Chegg announced today that it has acquired the data and assets of Internships.com for $10 million in cash and $1 million in stock from CareerArc Group LLC.
Chegg announced a strategic partnership with book distributor Ingram along with its second quarter 2014 results on Monday. With results better than expected and a partnership that will immediately liberate $25 million of Chegg’s capital, shares were up 9% in afterhours trading.
The second quarter results also once more indicate the ongoing transition of Chegg into a purely digital business as stated by Chegg’s CEO Dan Rosensweig in the press release.
Chegg announced that it has agreed to acquire InstaEDU, an online platform for on demand tutoring sessions, for $30 million in cash. InstaEDU’s co-founder and CEO Alison Johnston Rue will join Chegg as head of its tutoring business.
This week we saw Apollo Education’s entry into Africa through its acquisition of Milpark Education. Queen Rania Foundation and edX launched Edraak, the first MOOC platform in the Arab speaking world. With Curiosityville Houghton Mifflin Harcourt acquired its second startup within a week. Teachers pay Teachers raised venture capital from three well established funds and eduCanon managed to win two edu competitions which got them $115k in prize money.
All this and more on this week’s Ed News Ticker.
The upcoming launch of the Chegg Career Center is the next logical step for a company that aims to become the one-stop-shop for everything higher education.
The transition from textbook rental juggernaut to student hub began with Dan Rosensweig taking over as CEO in early 2010. Under his leadership Chegg went on an acquisition spree prior to its IPO last year. The goal was to turn a business that essentially had two peaks per year into a portal that would be used by students 300 days per year.
To get you up to speed for the week ahead, we serve you a Monday Ristretto here on EDUKWEST by picking the most important reads from the past week, putting them in a grinder and extracting the essential information for a short and punchy brew.
As every week, we’ve got three shots for you. Udemy raised a $32 million Series C to grow broad, deep and abroad. Cengage Learning opened an Innovation Hub in San Francisco. Chegg’s digital revenue keeps on growing.
Former textbook rental giant turned student hub Chegg reported its Quarter 1 2014 results, and according to CEO Dan Rosensweig
“The first quarter was a strong start to 2014 with Chegg digital revenue growing 66% year-over-year.”
The combined revenue is up 22% from Q1 2013 and now at $74.4 milllion. Although the company still has around 180,000 titles in its print library available for rent, Chegg has clearly moved on from textbook rentals to being a service provider that aims to cater to student needs in various different areas.
Former textbook rental juggernaut turned student hub Chegg has acquired student deal platform Campus Special for $17 million in cash and stock.
Founded in 2005, Inc. Magazine has ranked Campus Special as one of the fastest growing private companies in the US from 2011 to 2014.
Editor’s Note: This post has first been published on edcetera – straight talk on edtech.
Class notes or study notes marketplaces really are a fascinating vertical within the education technology startup space. Of course, most of these ventures are too small to be called a startup. They are more of what is called a buddy business where two or three friends come together with the right skills and create a small business that pays enough for beer and parties. Most of these ventures die as soon as the buddies find a real job or are simply too busy to keep the service up and running.
Flashnotes, a Boston-based marketplace for class notes acquired its competitor Moolaguides for an undisclosed amount. This is the second acquisition of a competitor by Flashnotes within twelve months.
Flashnotes raised a $3.6 million Series A from Stage 1 Ventures, Runa Capital, SoftBank Capital and Atlas Ventures in early February.