Digital River

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

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

Company operations

Digital River has a history of acquiring other companies in the e-commerce (including digital software delivery) industry.[5]

Notable acquisitions include:

  • Simtel (1999)
  • CCNow (2002)[6]
  • SWREG (2005)[7]
  • eSellerate (2006)[8]
  • Freemerchant.com (discontinued 15 January 2008)[9]
  • THINK Subscription (2008)[10]
  • Journey Education Marketing (2010)[11]
  • Fatfoogoo (2010)[12][13]

Divestitures

Security failings

A security breach in 2010 resulted in nearly 200,000 customers' data being stolen.[15] A lawsuit followed by Digital River.[16]

In October 2017, 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.[17][18] The attack had been performed by hijacking third-party analytics JavaScript from FireClick.[19][17] Digital River decommissioned the FireClick platform and released the domain in 2016, so the domain was not owned by Digital River at the time of the attack.[20]

Management history

Joel Ronning was CEO from the company's founding until stepping down in November 2012.[21] In June 2013, Ronning was ranked as the most overpaid CEO at a public company in Minnesota.[22]

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

In July 2018, Adam Coyle was named CEO with Mr. Dobson becoming Vice Chairman of the Board. Mr. Coyle had previously been on the board since 2015 and worked as an executive partner with Digital River's private equity owner, Siris Capital.[23]

In January 2020, Christopher Bernander was named CFO.[24]

References
  1. "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". Digitalriver.com. Retrieved 13 October 2017.
  5. Sharon Housley (2004). "Digital River's Destructive Acquisition Strategy". Security Pro News. Retrieved 2011-04-24.
  6. Kurt Peters (2002). "Digital River Acquires Certain Assets of CCNow.com". Internet Retailer. Archived from the original on 2012-10-05. Retrieved 2013-02-02.
  7. "SWREG Inc.: Private Company Information". Bloomberg Businessweek. 2012. Archived from the original on June 9, 2013. Retrieved 2013-02-02.
  8. "Digital River Buys eSellerate". 2006-06-15. Retrieved 13 May 2023.
  9. The FreeMerchant Team (2008). "Freemerchant.com". Digital River, Inc. Retrieved 2013-02-02.
  10. "Digital River introduces a new feature for online merchants". ecommerce-journal. 2009. Archived from the original on August 14, 2022. Retrieved 2009-01-29.
  11. "Digital River Acquires Journey Education Marketing". businesswire. 2010. Retrieved 15 July 2020.
  12. Eric Savitz (2010). "Digital River Acquires Fatfoogoo". Barrons. Retrieved 2011-04-24.
  13. Dean Takahashi (2010). "Digital River buys virtual goods company Fatfoogoo". Retrieved 2010-05-05.
  14. Snorrason Holdings (2012). "Snorrason Holdings to Acquire CCNow from Digital River". PRWeb. Retrieved 2012-12-31.
  15. Dan Browning (2010). "Digital River sues over data breach". Star Tribune. Retrieved 2011-04-24.
  16. Tim Wilson (2010). "Digital River Sues Over Theft Of Data On Nearly 200,000 Customers". Darkreading. Retrieved 2011-04-24.
  17. "Equifax rival TransUnion also sends site visitors to malicious pages". 12 October 2017. Retrieved 13 October 2017.
  18. "Equifax website showed you ads full of malware, expert finds". Retrieved 13 October 2017.
  19. "Malicious Redirects on Equifax, TransUnion Sites Caused by Third-Party Script - SecurityWeek.Com". www.securityweek.com. 13 October 2017. Retrieved 13 October 2017.
  20. McMillan, Robert (October 13, 2017). "Equifax's Latest Security Foil: A Defunct Web Service". The Wall Street Journal. Retrieved January 4, 2019.
  21. "Digital River CEO Ronning is out after loss". Star Tribune. Retrieved 13 October 2017.
  22. "List Leaders: Most overpaid CEOs at Minnesota's public companies". Bizjournals.com. Retrieved 13 July 2018.
  23. GmbH, finanzen.net. "Digital River Appoints Adam Coyle as Chief Executive Officer - Markets Insider".
  24. "tech.mn – Digital River Appoints New CFO". tech.mn. 2020-01-28. Retrieved 2020-04-23.
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