Renren Announces Acquisition of U.S. Trucking Social Platform Trucker Path Inc.
BEIJING, December 29, 2017
Renren Inc., which operates a social networking service and internet finance business in China, today announced that it has entered into a definitive agreement to acquire 100% of Trucker Path Inc., a provider of a social platform for the trucking industry in the United States.
Trucker Path’s core product is the Trucker Path app, a trip planning companion for truck drivers, enabling a large driver community to assist each other in updating the real-time status of relevant points-of-interest on their route. It helps truckers find truck stops, available parking spots, rest areas, scales, open DOT weigh stations, truck washes and more. Expanding on the success of the Trucker Path app, Trucker Path also introduced the Truckloads app, a mobile marketplace providing freight load matching with over 3 million loads posted monthly. At present, Trucker Path has more than 600,000 monthly active users covering more than 33% of all U.S. long haul truck drivers and maintains steady organic growth. For Renren’s global business, the acquisition of Trucker Path means an entry into the transportation sector. Going forward, Renren will continue exploring breakthroughs in this space, whether in intelligent transportation solutions or in autonomous vehicles. Joseph Chen, Chairman and Chief Executive Officer of Renren, commented: “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.”
About Renren Inc.
Renren Inc. operates a social networking service (SNS) and an internet finance business in China. Our SNS enables users to connect and communicate with each other, share photos and access mobile live streaming. Our internet finance business includes primarily auto financing. Renren.com and our Renren mobile application had approximately 254 million activated users as of September 30, 2017.