E-commerce solution provider Digital River Inc. announced an agreement to purchase LML Payment Systems Inc., a provider of electronic payment processing, risk management and authentication services. The all-cash transaction is worth approximately $102.8 million.

The purchase of LML Payment Systems will allow Digital River to expand its Digital River World Payments solution as well as extend LML Payment Systems' white-label channel solution and mobile payments solution, Digital River said. Additionally, LML Payment Systems will leverage Digital River's portfolio of global payment methods to offer clients a wider selection of international payment options and opportunities to expand their online businesses worldwide.

Digital River provides online payment processing services for a number of large and mid-sized merchants. LML Payment Systems' focus is processing online payments for small to mid-sized merchants. Together under the Digital River brand, the companies will handle more than $20 billion in online transactions for companies in the software, consumer electronics, event registration and mobile payments.

"This investment reflects our ongoing commitment to expanding our Digital River World Payments solution and continuing to diversify our global commerce business across multiple vertical markets," said Joel Ronning, CEO of Digital River. "Each company has a strong reputation in the online payments market, robust platform and deep expertise in card-not-present processing."

Ronning said the companies' joint technologies and expert resources will create more value for their combined client bases — helping them reduce time to market and providing access to new payments technologies and geographies.

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