Chegg Acquires Student Deals Platform Campus Special
SANTA CLARA, Calif., April 17, 2014 /PRNewswire/ Chegg, The Student Hub, today announced that it has acquired student deal platform Campus Special for $17 million in cash and stock. Campus Special will be rebranded Chegg Campus Deals. Combined with its leading student-first connected learning platform, Chegg's new Campus Deals platform expands the number of ways students can engage with Chegg to save time, save money and get smarter.
Students across more than 500 college campuses are already using Chegg Campus Deals to order and pay for food and to discover offers from local and national merchants. The service derives revenue from every food order placed through the app, in addition to the local and national advertising sold both within the app and in its widely-distributed coupon books.
"This is a great fit strategically, because combining Chegg's brand and reach among college students with our new mobile deals platform creates new opportunities for Chegg and our brand partners to engage with students every day and deliver value. We are excited to expand quickly and add new colleges, advertisers and students to the platform," said Dan Rosensweig, Chegg's CEO. "Culturally, we gain a strong team, a great on-campus presence and a shared commitment to putting students first."
Campus Deals has differentiated itself through an award-winning internship program that has already recruited, hired and, next week in Chicago, will train 750 paid interns for this coming summer. Campus Deals interns are responsible for and have been successful in driving the company's local advertising business. Leveraging this internship program, Chegg believes it can scale Campus Deals to more than a thousand schools within 18 months.
Chegg will address investor questions about the transaction during its upcoming quarterly earnings call on May 1, 2014. Details about how to participate in Chegg's quarterly call can be found here.
Chegg puts students first and is proud to have saved students and their families more than $450 million in 2013 alone. As the leading student-first connected learning platform, Chegg's Student Hub makes higher education more affordable and more accessible, all while improving student outcomes. Chegg is a publicly-held company based inSanta Clara, Californiaand trades on the NYSE under the symbol CHGG. For more information, visitwww.chegg.com.