Renren Inc. announced it has reached an agreement to purchase Trucker Path for an undisclosed sum.
Trucker Path operates a smart phone app that provides real-time parking information. It also offers trip planning, freight load matching, and other services. It has more than 600,000 monthly users, and sees more over three million loads posted a month. In October, Trucker Path announced it has topped two million installations of the app.
Renren operates a social networking service and an web-based finance business in China. It is traded on the New York Stock Exchange. This is the company’s first purchase in the freight transportation space.
“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,” said Joseph Chen, chairman and CEO of Renren.