Cloopen Group Holding Acquired by SpringX Holdings | Technology M&A Deal

SpringX Holdings has completed the acquisition of Cloopen Group Holding, a technology other business in Beijing, for US$162.89 million. Cloopen Group Holding provides communications and related technology services, and the going private acquisition will move the company to a wholly owned subsidiary structure under HoldCo. SpringX Holdings acquisitions are backed by a consortium including Cloopen founder and CEO Changxun Sun and multiple investment entities, with support agreements covering voting and share cancellation. The technology M&A is structured as a Cayman Islands merger under Part 16 of the Companies Act, with SpringX Holdings as the private equity acquisition vehicle and a deal size above $100M. The equity value implies a going private acquisition with no cash consideration for canceled shares of the participating holders at closing.