Welcome!

Cloud Expo Authors: Roger Strukhoff, Pat Romanski, Gilad Parann-Nissany, Elizabeth White, Trevor Parsons

News Feed Item

Digital River Completes Acquisition of LML Payment Systems

Digital River, Inc. (NASDAQ: DRIV), the revenue growth experts in global cloud commerce, announced that it has completed its previously-announced all-cash acquisition of LML Payment Systems Inc. (NASDAQ: LMLP). Based in Vancouver, British Columbia, LML Payment Systems is a leading provider of electronic payment processing, risk management and authentication services. Digital River announced the definitive agreement to acquire LML Payment Systems on Sept. 24, 2012.

The acquisition joins two complementary card-not-present payments businesses, positioning Digital River to further capitalize on its global success in online payment processing. Collectively, the companies will handle more than $20 billion in global online transactions for tens of thousands of companies across a broad range of industries, including software, consumer electronics, government, utilities, event registration and mobile payments. The acquisition is expected to be accretive to Digital River’s earnings in its 2013 fiscal year.

“For more than 15 years, some of the world’s leading brands have relied on Digital River to handle their online payments on a global basis,” said Tom Donnelly, Digital River’s president and COO. “The completion of this acquisition is another affirmation of our ongoing commitment to expand our payment services. We fully intend to leverage this acquisition to offer our combined client bases new capabilities and more revenue opportunities across a broader range of vertical and geographic markets.”

“We believe this acquisition will drive value for Digital River’s stockholders and the customers of our newly combined companies,” added Souheil Badran, senior vice president and general manager for Digital River World Payments. “With the addition of LML Payment Systems, our World Payments solution is in an even stronger position to lead in our industry.”

The acquisition was approved at a meeting of LML Payment Systems shareholders on Jan. 7, 2013, and was formally completed on Jan. 10, 2013, following satisfaction of applicable regulatory requirements. As a result of the acquisition, Digital River acquired indirect ownership of 28,246,684 common shares of LML Payment Systems, representing 100% of the issued and outstanding common shares of LML Payment Systems. Concurrently with the completion of this acquisition, LML Payment Systems was amalgamated with a Digital River subsidiary and the amalgamated company will continue operating under the name “LML Payment Systems Inc.” As a result of the completion of the acquisition, trading in shares of LML Payment Systems has been permanently discontinued. LML Payment Systems shareholders will receive U.S. $3.45 per share in cash for their shares.

About LML Payment Systems Inc.

LML Payment Systems Inc., through its Canadian subsidiary Beanstream Internet Commerce Inc., and US subsidiaries Beanstream Internet Commerce Corp. and LML Payment Systems Corp., is a leading provider of financial payment processing solutions for e-commerce and traditional businesses. The company provides credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services, along with routing of selected transactions to third party processors and banks for authorization and settlement. For more details about LML Payment Systems, visit www.lmlpayment.com.

About Digital River, Inc.

Digital River, Inc., the revenue growth experts in global cloud commerce, builds and manages online businesses for software and game publishers, consumer electronics manufacturers, distributors, online retailers and affiliates. Its multi-channel commerce solution, which supports both direct and indirect sales, is designed to help companies of all sizes maximize online revenues as well as reduce the costs and risks of running a global commerce operation. The company’s comprehensive platform offers site development and hosting, order management, global payments, cloud-based billing, fraud management, export controls, tax management, physical and digital product fulfillment, multi-lingual customer service, advanced reporting and strategic marketing services.

Founded in 1994, Digital River is headquartered in Minneapolis with offices across the U.S., Asia, Europe and South America. For more details about Digital River, visit its corporate website, follow the company on Twitter or call +1 952-253-1234.

Forward Looking Statements

In addition to the historical information contained herein, this press release contains forward-looking statements. Such forward-looking statements can be identified by the words “believes,” “intends,” “expects” and similar words. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Digital River, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties, include, but are not limited to, those relating to: the impact of the transaction on relationships with customers, suppliers and employees, the financial performance of Digital River and LML Payment Systems following completion of the proposed transaction, the ability to successfully integrate the businesses of Digital River and LML Payment Systems, the ability to realize anticipated benefits of the proposed transaction (including expected cost savings and other synergies), the risk that anticipated benefits of the proposed transaction may take longer to realize than expected, and other risks such as the variability in Digital River’s and LML Payment System’s operating results and competition in the electronic commerce and payments markets. Additional information concerning other risk factors is contained in the parties’ most recent Annual Reports on Form 10-K, subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings.

