Jan, 2002 : Digital River Picks Up Beyond.com Assets


📅 - Digital River, Inc. (digitalriver.com), a global e-commerceoutsource provider, today announced it has agreed to acquire substantiallyall of the assets and customer contracts related to the eStores andGovernment Systems Group businesses of Beyond.com Corporation, a provider ofe-commerce technology and services.

"Digital River continues to demonstrate its e-commerce leadership, expandingmarket opportunities, attracting industry-leading clients and delivering aworld-class e-commerce system," said Joel Ronning, Digital River's CEO. "Weare looking forward to extending our e-commerce expertise to the clients ofBeyond.com and are committed to providing them an exceptional level ofservice."
As part of the acquisition, Beyond.com has filed for chapter 11 bankruptcyprotection. The acquisition is subject to bankruptcy court approval andcertain other conditions. Under the terms of the agreement, Digital River isnot assuming liabilities of Beyond.com other than obligations under theBeyond.com client contracts. Digital River has agreed to acquiresubstantially all of the assets and customer contracts related to theeStores and Government Systems Group businesses in exchange for $3.5 millionin cash and $7.5 million in Digital River common stock, subject to certainescrow and sale restrictions and resale registration rights. The agreementalso provides Beyond.com an earn-out for an additional $1.5 million inDigital River common stock, and provides for purchase price reductions incertain events.

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