With the experience of 25 years, Digital River has harnessed all the subtleties of global ecommerce. The investment will trigger the development of its modular offering that enables brands to create best-of-breed eCommerce solutions to increase revenue, streamline operations, and protect businesses from risk
FREMONT, CA: Digital River, a Minneapolis-based global ecommerce enabler for established and rapid growing brands, closed a total of $50 million in incremental funding. The financing was led by Siris Capital Group, LLC ("Siris"), with active participation from Digital River's several existing co-investors.
The company intends to utilize this fund to accelerate its transition into a premier provider of Application Programming Interface -based global ecommerece solutions. The investment will trigger the development of its modular offering that enables brands to create best-of-breed eCommerce solutions to increase revenue, streamline operations, and protect businesses from risk. In addition to this, the funding will further support acquisition opportunities, which can help Digital River's mission of being the preferred global payments and back-office solution for brands that sell online.
Dan Moloney, executive partner at Siris and executive chairman of Digital River's Board of Directors, said, "Ecommerce is expanding rapidly worldwide and is experiencing consistent double-digit growth. Digital River's success over the past few years in modularizing its solution and building a growing partner ecosystem demonstrates that it is well-positioned to help companies build a robust, global ecommerce solution that is customized for each business' unique needs. Siris is excited to continue partnering with the Digital River team to support its vision of helping brands successfully sell into markets worldwide."
With the experience of 25 years, Digital River has harnessed all the subtleties of global ecommerce. Led by Adam Coyle, CEO, the company provides brands with API-powered solution to sell directly to their customer irrespective of where they live. Its modular platform, advanced partner ecosystem, and global experience assist brands in managing orders and fulfillment, mitigating fraud, processing payments, and handling taxes and compliance on their behalf.
Adam Coyle, CEO of Digital River, commented, "Digital River has helped many well-known brands build strong direct-to-customer ecommerce channels by taking on the back-office complexities of selling online globally, including functions such as payment processing, tax and compliance management, and fraud mitigation. With this investment, we are doubling down on building our global infrastructure to ensure brands can offer their customers the Onshore Advantage: a fully-localized buying experience with a seamless and consistent operating model across worldwide markets - a combination proven to drive higher sales and greater customer satisfaction."