(By Balaseshan) Digital River Inc. (NASDAQ: DRIV), which provides end-to-end global cloud-commerce and marketing solutions, said it has sold its subsidiary CCNow Inc. to privately-held e-commerce service provider Snorrason Holdings.
Snorrason purchased CCNow in an all cash transaction. CCNow is an online retailer and provider of online checkout services primarily for small to mid-sized businesses.
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.
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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.
Snorrason Holdings is a holding company with primary interests in online payment processing, including brands such as DalPay and MountPay. It maintains operating companies in Europe. It was founded in 2003 by the Snorrason family of Dalvik in Iceland and remains headquartered in that town.
Digital River provides end-to-end global cloud-commerce and marketing solutions to a range of companies in software, consumer electronics, computer games, video games and other markets. The company offers a range of services that enables its customers to establish an online sales channel.
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DRIV is trading down 0.30% at $14.82 on Thursday. The stock has been trading between $12.87 and $19.10 for the past 52 weeks.