Renren Inc. (NYSE: RENN) (“Renren” or the “Company“), announces today that the Company, has signed a Software License and Distribution Agreement (“License Agreement“) with Guangzhou Yupu Software Technology Co., Ltd. (“Guangzhou Yupu“). The License Agreement gives Renren, through its subsidiary SaaS Logistics US, Inc., a perpetual, exclusive, and irrevocable license to modify, sell, and commercially exploit the licensed software worldwide except in Mainland China for a one-time consideration of RMB2 million (equivalent to US$0.31 million). In conjunction with the License Agreement, Renren entered into an employment agreement with Mr. Rui Song, Guangzhou Yupu’s former CEO. Mr. Song will serve as CEO of SaaS Logistics US, Inc. The Company expects to further develop and grow its suite of driver-centric SaaS-based services with the acquired software license assets.
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