January 3, 2013
Cloud-commerce company Digital River (NASDAQ: DRIV ) announced today that it has sold its online retail subsidiary CCNow to privately-held Snorrason Holdings .
Family run and Iceland-based Snorrason originally gained fame and fortune through its pioneering work in the shrimping business, but has more recently shifted to interests in online payment processing.
CCNow is an online retailer specializing in online checkout services for primarily small to medium-sized businesses . Except for disclosing that the transaction was entirely cash, financial details of the acquisition remain confidential .
Digital River's MyCommerce subsidiary will continue to provide e-commerce and e-marketing solutions to a similar customer base . In the past five years, Digital River's sales have remained stagnant, while sales and its stock price have fallen over 70% and 40%, respectively.
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