Many of these risks, uncertainties and assumptions are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. Furthermore, forward-looking statements speak only as of the date they are made, and Digital River undertakes no obligation to update publicly or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this communication. All subsequent written and oral forward-looking statements concerning Digital River or LML Payment Systems, the proposed transaction, or other matters and attributable to Digital River or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.

Digital River is a registered trademark of Digital River, Inc. All other trademarks and registered trademarks are trademarks of their respective owners.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Cloud Expo Breaking News
File sync and share. Endpoint protection. Both are massive opportunities for today’s enterprise thanks to their business benefits and widespread user appeal. But one size does not fit all, especially user-adopted consumer technologies. Organizations must apply the right enterprise-ready tool for the job in order to properly manage and protect endpoint data. In his session at 14th Cloud Expo, Michael Bachman, Senior Enterprise Systems Architect at Code42, he will discuss how the synergy of an enterprise platform – where sync/share and endpoint protection converge – delivers incredible value for the business.
Simply defined the SDDC promises that you’ll be able to treat “all” of your IT infrastructure as if it’s completely malleable. That there are no restrictions to how you can use and assign everything from border controls to VM size as long as you stay within the technical capabilities of the devices. The promise is great, but the reality is still a dream for the majority of enterprises. In his session at 14th Cloud Expo, Mark Thiele, EVP, Data Center Tech, at SUPERNAP, will cover where and how a business might benefit from SDDC and also why they should or shouldn’t attempt to adopt today.
Today, developers and business units are leading the charge to cloud computing. The primary driver: faster access to computing resources by using the cloud's automated infrastructure provisioning. However, fast access to infrastructure exposes the next friction point: creating, delivering, and operating applications much faster. In his session at 14th Cloud Expo, Bernard Golden, VP of Strategy at ActiveState, will discuss why solving the next friction point is critical for true cloud computing success and how developers and business units can leverage service catalogs, frameworks, and DevOps to achieve the true goal of IT: delivering increased business value through applications.
APIs came about to help companies create and manage their digital ecosystem, enabling them not only to reach more customers through more devices, but also create a large supporting ecosystem of developers and partners. While Facebook, Twitter and Netflix were the early adopters of APIs, large enterprises have been quick to embrace the concept of APIs and have been leveraging APIs as a connective tissue that powers all interactions between their customers, partners and employees. As enterprises embrace APIs, some very specific Enterprise API Adoption patterns and best practices have started emerging. In his session at 14th Cloud Expo, Sachin Agarwal, VP of Product Marketing and Strategy at SOA Software, will talk about the most common enterprise API patterns and will discuss how enterprises can successfully launch an API program.
MapDB is an Apache-licensed open source database specifically designed for Java developers. The library uses the standard Java Collections API, making it totally natural for Java developers to use and adopt, while scaling database size from GBs to TBs. MapDB is very fast and supports an agile approach to data, allowing developers to construct flexible schemas to exactly match application needs and tune performance, durability and caching for specific requirements.
The social media expansion has shown just how people are eager to share their experiences with the rest of the world. Cloud technology is the perfect platform to satisfy this need given its great flexibility and readiness. At Cynny, we aim to revolutionize how people share and organize their digital life through a brand new cloud service, starting from infrastructure to the users’ interface. A revolution that began from inventing and designing our very own infrastructure: we have created the first server network powered solely by ARM CPU. The microservers have “organism-like” features, differentiating them from any of the current technologies. Benefits include low consumption of energy, making Cynny the ecologically friendly alternative for storage as well as cheaper infrastructure, lower running costs, etc.
Next-Gen Cloud. Whatever you call it, there’s a higher calling for cloud computing that requires providers to change their spots and move from a commodity mindset to a premium one. Businesses can no longer maintain the status quo that today’s service providers offer. Yes, the continuity, speed, mobility, data access and connectivity are staples of the cloud and always will be. But cloud providers that plan to not only exist tomorrow – but to lead – know that security must be the top priority for the cloud and are delivering it now. In his session at 14th Cloud Expo, Kurt Hagerman, Chief Information Security Officer at FireHost, will detail why and how you can have both infrastructure performance and enterprise-grade security – and what tomorrow's cloud provider will look like.
