Cruzer Cars acquired by Chinese tech company Kequiang LTD

SAN FRANCISCO - June 22, 2016 - PRLog -- Cruzer announced an acquisition on Wednesday by Chinese tech company Kequiang LTD for an undisclosed amount. As part of the deal, Cruzer's team will see through a month long transitionary period, but will not join Kequiang LTD on a full-time basis.

Kequiang LTD is a new player in US-based tech acquisitions. This will be their first dabble into the US market, having previously facilitated acquisitions in Asia and in Europe.

One of Cruzer's co-founders, Danny Saad said via a Skype call this morning, "We trust in Kequiang to further the technological developments made by Cruzer for over the past year and a half. We're excited to take the next step forward as we transition to our next project."

When asked what that next project was, Saad said " I can't say much now, but it will be in the automotive realm for sure."

A source close to both sides said the deal was reported to be seven figures. Cruzer is also reported to having taken in relatively minimal venture capital, around $250,000.

A spokesperson from Kequiang LTD declined comment via e-mail, citing an upcoming press release.

Cruzer was founded in 2014 and aimed to change the way people bought and sold cars online, simplifying the process on both sides while adding an extra layer of protection to the vehicle via 7 day return policies and 3 month warranties.