Digital River Runs Dry

Digital River has not paid numerous merchants since midsummer for software and digital products they sold through its MyCommerce platform. The Register: 'After over 20 years of partnership with Digital River, Traction Software Ltd has been left feeling as though we've been 'rug pulled,'' Lee Midgley, managing director of Traction Software, told The Register. 'For the past three months, we've experienced a complete halt in software sales revenue payments with no support, no direct contact, and only additional terms and conditions designed to delay resolution and extract more money from us.

'Astonishingly, Digital River continued to take sales from our loyal customers until we removed them from the order system. It now appears they have no intention of making payments and may be entering a liquidation process under a new CEO who has been involved in similar situations before.'

The new CEO, Barry Kasoff, was first noted on the e-commerce biz website in August. Kasoff is also listed as the president of Realization Services, 'a full-service strategic consulting firm specializing in turnaround management and value enhancement...' The privately-owned, Minnesota-based business appears to have laid off a significant number of employees, presumably the result of what its UK subsidiary describes as cost reduction initiatives implemented in late 2022.

Read more of this story at Slashdot.