Web conferencing in a public cloud has the same risks as any other cloud service. If you have ever had concerns over the types of data being shared in your employees’ web conferences, such as IP, financials or customer data, then it’s time to look at web conferencing in a private cloud. In her session at 14th Cloud Expo, Courtney Behrens, Senior Marketing Manager at Brother International, will discuss how issues that had previously been out of your control, like performance, advanced administration and compliance, can now be put back behind your firewall.
More and more enterprises today are doing business by opening up their data and applications through APIs. Though forward-thinking and strategic, exposing APIs also increases the surface area for potential attack by hackers. To benefit from APIs while staying secure, enterprises and security architects need to continue to develop a deep understanding about API security and how it differs from traditional web application security or mobile application security. In his session at 14th Cloud Expo, Sachin Agarwal, VP of Product Marketing and Strategy at SOA Software, will walk you through the various aspects of how an API could be potentially exploited. He will discuss the necessary best practices to secure your data and enterprise applications while continue continuing to support your business’s digital initiatives.
The revolution that happened in the server universe over the past 15 years has resulted in an eco-system that is more open, more democratically innovative and produced better results in technically challenging dimensions like scale. The underpinnings of the revolution were common hardware, standards based APIs (ex. POSIX) and a strict adherence to layering and isolation between applications, daemons and kernel drivers/modules which allowed multiple types of development happen in parallel without hindering others. Put simply, today's server model is built on a consistent x86 platform with few surprises in its core components. A kernel abstracts away the platform, so that applications and daemons are decoupled from the hardware. In contrast, networking equipment is still stuck in the mainframe era. Today, networking equipment is a single appliance, including hardware, OS, applications and user interface come as a monolithic entity from a single vendor. Switching between different vendor'...
Cloud backup and recovery services are critical to safeguarding an organization’s data and ensuring business continuity when technical failures and outages occur. With so many choices, how do you find the right provider for your specific needs? In his session at 14th Cloud Expo, Daniel Jacobson, Technology Manager at BUMI, will outline the key factors including backup configurations, proactive monitoring, data restoration, disaster recovery drills, security, compliance and data center resources. Aside from the technical considerations, the secret sauce in identifying the best vendor is the level of focus, expertise and specialization of their engineering team and support group, and how they monitor your day-to-day backups, provide recommendations, and guide you through restores when necessary.
Cloud scalability and performance should be at the heart of every successful Internet venture. The infrastructure needs to be resilient, flexible, and fast – it’s best not to get caught thinking about architecture until the middle of an emergency, when it's too late. In his interactive, no-holds-barred session at 14th Cloud Expo, Phil Jackson, Development Community Advocate for SoftLayer, will dive into how to design and build-out the right cloud infrastructure.
You use an agile process; your goal is to make your organization more agile. What about your data infrastructure? The truth is, today’s databases are anything but agile – they are effectively static repositories that are cumbersome to work with, difficult to change, and cannot keep pace with application demands. Performance suffers as a result, and it takes far longer than it should to deliver on new features and capabilities needed to make your organization competitive. As your application and business needs change, data repositories and structures get outmoded rapidly, resulting in increased work for application developers and slow performance for end users. Further, as data sizes grow into the Big Data realm, this problem is exacerbated and becomes even more difficult to address. A seemingly simple schema change can take hours (or more) to perform, and as requirements evolve the disconnect between existing data structures and actual needs diverge.
SYS-CON Events announced today that SherWeb, a long-time leading provider of cloud services and Microsoft's 2013 World Hosting Partner of the Year, will exhibit at SYS-CON's 14th International Cloud Expo®, which will take place on June 10–12, 2014, at the Javits Center in New York City, New York. A worldwide hosted services leader ranking in the prestigious North American Deloitte Technology Fast 500TM, and Microsoft's 2013 World Hosting Partner of the Year, SherWeb provides competitive cloud solutions to businesses and partners around the world. Founded in 1998, SherWeb is a privately owned company headquartered in Quebec, Canada. Its service portfolio includes Microsoft Exchange, SharePoint, Lync, Dynamics CRM and more.
The world of cloud and application development is not just for the hardened developer these days. In their session at 14th Cloud Expo, Phil Jackson, Development Community Advocate for SoftLayer, and Harold Hannon, Sr. Software Architect at SoftLayer, will pull back the curtain of the architecture of a fun demo application purpose-built for the cloud. They will focus on demonstrating how they leveraged compute, storage, messaging, and other cloud elements hosted at SoftLayer to lower the effort and difficulty of putting together a useful application. This will be an active demonstration and review of simple command-line tools and resources, so don’t be afraid if you are not a seasoned developer.