Digital River Nabs Canadian Processor for $103 Million
Sept. 27, 2012
Digital River, the Minnesota-based e-commerce solutions provider, this week announced it has agreed to acquire Canadian payment processor LML Payment Systems Inc. for $102.8 million in cash. The Vancouver, B.C. processor, which focuses on small and midsize merchants, fills a gap for Digital River, which traditionally has served larger merchants. The companies also said LML Payment Systems benefits from access to a wider selection of international payment options and more opportunities to expand their online businesses worldwide.
“Each company has a strong reputation in the online payments market, robust platform and deep expertise in card-not- present processing,” said Joel Ronning, CEO of Digital River. “Our joint technologies and expert resources will create even more value for our combined client bases—helping them reduce time to market and providing access to new payments technologies and geographies.”