Madison Reed has raised $32.1 million since launching 15 months ago.
Net income for the e-commerce vendor falls 46.4%.
Digital River Inc., which provides e-commerce technology and services primarily to software companies and other retailers of digital goods, today reported revenue of $85.0 million for the third quarter ended Sept. 30, a 14.5% decrease over the same period last year as the e-commerce vendor continues to suffer from the loss of its largest client, security software provider Symantec.
For the third quarter, Digital River reported:
• Revenue decreased 14.5%, to $85.0 million from $99.4 million for the same period last year.
• Net income of $5.9 million, a 46.4% decrease from $11.0 million for the same period last year.
“Since the loss of a major client last October, we have made tremendous progress delivering on our commitment to replace lost revenue and drive growth,” says Joel Ronning, Digital River’s CEO. “We have won major new business in software, consumer electronics and games, adding industry-leading clients to our portfolio. We are in the process of launching more stores for more clients than at any other time in the history of the company and remain very optimistic about Digital River’s future prospects.”