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Cloopen to Acquire EliteCRM, a Leading CRM Software Provider

Cloopen Group Holding Limited, a leading multi-capability cloud-based communications solution provider in China, announced that it has entered into a definitive agreement to acquire all the equity interests of EliteCRM, a leading customer relationship management software provider. In connection with the acquisition, the Company agreed to offer equity awards in the form of restricted shares in the aggregate of less than 1% of its outstanding share capital on a fully-diluted basis to certain management members of EliteCRM. These restricted shares will be issued under a private placement pursuant to an exemption or exclusion from the registration requirements under the Securities Act of 1933, as amended, and will be subject to a vesting schedule of two years and forfeiture to the extent any share remains unvested in case of early termination of employment.

The transaction is expected to be completed in March 2021, subject to customary closing conditions. There is no assurance that the transaction will be completed within the anticipated timeframe, or at all. Shareholders are cautioned not to place undue reliance on this announcement.

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Mr. Changxun Sun, the Company’s founder, chairman of board of directors and chief executive officer, commented, “The enterprise communications industry is undergoing transformation. The integration of AI and cloud computing as well as industrial digitalization has brought significant growth opportunities for us. EliteCRM is a leading contact center and customer relationship management software provider in China with solid industry experience and strong technological capabilities. The acquisition can complement our business portfolio by strengthening the application layer of our cloud communications infrastructure. We believe this acquisition will enable us to offer integrated cloud-based contact center solutions with more competitive functions as we step up our efforts in driving the digital transformation and integration in enterprise management. We are thrilled to welcome EliteCRM to our group.”

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Mr. Shuangchun Mou, the founder and chief executive officer of EliteCRM, commented, “We in-house developed EliteTools, a ‘low-code’ development platform, leveraging it to design, build and customize contact center and customer relationship management systems that caters to the diverse needs of enterprises from a broad range of industries. Together with Cloopen, we believe that we will be able to provide enterprises with integrated cloud-based customer service and acquisition solutions and enable them to improve operational productivity in an effectively manner.”

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