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Digital River, Inc.
Company typePrivate
Nasdaq: DRIV
IndustryE-commerce
Founded1994; 30 years ago (1994)
FounderJoel Ronning (former CEO)
Headquarters
Minnetonka, Minnesota
,
U.S.
Area served
Worldwide
Key people
  • Adam Coyle[1] (CEO)
  • Christopher Bernander (CFO)
[citation needed]
ProductsDigital software delivery
Revenue$370.5 million[2]
Number of employees
1,239[3]
Websitewww.digitalriver.com
Digital River's previous logo.

Digital River, Inc. is a privately held company headquartered in Minnetonka, Minnesota, US[4] that provides global e-commerce, payments and marketing services. In 2013, Digital River processed more than US$30 billion in online transactions.[citation needed]

History

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Joel Ronning founded Digital River in 1994 and was its CEO until stepping down in November 2012.[5]

In late 2014, Siris Capital acquired the company for $840 million.[6]

Acquisitions and divestitures

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In 1999, Digital River acquired Simtel from California-based company Walnut Creek CDROM Inc.[7]

The company acquired Orbit Commerce and RegSoft.com in 2001.[8]

CCNow and Freemerchant.com were acquired in 2002.[9][10]

Digital River acquired SWReg in 2005 for a reported $8.8 million.[11]

  • eSellerate (2006)[12]
  • THINK Subscription (2008)[13]
  • Journey Education Marketing (2010)[14]
  • Fatfoogoo (2010)[15][16]

Security failings

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A security breach in 2010 resulted in nearly 200,000 customers' data being stolen.[18] Digital River sued a man who tried to sell the data.[19]

In October 2017, after Digital River had decommissioned the FireClick platform and released the domain in 2016,[20] 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.[21][22] The attack had been performed by hijacking third-party analytics JavaScript from FireClick.[23][21]

Management history

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Joel Ronning was CEO from the company's founding until stepping down in November 2012.[24] In June 2013, Ronning was ranked as the most overpaid CEO at a public company in Minnesota.[25]

In February 2013, Dave Dobson was named CEO.[1]

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.[26]

In January 2020, Christopher Bernander was named CFO.[27]

In August 2024 new CEO Barry Kasoff was first noted on the e-commerce biz website. As of 6 December 2024 he is mentioned to be both CEO and Owner.[28]

Merchant Payment Disputes

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Under Kasoff's leadership, DigitalRiver started claiming that merchant debts were no longer to be recognized as valid obligations.[29]

Merchants are complaining that no payments have been received since around July 2024. Affected merchants are estimating their arrears at five- and six-figure amounts.[30]

References

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  1. ^ a b "Digital River Names David C. Dobson as Chief Executive Officer". www.businesswire.com (Press release). 28 February 2013. Retrieved 13 October 2017.
  2. ^ "Digital River Reports Fourth Quarter and Full Year 2013 Financial Results". Digital River. 2014. Retrieved 2014-02-05.
  3. ^ "2009 Annual Report". Digital River. 2009. Archived from the original on 2013-02-21. Retrieved 2007-12-01.
  4. ^ "Digital River Announces Completion of Acquisition by Investor Group Led by Siris Capital Group - Digital River" (Press release). Digital River. 12 February 2015.
  5. ^ "Joel Ronning, Digital River CEO & Founder". How They Did It. 2020-12-28. Retrieved 2024-10-22.
  6. ^ "Digital River Acquired For $840 Million". Twin Cities Business. 2014-11-03. Retrieved 2024-10-22.
  7. ^ "Digital River acquires Walnut Creek assets". Minneapolis/St. Paul Business Journal. 12 October 1999. Retrieved 2024-10-10.
  8. ^ "Digital River Expanding Customer Base Through Acquisitions | InformationWeek". www.informationweek.com. Retrieved 2024-10-22.
  9. ^ staff.writer (2002-04-04). "Digital River acquires assets of CCNow.com". Retrieved 2024-10-10.
  10. ^ Callaghan, Dennis (2002-01-04). "Digital River Buys FreeMerchant Subscribers". eWEEK. Retrieved 2024-10-10.
  11. ^ "Digital River Acquires SWReg for Nearly $9 Million". Chief Marketer. 19 March 2005. Retrieved 2024-10-10.
  12. ^ "Digital River Buys eSellerate". 2006-06-15. Retrieved 13 May 2023.
  13. ^ "Digital River introduces a new feature for online merchants". ecommerce-journal. 2009. Archived from the original on August 14, 2022. Retrieved 2009-01-29.
  14. ^ "Digital River Acquires Journey Education Marketing". businesswire. 2010. Retrieved 15 July 2020.
  15. ^ Eric Savitz (2010). "Digital River Acquires Fatfoogoo". Barrons. Retrieved 2011-04-24.
  16. ^ Dean Takahashi (2010). "Digital River buys virtual goods company Fatfoogoo". Retrieved 2010-05-05.
  17. ^ Snorrason Holdings (2012). "Snorrason Holdings to Acquire CCNow from Digital River". PRWeb. Archived from the original on February 1, 2013. Retrieved 2012-12-31.
  18. ^ Dan Browning (2010). "Digital River sues over data breach". Star Tribune. Retrieved 2011-04-24.
  19. ^ Tim Wilson (5 June 2010). "Digital River Sues Over Theft Of Data On Nearly 200,000 Customers". Darkreading.
  20. ^ McMillan, Robert (October 13, 2017). "Equifax's Latest Security Foil: A Defunct Web Service". The Wall Street Journal. Retrieved January 4, 2019.
  21. ^ a b "Equifax rival TransUnion also sends site visitors to malicious pages". 12 October 2017. Retrieved 13 October 2017.
  22. ^ "Equifax website showed you ads full of malware, expert finds". Retrieved 13 October 2017.
  23. ^ "Malicious Redirects on Equifax, TransUnion Sites Caused by Third-Party Script - SecurityWeek.Com". www.securityweek.com. 13 October 2017. Retrieved 13 October 2017.
  24. ^ "Digital River CEO Ronning is out after loss". Star Tribune. Retrieved 13 October 2017.
  25. ^ "List Leaders: Most overpaid CEOs at Minnesota's public companies". Bizjournals.com. Retrieved 13 July 2018.
  26. ^ GmbH, finanzen.net. "Digital River Appoints Adam Coyle as Chief Executive Officer - Markets Insider".
  27. ^ "tech.mn – Digital River Appoints New CFO". tech.mn. 28 January 2020. Retrieved 23 April 2020.
  28. ^ "Digital River - About Us".
  29. ^ Claburn, Thomas (15 October 2024). "Digital River runs dry, hasn't paid developers for sales since July". The Register. Retrieved 24 October 2024.
  30. ^ "Digital River: Missing payments and evasive communication". Retrieved 6 December 2024.
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