Internships.com & its 90,000 job postings bought for $11 million

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Internships.com, a division of Burbank-based CareerArc Group, has been bought for $10 million in cash and approximately $1 million in shares by Chegg, an online textbook discount retailer and tutor finder. Chegg will gain Internships.com’s two million registered students and 90,000 internship postings.

 

Since December 2013, Internships.com was featured as part of Chegg’s Career Center. It will now be formely folded into the site. Internships.com has relationships with 380 universities and 60,000 different companies, something that would be hard for Chegg to come by without a lot of work. 

 

In addition to selling discounted textbooks, and now owning Internships.com, Chegg has an online tutoring service called InstaEDU. The service pairs students with tutors for a rate starting at $.40 per minute ($24 per hour). Tutors and students can coordinate lessons via a shared online chalkboard that supports video, audio and text. The service also enables video chatting and screen sharing.

 

Chegg cites a study by the National Association of Colleges and Employers that found 65 percent of employers said they make full-time offers to their interns. Purchasing Internships.com, and pairing it with their textbook and tutoring businesses could give Chegg a hand in job training all the way from freshman year of college to initial employment.

 

"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, in a statement. "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."