BOSTON, May 31, 2017 /PRNewswire/ -- Cengage reported strong digital growth in fiscal year 2017, reflecting the company's transformation from traditional print publisher to an education and technology company. Digital courseware activations were up 14 percent for the full year with 3.8 million students activating a digital solution. This was led by strong growth in activations of MindTap, Cengage's flagship digital platform, which were up 54 percent.
"The most important goal for our company is to continue to improve teaching and learning outcomes through increased digital usage, which is a better, more affordable learning option for students," said Michael Hansen, CEO of Cengage. "We know that students and faculty want products that improve learning and performance at affordable prices, and Cengage is committed to meeting this need."
"Within our U.S. Higher Ed business, we have set the ambitious goal of becoming 90 percent digital by 2020," Hansen continued. "Our disciplined, data-driven approach to digital enables us to accelerate learning for all students with offerings that bring cost down while improving results."
Cengage is developing new digital products and innovative business practices, while improving current offerings, including:
- WebAssign: The recent acquisition of WebAssign strengthens Cengage's position as a market leader in science, technology and math.
- MindTap ACE: In January, Cengage launched MindTap ACE, a digital solution that blends curated Open Education Resources (OER) with Cengage content at the affordable price of $40. MindTap ACE is now available as a pilot program for five courses.
- MindTap: Cengage continues to invest in its flagship MindTap platform, including improvements to the mobile app experience. Students who spend at least three hours in MindTap each week are twice as likely to get 90 percent or above on their assignments. Reflecting Cengage's commitment to open standards and interoperability, MindTap was recently recognized as the first learning platform certified for IMS Global LTI Membership Service.
- Learning Objects: Learning Objects, a Cengage company, helps institutions create flexible, competency-based programs to support customers serving students seeking online alternatives to traditional college courses.
- Inclusive Access: These arrangements offer immediate access to students, ensuring they have access to course materials on the first day of class by integrating the cost of those materials into registration fees at a substantially lower price point. To-date, Cengage has partnered with more than 125 institutions to offer Inclusive Access.
- Rental Revenue Sharing Model: In fall 2016, Cengage became the first publisher to enter into a partnership with the two largest rental providers offering the company's entire front list of 500 titles to students.
- Anti-Piracy Campaign: Cengage is leading the charge to proactively address the issue of counterfeit texts for sale, which are hampering innovation and negatively impacting students, instructors and authors.
Cengage reported its Fiscal 2017 Fourth Quarter and Full-Year (Ended March 31, 2017) results on May 11, 2017. To view the presentation or listen to a replay of the call, visit: www.cengage.com/investor.
Cengage is the education and technology company built for learners. The company serves the higher education, K-12, professional, library and workforce training markets worldwide. Cengage creates learning experiences that build confidence and momentum toward the future students want. The company is headquartered in Boston, MA with an office hub in San Francisco. Employees reside in nearly 40 countries with sales in more than 125 countries around the world. Visit us at www.cengage.com or find us on Facebook or Twitter.
Lindsay Stanley, Cengage
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