Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
Snorrason purchased CCNow in an all cash transaction.
MINNEAPOLIS – Jan. 3, 2013 – Digital River, Inc. (NASDAQ: DRIV), the revenue growth experts in global cloud commerce, announced that it has sold its subsidiary CCNow, Inc. to Snorrason Holdings, a privately-held e-commerce service provider. CCNow is an online retailer and provider of online checkout services primarily for small to mid-sized businesses.
Snorrason purchased CCNow in an all cash transaction. Other financial terms related to the agreement were not disclosed and are not material to Digital River’s results of operations.
Digital River will continue to provide global e-commerce and e-marketing services for small to mid-sized businesses through its MyCommerce™ solution. With short click-through contracts, customizable set-up options, and key commerce capabilities, MyCommerce caters to merchants interested in a do-it-yourself commerce option that can have them selling online in a matter of hours rather than days.
About Snorrason Holdings
Snorrason Holdings ehf. is a privately held holding company with primary interests in online payment processing, including brands such as DalPay and MountPay. It maintains operating companies in Europe. Snorrason Holdings was founded in 2003 by the Snorrason family of Dalvik in Iceland and remains headquartered in that town.
Digital River, Inc., the revenue growth experts in global cloud commerce, builds and manages online businesses for software and game publishers, consumer electronics manufacturers, distributors, online retailers and affiliates. Its multi-channel commerce solution, which supports both direct and indirect sales, is designed to help companies of all sizes maximize online revenues as well as reduce the costs and risks of running a global commerce operation. The company’s comprehensive platform offers site development and hosting, order management, global payments, cloud-based billing, fraud management, export controls, tax management, physical and digital product fulfillment, multi-lingual customer service, advanced reporting and strategic marketing services.
Founded in 1994, Digital River is headquartered in Minneapolis with offices across the U.S., Asia, Europe and South America. For more details about Digital River, visit the corporate website, follow the company on Twitter or call +1 952-253-1234.