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Saturday, July 2, 2022

Cloopen [NYSE: RAAS] to Buy Equity Interests of Zhuge

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Cloopen Group Holding Limited [NYSE: RAAS] disclosed that it has decided to buy the equity interests of Zhuge Inc. Both the companies have inked an agreement and Zhuge has agreed on a mix of cash and shares consideration in exchange for equity interests. Zhuge has been striving for the past 6 years to help clients in accomplishing data-driven growth.

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RAAS believed that Zhuge has the same vision of bringing digital transformation to enterprise customers. Zhuge has constantly modernized and transformed its products with a view to supporting more use cases. RAAS is anticipating that the acquisition of Zhuge further bolster its data capability and enhance its competitive edge in intelligent enterprise marketing and customer service solutions.

Transaction details

Additionally, shares issued will constitute less than 1% of the Company’s outstanding share capital on a fully-diluted basis. Furthermore, the shares will be issued in a private offering in accordance with release or exclusion from the registration requirements under the Securities Act of 1933, as amended.

The transaction is due for completion in December 2021. The transaction will be dependent on customary closing conditions. There is no guarantee that the transaction will be finalized within the expected timeframe, or at all. Shareholders are advised not to place unnecessary dependence on this announcement.

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