The acquisition will allow Digital River to broaden its online payment services to businesses of all sizes
Cloud commerce company Digital River has signed an agreement to acquire electronic payment processing, risk management and authentication services provider LML Payment Systems for $102.8m.
The acquisition will allow Digital River to further capitalise on its online payment processing and broaden its online payment services to businesses of all sizes, the company said.
With the acquisition, Digital River intends to leverage LML Payment Systems’ ecosystem of banking, merchant, reseller and developer relationships to expand its Digital River World Payments application
In addition, Digital River can also extend LML Payment Systems’ white- label channel application and mobile payments application.
Digital River CEO Joel Ronning said: "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."
LML Payment Systems intends to access Digital River’s broad portfolio of global payment methods to offer its clients a wider selection of international payment options and more opportunities to expand their online businesses worldwide.
Cloud commerce company will acquire LML Payment Systems in an all cash transaction valued at $3.45 per share or an aggregate purchase price of approximately $102.8m.
The transaction is expected to close during the fourth quarter in 2012 or the first quarter in 2013.