Moatable Stock

Moatable, Inc. engages in the software-as-a-service (SaaS) business.

The company operates two U.S. SaaS businesses, Chime and Trucker Path. The company’s businesses help companies, small business owners, and sole proprietors streamline their operations, reach more customers, and close business transactions using the company’s SaaS products and services.

The company launched its SaaS businesses in the United States in 2016 with Chime, an all-in-one real estate solution provider. In August 2022, the company acquired Rentancy, LTD., a U.K. based provider of bookkeeping and operations management solutions to property managers and landlords.

In 2017, the company acquired Trucker Path, Inc., a transportation network company specializing in online and mobile services for the trucking industry in the United States.

With the acquisition of the company’s SaaS businesses and then the completion of the Kaixin deconsolidation in June 2021, the company has completed a transition of its global business to the United States and North America. Effective January 1, 2023, the company also transitioned from a foreign private issuer to a domestic issuer. The company’s SaaS businesses, whose sales are almost exclusively to customers within the United States, generate the majority of the company’s revenue. A significant portion of the company’s research and development team resides in China, with engineers also employed in the Philippines, the United States, Pakistan, and Eastern Europe. The company’s sales and marketing and customer service operations, focused on acquiring and servicing North American customers, are located in the United States and the Philippines.

Strategy

The key elements of the company’s strategy are to grow its customer base; increase revenue from existing customers; and pursue partnerships and acquisitions.

Chime

The company started its SaaS business with the launch of Chime, an all-in-one CRM and sales acceleration platform, in 2016. Chime is a comprehensive SaaS platform designed to help real estate professionals close more deals faster. The platform combines IDX websites, lead generation, marketing automation, advanced lead management, and powerful AI to cost-effectively capture and convert leads into new business. The company’s subscribing real estate professionals use Chime to launch and oversee marketing campaigns, track leads, build customer relationships, manage websites, and seamlessly communicate with teams and associates across the entire real estate customer lifecycle using multiple devices. In August 2022, the company acquired Rentancy, LTD., a U.K. based property management operations SaaS product and services company. The acquisition of Rentancy marks the extension of the company’s platform and initial entry into serving the property management market with SaaS products and services.

Chime allows users to import lead and contact information of potential buyers and sellers from third-party platforms onto the Chime platform. Chime can automatically categorize potential real estate transactions based on type, zip code, budget, source, and other features. Chime allows individual real estate professionals, real estate teams, or brokerages to display and market properties and services, to source and engage with potential buyers and sellers, to distribute potential deals among team members, monitor deal progress, and monitor key performance indicators to evaluate the efficiency and performance of their real estate sales activities. Chime users may leverage artificial intelligence to auto-respond to inquiries from potential buyers and sellers with customized scripted responses. Chime enables real estate professionals to keep in touch with clients by text, phone calls, and emails. Chime provides IDX to real estate professionals to help them design customized websites. Chime also allows users to download property data from multiple property listing databases and displays those properties on their websites. Chime users also have the ability to publish comparative market analyses and similar reports for their clients. Utilizing Chime’s advertising services, real estate professionals can place advertisements on third-party websites and platforms to generate leads and demand for listings. Chime also offers mailed print advertising services to its clients.

