The publicly listed Chinese portal FangDD has entered an agreement to purchase certain patents relating to cloud computer technology in China worth USD 35 million.
A news release by FangDD outlined that the purchase of the patents aligns with the company's strategy to expand into "technology-enabled real estate management" to supplement its existing business. No selling party was named.
Additional earnouts, that shall not exceed $15 million, are due by the end of 2026.
FangDD now has three months to raise the funds for the purchase and complete the transaction.
FangDD's release went on to say:
"If the transaction does not close by September 21, 2024, either party may terminate the agreement by providing written notice, without incurring liability to the other party."
In March 2024, FangDD's share price jumped 80% when it revealed an updated strategy focusing on real estate stock asset services. It's not clear whether the patent purchases are a follow-up action to this new strategy.
FangDD recorded full-year revenues of 285 million Yuan (USD 39.2 million), up 16% year-on-year.
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