Chegg (CHGG) Announces Acquisition of Internships.com in $11M Deal
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Chegg (NYSE: CHGG) has acquired Internships.com, a division of CareerArc Group LLC. The world's largest student-focused internship marketplace, Internships.com, will add 2 million registered students, 380 university relationships, and 90,000 internships from 60,000 companies to the Chegg Career Center.
"With this acquisition, Chegg is poised to disrupt the highly inefficient and fragmented $5 billion college recruiting market," said Dan Rosensweig, Chairman and CEO of Chegg. "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."
The Chegg Career Center helps students explore careers, build marketable skills, and land internships and entry-level jobs. Internships.com has been included in the Chegg Career Center through a partnership since December of 2013. The acquisition enables transparency about requisite skills for internships and jobs to better inform student choices about the education options needed to pursue their desired careers.
Internships are increasingly critical to closing the skills gap and boosting employability for students. According to a study commissioned by Chegg and conducted online in the U.S. by Harris Interactive® in August 2013, 82% of hiring managers stating that it's important for recent grads to have prior internship experiences and, according to the National Association of Colleges and Employers 2014 Internship & Co-op Survey, 65% of employers make full-time offers to their interns.
Chegg acquired the data and assets of Internships.com for $10 million in cash and approximately $1 million in shares of Chegg Common Stock.
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