SafeShopper.com
Title
FreeMerchant.com, build an online store
Description
MINNEAPOLIS, MN, January 4, 2002 _ Digital River, Inc. (NASDAQ: DRIV), a leading global e-commerce outsource provider, today announced that it has acquired the customer assets of FreeMerchant.com from Network Commerce, Inc. (OTC BB: NWKC) , in exchange for $875,000 in cash. The acquisition, which is expected to be immediately accretive, supports Digital River's previously announced acquisition strategy, reinforces the company's e-commerce leadership position and further extends its market potential in the small to mid-sized enterprise (SME) market.
"This acquisition is an extension of our plan to further leverage our e-commerce system to support a growing base of SME sites in our E-Business Services Division," said Joel Ronning, Digital River's CEO. "We are committed to providing Network Commerce's clients superior e-commerce outsourcing products and services through our world-class infrastructure, which now supports a client base of over 13,000 companies ranging in size from small businesses to large enterprises."
Under the terms of the agreement, Digital River acquired approximately 3,000 subscription-based customers from Network Commerce's FreeMerchant.com business in exchange for $875,000 in cash. The agreement does not include the acquisition of any Network Commerce personnel. In addition to the cash payment, the agreement provides Network Commerce an opportunity for an additional earn out based upon revenue generated from the acquired customer assets over the next ten months. Digital River's acquisition of Network Commerce's FreeMerchant.com assets marks the company's ninth acquisition in the past three years.
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