Chegg, Inc. (NYSE: CHGG), a Santa Clara, Calif.-based provider of smart tools for students, is to acquire Thinkful, an online learning platform that offers professional courses directly to students across America, for approximately $80m in an all-cash deal.
According to the deal, there are potential additional payments of up to $20m. The acquisition, which was approved by the boards of directors of Chegg and Thinkful, is expected to close early in the fourth quarter of 2019, subject to customary closing conditions.
With the addition of Thinkful to the platform, Chegg will continue to expand its offerings.
Founded in 2012 by Darrell Silver and Daniel Friedman, Thinkful offers online, outcomes-focused curricula, coupled with live experts, to give learners technology skills such as engineering, data science, data analytics and product design.
Led by Dan Rosensweig, CEO, and Nathan Schultz, President of Learning Services, Chegg provides student services like homework help, online tutoring, test preparation, scholarship searches, internship matching, and college application advice, as well as both digital and physical textbook rentals.