PHOENIX, June 8, 2023 /PRNewswire/ — Renren announced today that it will change its name to Moatable, Inc., which is anticipated to become effective on June 22, 2023.
Over the course of 5~7 years, Renren sold off its SNS business, divested its used car business, and shifted its business focus to a vertical SaaS model serving BtB customers. The Company’s rebranding reflects its business model’s change from B2C internet to vertical B2B SaaS.
“The Moatable brand better represents who we are today, where we are going, and how we get there,” said Joseph Chen, Chairman and CEO of the Company. “Moatable reflects our desire to continue incubating, acquiring, and operating high-growth SaaS businesses with competitive moats and the ability to scale.”
“We intend for our portfolio companies to be ‘moatable‘ meaning they have competitive moats – or safeguards – such as technology, network effects, entry and exit barriers, first mover advantage, and economies of scale,” added Chris Palmer, CFO. “The new branding embodies our focus on building great businesses and reflects our ongoing efforts to create long-term value for our stakeholders through innovation, efficiency, and a growth mindset.”
The existing ticker symbol RENN will be retired on June 22, 2023, with the Company thereafter traded under MTBL. To learn more, visit www.moatable.com.
About Renren Inc.
Renren Inc. incubates, acquires, and builds category-leading vertical industry SaaS businesses. The Company currently majority holds several U.S.-based SaaS businesses including Chime Technologies, Inc. (www.chime.me) an all-in-one CRM and sales acceleration platform designed to help real estate professionals close more deals faster, and Trucker Path, Inc. (www.truckerpath.com), a suite of applications and dispatch services commercial truck drivers use to plan trips, navigate, and operate their business, both vertical SaaS businesses serving segments for industries with multi-million participants. American depositary shares, each currently representing 45 Class A ordinary shares of the Company, are traded on the New York Stock Exchange under the ticker symbol RENN.