Digital River Raises $13 Million in Private Placement and Venture Capital
MINNEAPOLIS, April 27 /PRNewswire/ -- Digital River, Inc., the leading provider of e-commerce and data center management for companies selling software on the Internet, announced today that it has received net proceeds of $13 million from its recently completed private placement of common stock in combination with venture capital financing.
The company said net proceeds from the offering, which began last November, totaled $10 million. It received an additional $3 million in venture capital from Wasserstein Adelson Ventures L.P., New York, a venture capital fund managed by the investment banking firm Wasserstein Perella & Co.
Joel Ronning, president and chief executive officer of Digital River, said planned uses for the proceeds include an expanded marketing program targeting additional software vendors and online dealers relationships. The company also plans additional equipment purchases to build further system redundancy and performance capacity.
"Digital River has quadrupled its client base in the past year -- from less than 300 to more than 1,200 software publishers and online dealers," Ronning said. "We anticipate continued growth in the months ahead -- both in numbers of clients and in the volume of Internet software sales they are generating."
Digital River, Inc., based in Minneapolis, offers the world's largest online database of software products. It partners with software publishers and on line dealers to implement its proprietary technology for Internet delivery of software and other digital products. The company has 12 patents pending, covering digital delivery, commerce and encryption systems. Tech Squared, Inc. (OTC Bulletin Board: TSQD), controls 23 percent and Fujitsu Limited of Japan owns 16 percent of Digital River's common stock. For more information visit the Digital River Web site at digitalriver.com
SOURCE Digital River, Inc.
CO: Tech Squared, Inc.; Digital River, Inc.
ST: Minnesota |
