Digital River plans LML Payment Systems acquisition
Digital River intends to buy LML Payment Systems.
Digital River has revealed it intends to acquire LML Payment Systems.
This deal will see two card-not-present payment firms join together, enabling Digital River to capitalise on its international achievements in internet payment processing.
Sales negotiations between the two parties have given this transaction an overall purchase price of around $102.8 million (£63.4 million).
Digital River should be able to provide services to enterprises of all sizes, with the combined firm expected to deal with more than $20 billion of online transactions.
LML Payment Systems works with credit card processing, electronic funds transfers, online debits, authentication services and clearinghouse payment processing, whereas Digital River is involved with global payments, order management, site hosting and development, cloud-based billing, tax or fraud management, export controls and a number of other services.
"Each company has a strong reputation in the online payments market, robust platform and deep expertise in card-not-present processing," Digital River chief executive officer Joel running said.
Posted by Ron Maverick
Source: Digital River press release, September 24th