The two firms will become independent publicly traded companies in 2015. The move follows pressure from investor Carl Icahn to spin off the payments ...
Journey Education Marketing operates a network of online retail sites.
Digital River Inc., which sells e-commerce technology and services to software companies and other retailers of digital goods, said today it had bought Journey Education Marketing, Inc. The company is a reseller of software for students, faculty and schools.
Digital River says it paid cash but did not disclose how much it paid.
JourneyEd operates the Academic eStore Network, which includes online retailers that sell software, including from Microsoft Corp. and Adobe.
"By bringing our industry-leading online distribution channels together under one e-commerce solution, we can create an unmatched opportunity for companies looking for a fast and cost-effective way to gain access to new markets and millions of potential customers,” says Joel Ronning, Digital River's CEO. “The addition of JourneyEd's academic distribution channels to our established network of retail, affiliate and channel partners will enable us to create natural cross-sell opportunities for our software, consumer electronics and game clients."
Digital River in July reported revenue of $81.8 million in the second quarter ended June 30, a 15.3% decline from a year earlier.