002-04-04). "Digital River acquires assets of CCNow.com" . Retrieved 2024-10-10.
  17. ↑ Callaghan, Dennis (2002-01-04). "Digital River Buys FreeMerchant Subscribers". eWEEK. Retrieved 2024-10-10.
  18. ↑ "Digital River Acquires SWReg for Nearly $9 Million". Chief Marketer. 19 March 2005. Retrieved 2024-10-10.
  19. ↑ "Digital River Buys eSellerate". 2006-06-15. Retrieved 13 May 2023.
  20. ↑ "Digital River introduces a new feature for online merchants". ecommerce-journal. 2009. Archived from the original on August 14, 2022. Retrieved 2009-01-29.
  21. ↑ "Digital River Acquires Journey Education Marketing". businesswire. 2010. Retrieved 15 July 2020.
  22. ↑ Eric Savitz (2010). "Digital River Acquires Fatfoogoo". Barrons. Retrieved 2011-04-24.
  23. ↑ Dean Takahashi (2010). "Digital River buys virtual goods company Fatfoogoo" . Retrieved 2010-05-05.
  24. ↑ Snorrason Holdings (2012). "Snorrason Holdings to Acquire CCNow from Digital River". PRWeb. Archived from the original on February 1, 2013. Retrieved 2012-12-31.
  25. ↑ Dan Browning (2010). "Digital River sues over data breach". Star Tribune. Retrieved 2011-04-24.
  26. ↑ Tim Wilson (5 June 2010). "Digital River Sues Over Theft Of Data On Nearly 200,000 Customers". Darkreading.
  27. ↑ McMillan, Robert (October 13, 2017). "Equifax's Latest Security Foil: A Defunct Web Service". The Wall Street Journal. Retrieved January 4, 2019.
  28. 1 2 "Equifax rival TransUnion also sends site visitors to malicious pages". 12 October 2017. Retrieved 13 October 2017.
  29. ↑ "Equifax website showed you ads full of malware, expert finds" . Retrieved 13 October 2017.
  30. ↑ "Malicious Redirects on Equifax, TransUnion Sites Caused by Third-Party Script - SecurityWeek.Com". www.securityweek.com. 13 October 2017. Retrieved 13 October 2017.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.