Cloopen Group Holding Limited (NYSE:RAAS) entered into a definitive agreement to acquire Shanghai Guohebing Software Technology Co., Ltd. (EliteCRM) on March 10, 2021. As per the transaction, 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. Cloopen Group Holding Limited (NYSE:RAAS) completed the acquisition of Shanghai Guohebing Software Technology Co., Ltd. for CNY 180 million on March 22, 2021. Cloopen paid 70% of cash consideration amounting to CNY 126 million and issued 2.4 million ordinary shares to certain management members of EliteCRM, which become restricted and are subject to a vesting schedule of two years and forfeiture to the extent any restricted shares remains unvested in case of early termination of employment. The remaining CNY 54 million will be paid by December 31, 2021.