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 in Santa Clara, California and trades on the NYSE under the symbol CHGG. For more information, visit www.chegg.com.
Forward Looking Statements
This press release may be deemed to contain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including Chegg's belief that the new Campus Deals will expand the number of ways students can engage with Chegg to save time, save money and get smarter; Chegg's belief that Campus Deals will create new opportunities for Chegg and its brand partners to engage with students every day and deliver value; Chegg's expectation that it will expand Campus Deals quickly and add new colleges, advertisers and students to the platform; and Chegg's belief that it can scale Campus Deals to more than a thousand schools within 18 months. Statements regarding future events are based on the parties' current expectations and are necessarily subject to associated risks related to, among other things, the potential impact on the business of Campus Special due to the acquisition, general economic conditions, competition, and integration risks, among others. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. For information regarding other related risks, see the "Risk Factors" section of Chegg's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and the company's other SEC filings. You can obtain copies of the company's SEC filings on the SEC's website at www.sec.gov or on the Investor Relations section of the company's website at investor.chegg.com. The forward-looking statements included herein are made only as of the date hereof, and neither party undertakes an obligation to revise or update any forward-looking statements for any reason.