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Cloopen Group Holding Limited (OTC: RAASY) is a leading multi-capability cloud-based communications solution provider in China. The company offers a comprehensive suite of cloud-based communication solutions, including communications platform as a service (CPaaS), cloud-based contact centers (cloud-based CC), and cloud-based unified communications and collaborations (cloud-based UC&C). Cloopen's mission is to enhance the daily communication experience and boost operational productivity for enterprises.
Recently, Cloopen announced significant changes in its board of directors. On November 30, 2023, directors Mr. Changxun Sun, Mr. Yipeng Li, Mr. Xiegang Xiong, Mr. Kui Zhou, and Mr. Qingsheng Zheng resigned for personal reasons. Despite their resignation from the board, Mr. Sun, Mr. Li, and Mr. Xiong will continue to serve as CEO, CFO, and Chief Product Officer & CTO, respectively. Mr. Cheng Luo has been appointed as the new chairman of the board, replacing Mr. Sun. Joining Mr. Luo, the board now includes new directors Mr. Pengfei Yuan, Mr. Ye Yuan, Mr. Lei Du, Mr. Yuanqi Wang, Mr. Ming Zhao, and Mr. Zi Yang, along with three independent directors, Mr. Adam J. Zhao, Mr. Ziguang Gao, and Mr. Tim Yimin Liu.
Another milestone was reached on February 7, 2024, when Cloopen settled with the U.S. Securities and Exchange Commission (SEC) regarding past employee misconduct and transaction irregularities. The SEC acknowledged Cloopen's prompt self-reporting and substantial cooperation during the investigation. Cloopen undertook significant remedial measures, including terminating or disciplining individuals involved in the misconduct, reorganizing relevant departments, and strengthening accounting controls.
Earlier, on February 27, 2024, Cloopen filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the SEC. This report includes audited financial statements and can be accessed on the SEC's website and Cloopen's investor relations website.
Cloopen aims to drive the transformation of the enterprise communications industry through innovative marketing and operational tactics and SaaS-based tools. Their commitment to improving daily communications and boosting enterprise productivity positions them as a significant player in the cloud-based communication solutions landscape.
Cloopen (NYSE: RAAS) announced the acquisition of Zhuge, a user-centric intelligent data solution provider, on December 13, 2021. This strategic move aims to enhance product and service capabilities, facilitating the intelligent transformation of enterprise marketing. Cloopen anticipates that integrating Zhuge will strengthen its position in data intelligence and improve marketing efficiency for enterprise clients. Both companies emphasize the potential for synergy, leveraging their combined strengths in communication, data, and intelligence.
Cloopen Group Holding Limited (NYSE: RAAS) has announced an agreement to acquire Zhuge Inc., an intelligent data solution provider, through a combination of cash and shares. The share issuance will be less than 1% of Cloopen's total outstanding shares. Expected to finalize in December 2021, the deal aims to enhance Cloopen's data capabilities and strengthen its position in enterprise marketing and customer service. Both companies anticipate that the merger will provide a broader range of advanced solutions to meet the growing demand for data-driven insights in China.
Cloopen Group Holding Limited (NYSE: RAAS) reported a strong third quarter for 2021, with revenues of RMB276.1 million (US$42.9 million), a 44.3% increase year-over-year. The key driver was the cloud-based contact center solutions, which grew by 125.4%. Gross margin improved to 43.5%, up from 38.1%. However, the company experienced a net loss of RMB112.2 million (US$17.4 million), worsening from RMB93.9 million a year prior. Looking ahead, Cloopen expects Q4 revenues between RMB328.0 million and RMB333.0 million, indicating a year-over-year growth of 26.8% to 28.7%.
Cloopen Group Holding Limited (NYSE: RAAS) announced it will report its unaudited financial results for Q3 2021 on November 18, 2021, before U.S. market opens. A conference call is scheduled for the same day at 8:00 A.M. EST to discuss the results. Listeners can access the call via provided numbers. The company is recognized as a leading cloud-based communications provider in China, focusing on enhancing communication experiences and operational productivity for enterprises.
Cloopen Group Holding Limited (NYSE: RAAS) has authorized a share repurchase program allowing for the buyback of up to US$40 million of its Class A ordinary shares over 12 months starting September 28, 2021. This initiative demonstrates the Board’s confidence in the company’s growth and aims to enhance shareholder value. Repurchases will be executed through open market transactions and are subject to applicable regulations. The program is expected to be funded from the company’s existing cash balance.
Cloopen Group Holding Limited (NYSE: RAAS) reported robust financial results for Q2 2021, achieving revenues of RMB274 million, a 47.9% increase year-over-year. The company's core Cloud-based Contact Center (CC) solutions drove significant growth, with revenues of RMB108 million, up 105.1% year-over-year. Gross margin improved to 43.1%, while adjusted EBITDA loss narrowed to RMB29.966 million. Positive industry trends indicate the Chinese cloud-based communications market could exceed RMB100 billion by 2024, presenting Cloopen with substantial growth opportunities.
Cloopen Group Holding Limited (NYSE: RAAS) reported strong Q2 2021 results, with revenues of RMB273.9 million (US$42.4 million), up 47.9% year-over-year. Cloud-based contact center solutions surged by 105.1%, driving overall growth. Gross margin remained robust at 43.1%. However, the company recorded a net loss of RMB105.6 million (US$16.4 million), worsening from RMB62.2 million in Q2 2020. Non-GAAP net loss improved to RMB26.4 million. Active customers reached 12,976, with a dollar-based net customer retention rate of 109.6%. The outlook for Q3 2021 anticipates revenues between RMB275.0 and RMB278.0 million.
Cloopen Group Holding Limited (NYSE: RAAS) announces its intention to report unaudited financial results for Q2 2021 prior to U.S. market opening on August 11, 2021. A conference call is scheduled for the same day at 8:00 A.M. ET to discuss these results. Cloopen, a cloud-based communications provider in China, offers services including CPaaS and cloud-based contact centers, aimed at enhancing operational productivity for enterprises. Investors can access the live call and archived webcast through the company's investor relations website.
Cloopen Group Holding Limited (NYSE: RAAS) reported its Q1 2021 results, revealing RMB204.5 million (US$31.2 million) in revenue, a 54.4% increase year-over-year. Revenue from cloud-based contact center solutions surged by 63.4%.
However, the company experienced a net loss of RMB171.0 million (US$26.1 million), up from RMB47.7 million last year. Adjusted EBITDA loss rose to RMB59.8 million (US$9.1 million). Looking ahead, Cloopen expects Q2 revenues between RMB255.0 million and RMB260.0 million, indicating 37.6% to 40.3% year-over-year growth.
Cloopen Group Holding Limited (NYSE: RAAS) will announce its unaudited financial results for Q1 2021 on June 10, 2021, before the U.S. market opens. A conference call is scheduled for the same day at 8:00 A.M. ET. The call will allow investors to discuss the results and access the replay until June 17, 2021. Cloopen is a leading cloud-based communications solution provider in China, offering services including CPaaS, cloud-based contact centers, and UC&C solutions aimed at enhancing enterprise communication and productivity.
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