09:13 AM EDT, 06/24/2024 (MT Newswires) -- Fangdd Network Group ( DUO ) said Monday it has agreed to acquire $35 million in cloud computing patents that expand its existing customer-oriented real estate technology business to property management.

In addition to the initial payout, the patent seller will be entitled to up to $15 million in royalty payments in 2024, 2025, and 2026 based on revenue generated, the company said.

Under the agreement Fangdd has until Sept. 21 to raise the funds and complete the transaction, at which point either party may terminate the agreement without penalty, the company said.

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