Cloopen Agrees To Acquire Zhuge For Undisclosed Sum; Shares Pop

Cloopen Group Holding Ltd RAAS has agreed to acquire the entire equity interests of Zhuge Inc, a user-centric intelligent data solution provider, for a mix of cash and shares consideration.
The shares issued will account for less than 1% of Cloopen's outstanding share capital on a fully-diluted basis.
"We expect the integration of Zhuge to strengthen our data capability and reinforce our competitive edge in intelligent enterprise marketing and customer service solutions, Chair and CEO Changxun Sun. Going forward, together with Zhuge, we will offer a more comprehensive and synergistic product portfolio leveraging our respective expertise in enterprise communications and data intelligence."
Cloopen held $409.5 million in cash and equivalents as of September 30.
Price Action: RAAS shares traded higher by 0.95% at $3.20 in the premarket session on the last check Monday.