(Yicai Global) Jan. 2 -- Chinese social network and internet finance firm Renren Inc. has bought out US-based freight company Trucker Path as it looks to expand its global presence and make its first steps in the transport sector.
The buyer announced the news on Dec. 29 but did not disclose the transaction price.
The US is likely to be a leader in the mass application of unmanned driving, said Renren Chairman Chen Yizhou. There are two major emerging sectors behind autonomous driving: artificial intelligence and blockchain, and Trucker Path's social platform and freight marketplace will help Renren innovate in these areas, he added.
Trucker Path has over 600,000 monthly active users. It offers a service where drivers can help each other out by sharing real-time updates about incidents on the road and find parking lots, service areas, weighing points and other work-related venues. Truckloads, another of its services, matches drivers and shippers and oversees three million orders a month.
The company was formed to exploit the US' USD730-billion haulage industry, where opaque pricing and a plethora of agencies weigh down on efficiency.