Renren Inc (NYSE:RENN) has announced that it has signed a deal that will allow it to purchase Trucker Path, a U.S-based social platform for the truckers.
Renren runs an internet finance business and a social networking service in China and it looks like the company is interested in expanding its reach in especially in the West and particularly in the U.S. The firm revealed on December 29th, 2017 that it plans to acquire Trucker Path as part of a recent deal that it signed. The main product of Trucker Path is the app which provides trip planning services to truck drivers.
The app also allows the members of the truck driver community to offer assistance to other members by providing real-time statuses or updates about their routes. The app can also be used by truckers to find parking spots, truck spots, rest areas, truck washes, or even DOT weighing stations among other things. Trucker Path also has a different app called the Truckloads app which is basically a mobile marketplace that offers freight load matching.
Trucker Path currently has more than 600,000 active users on a monthly basis and more than 33 percent of the long-haul truck drivers are in the U.S. Renren is strategically acquiring Trucker Path so that it can venture into the transportation sector as it pushes its global business forward. The company also plans to continue venturing into other areas such as autonomous vehicles and intelligent transportation solutions.
“Currently, the two major emerging technology areas are artificial intelligence and blockchain. With the acquisition of the Trucker Path social platform and the Truckloads freight marketplace, the Company will be well-positioned technologically to drive innovation within this important industry,” stated Renren’s Chairman and CEO, Joseph Chen.
Renren is currently waiting for the New York Department of Financial Services to approve its application for the sale of a recently formed subsidiary that handles its advertising agency business. Meanwhile, the financial details of its Trucker Path acquisition have not yet been disclosed.
Renren stock closed the latest trading session on Monday at $12.71 after tanking by 2.61 percent from the previous close.