The story
Joel Ronning founded Digital River in February 1994. The company began trading as DRIV on the Nasdaq stock exchange on August 11, 1998.
Joel Ronning stepped down as CEO in November 2012 after the company reported multiple quarters of losses. In February 2013, Dave Dobson was named CEO.
In late 2014, Siris Capital acquired the company for $840 million. The acquisition was completed in 2015, with Digital River being delisted from Nasdaq after February 13.
In July 2018, Adam Coyle was named CEO, with Dobson becoming Vice Chairman of the Board. Coyle had previously been on the board since 2015, and worked as an executive partner with Digital River's private equity owner, Siris Capital.
In January 2020, Christopher Bernander was named CFO.
In July 2022, Vic Pacor was named CEO.
Barry Kasoff was named CEO in the summer of 2024. Kasoff is also president of a consulting firm specializing in corporate turnaround management.
In late 2024, merchants using Digital River's MyCommerce platform reported that they had not been paid money owed by Digital River since that July. Digital River disputed their claims of debts being owed.
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On January 28, 2025, Digital River began the process of shutting down, citing insolvency due to multiple factors. They stated that all employees at their Minnesota offices would be laid off effective March 28, 2025 and that their German subsidiaries were also being shuttered. In May 2025, Digital River filed Chapter 7 bankruptcy.
From Wikipedia’s article on Digital River, shared under CC BY-SA 4.0.6