SANTA CLARA, Calif., Oct. 2, 2014 /PRNewswire/ -- Chegg, Inc. (CHGG), the Student Hub, today announced it 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.
More information about the acquisition can be found at www.chegg.com or by emailing firstname.lastname@example.org. To explore Internships.com platform, visit www.internships.com. Chegg acquired the data and assets of Internships.com for $10 million in cash and approximately $1 million in shares of Chegg Common Stock.
Chegg puts students first. As the leading student-first connected learning platform, the company makes higher education more affordable, more accessible, and more successful for students. Chegg is a publicly-held company based in Santa Clara, California and trades on the NYSE under the symbol CHGG. For more information, visit www.chegg.com.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which include, without limitation those regarding Chegg's expectation that it will improve matching for students and employers, its belief that it will help businesses to better identify the best candidates, its belief that it will help students to develop the real world job skills they'll need upon graduation, its belief that the acquisition will lead to transparency with respect to skills needed for employment and its belief regarding the results of the integration of Internships.com with Chegg. These statements are not guarantees of future performance, but are based on management's expectations as of the date of this press release and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements. Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include the following: the risk that Chegg will be unable to successfully integrate Internships.com and achieve expected synergies, and other factors. These and other important risk factors are described more fully in documents filed with the Securities and Exchange Commission, including Chegg's Form 10-Q for the quarter ended June 30, 2014, and could cause actual results to vary from expectations. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. All information provided in this release is as of the date hereof and Chegg undertakes no duty to update this information except as required by law.
SOURCE Chegg, Inc.