Trucker Path

In 2017, the company acquired 100% of Trucker Path, Inc., a transportation network company specializing in online and mobile services for the trucking industry in North America. Its core product is the Trucker Path application, a trip planning companion for truck drivers, which enables a large community of truck drivers to assist each other in updating the real-time status of relevant points-of-interest along their route, plan trips, and use navigational assistance, including turn-by-turn assistance, to their destinations, including detailed directions within shipping and receiving docks. Trucker Path helps truck drivers find truck stops, parking, weigh stations, truck washes, restaurants, hotels, rest areas, and more. Real-time information, such as availability of parking or the cost of fuel, is provided for these points-of-interest. Over 370,000 businesses are listed as points-of-interest on Trucker Path, for which truck drivers can add their own ratings and reviews. Trucker Path’s companion app known as TruckLoads brings truck drivers, freight brokers, and shippers together onto a single digital freight exchange. Truck drivers can search for loads and customize their search criteria by geography, trailer type, pickup date and destination, among other things. They can also set up push notifications for loads in their area or loads that fit their most recent search criteria. Truck drivers can combine TruckLoads with Trucker Path to source loads, plan routes that maximize the amount of time they spend carrying loads, and reach their destination more safely and efficiently by avoiding obstacles, such as clearance, hazmat, weight limit and no truck zone restrictions. Brokers and shippers can find carriers for their loads, complete contracts, and track their loads while in transit from pickup to delivery. Trucker Path serves SMB truck fleets with its enterprise Transportation Management System offering called Trucker Path COMMAND, which combines the core driver app with an operator portal to enable fleet managers to organize and dispatch drivers, communicate throughout the organization, track job progress and manage their business through a single unified portal. Trucker Path also offers its community an in-app Marketplace of discounted products and services drivers and small trucking companies need, including fuel discounts, tax and accounting services, medical and life insurance, and more. The company also sells in-app point-of-interest and banner advertising to businesses that market and sell their products and services to Trucker Path users. The Trucker Path platform has over 800,000 active users and 90,000 paid subscriptions.

Technology

Chime has an engineering team of 148 members, including front-end and back-end developers, mobile developers, product managers and Quality Assurance personnel. The company is actively releasing product updates every month based on user feedback and the company’s team’s analysis.

Trucker Path has an engineering team of 167 members, including mobile developers, front end/back end engineers, product managers and Quality Assurance personnel. The company actively releases product updates on all of the company’s products, namely Trucker Path, TruckLoads, and Trucker Path Command.

Sales and Marketing

The company has built its brands through a multitude of avenues, including industry trade shows; online digital marketing; publicity of major milestones and achievements; collaboration with relevant partners; and email marketing on opted-in subscribers to the company’s product updates and industry news.

Like most SaaS companies, the majority of Chime’s sales are from leads derived from online digital marketing and closed by the company’s internal sales teams. When sales inquiries come in from the marketing channels mentioned above, the company’s sales team books a demo with a potential customer, completes the demo, and tries to close the deal. During 2021, the company released the Enterprise version of its product and expanded the company’s sales team to convert enterprise customers. Enterprise customers, due to the number of seats they require, the large fees, long contract durations, and unique requirements typically require more interaction between Chime sales professionals and the customer, multiple touches, and a longer sales cycle than Chime’s traditional SMB customer-base.

The main marketing channels for Trucker Path include online digital marketing, as well as publicity of the company’s product milestones and industry research on various media outlets. The company employs an inside sales team, located in the Philippines and the United States, to sell the company’s Trucker Path Command products, onboard customers, provide customer support, and convert users of the company’s products to paid subscribers. The company offers its Command product, as well as offerings that bundle its Driver, TruckLoads, and Command applications to Fleets that operate multiple trucks. These multi-truck and Enterprise accounts require more touches and a longer sales cycle than Trucker Path’s traditional owner operator customer-base.

Seasonality

The sales performance of Chime has a small correlation with seasonality, but it mostly fluctuates with the macro cycle of the real estate market. For Trucker Path, seasonality has a more obvious impact. The company’s sales are mainly driven by active users, primarily long-haul truck drivers. Usually during winter months, when the U.S. and Canada experience more extreme weather, and long holidays, such as Thanksgiving, Christmas and New Year, transportation demands decrease, and typically increase again with the return of Spring.

Research and Development

The company’s research and development expenses were U.S.$16.2 million in 2022.

History

The company was founded in 2002. It was incorporated in 2006 in the Cayman Islands. The company was formerly known as Oak Pacific Interactive and changed its name to Renren Inc. in 2010 and then to Moatable, Inc. in June 2023.