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.
Key Takeaway
Through this latest acquisition Chegg will add 2 million registered students, 380 university relationships, and 90,000 internships from 60,000 companies to the Chegg Career Center. Internships.com had already been included in the Career Center since December through a partnership.
"With this acquisition, Chegg is poised to disrupt the highly inefficient and fragmented $5 billion college recruiting market. Closing the skills gap and finding students career opportunities is critical for improving student outcomes in a global economy. Adding Internships.com enables Chegg to fundamentally improve matching between students and employers, helping businesses to better identify the best candidates and students to develop the real world job skills they'll need upon graduation."
states Dan Rosensweig, Chairman and CEO of Chegg in the press release.
The Chegg Career Center launched in May, enabling students to explore internships and career options as well as advice from working professionals. Chegg also plans to add a skills marketplace where students can purchase courses that focus on the skills that are required in the knowledge economy.
According to a study commissioned by Chegg in August 2013, 82% of hiring managers stating that it's important for recent grads to have prior internship experiences. All in all, the market around career planning is getting more and more competitive with LinkedIn launching a suite of new tools for student to find the right college, university and career this week.
The acquisition of Internships.com is the latest step in Chegg’s transition to a 100% cloud based education business. In June Chegg acquired InstaEdu, an on-demand live video tutoring platform and in August Chegg outsourced its textbook distribution to Ingram.
Further Reading
- Chegg Acquires Internships.com | PR Newswire