driver081208
On the homepage
Fort Hood
Out There
NewsBreak
Vita.mn
Digital River shifts strategy
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
Digital River Inc., the manager of Symantec Corporation's online store, will seek business from more consumer electronics makers, relying less on the software maker for growth, Chief Executive Joel Ronning said.
Symantec, the world's biggest maker of security programs, accounts for about a third of revenue, Ronning said Monday in a Bloomberg Television interview. The company is Digital River's largest customer.
Sales growth has slowed in four of the past five quarters and picked up in the latest period, partly because of new contracts from consumer electronics makers.
Eden Prairie-based Digital River designs and maintains e-commerce websites, processing payments from shoppers and helping to direct customers to those pages.
"What we're working on is trying to grow the rest of the organization in the consumer electronics and the games industry, and we're having some success there," Ronning said.
Digital River also is targeting other software makers and Fortune 500 companies as clients, he said.
Last month, Digital River said its second-quarter profit fell 9 percent but beat Wall Street's expectations. The company also raised its full-year forecast. Digital River shares have gained 34 percent this year.
BLOOMBERG NEWS
Recent Business stories
Iraqi PM says Cabinet will meet to ratify Zubair deal next week - August 11, 2008
Iraqi PM says Cabinet will meet to ratify Zubair deal next week - Iraq's Cabinet will meet next week to ratify a deal with a consortium led by Italy's Eni SpA to develop a prized southern oil field, the prime minister said Tuesday. More
- Investor who lost $125 million testifies at Petters trial
- Witness details activities, deals with Petters
- Jacobs clears deck for Genmar bid
- 2 ex-Bear Stearns hedge-fund managers acquitted
- Vuitton to defy economy and unpack at Galleria
- Organic Valley dairy co-op will tap new markets
- Star Tribune to cut 100 more jobs
Blog: Patent Pending
Meanwhile, in Wisconsin....
As you read this blog entry, angel investors and start-ups are flocking to Madison, Wisconsin for the annual Wisconsin Early Stage Symposium and the Mid West Health Care Venture forum.
Comment on this story | Read all 1 comments | Hide reader comments