O’Melveny Represents Zinch in Sale of its Social Education Platform to CheggSeptember 16, 2011
FOR IMMEDIATE RELEASE
Julie Fei Andrea Rodeschini
O’Melveny & Myers LLP O’Melveny & Myers LLP
213.430.7792 (office) 212.326.2251 (office)
SILICON VALLEY, CA ─ SEPTEMBER 16, 2011 ─ O’Melveny & Myers LLP represented Zinch in the sale of its company to Chegg for an undisclosed amount. Zinch runs a social media platform that helps connect its 3.5 million subscribers to colleges, scholarships, study abroad programs, and graduate schools.
The team from O’Melveny was led by Mergers & Acquisitions partner Sam Zucker and counsel Jennifer DePalma, along with associate Sue Kim Lai of the Silicon Valley office, and San Francisco counsel Warren Fox.
About O’Melveny & Myers LLP
With approximately 850 lawyers in 14 offices worldwide, O'Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com.
The following press release was issued by Chegg:
Chegg Expands into $7 Billion College Recruiting Market; Increases Student Base by Over 3.5 Million
Chegg acquires Zinch, the leading digital network that helps high school students research, connect with and pay for college
SANTA CLARA, Calif., Sept. 15, 2011 -- Chegg today announced it has acquired Zinch, expanding its social education platform into high schools. Zinch, founded in 2007, connects prospective college and graduate students to scholarships, admissions officers and other students who have been through the same process.
The acquisition of Zinch, with over 3.5 million members, $1.9 billion in scholarships and over 5,000 school profiles, significantly expands Chegg's customer base and its social education platform. Now colleges and students can connect more effectively for less through Chegg, helping to streamline the college recruiting process globally. In addition, unlike any other company in the education space, Chegg now provides resources to students at every major milestone before, during and after their college career – including bridging the gap from high school to college.
"Our mission has always been to save students time, money and help them get smarter," said Dan Rosensweig, president and CEO of Chegg. "With our acquisition of Zinch, we're extending our mission to high school students through the $7 billion college recruiting market, while continuing to break down the barriers of a college education, from the high cost of tuition and textbooks to helping students make money, pick their courses and get the academic help they need."
At Zinch, over 3.5 million students have built online profiles to showcase themselves as "more than test scores" to shine in the admissions process, and to be matched with schools and scholarships that might be a good fit. Colleges and universities worldwide, including more than half of the US News top ranked national universities, use Zinch for cost-effective student recruiting and outreach.
"Getting in and paying for school is daunting. Together, Chegg and Zinch can not only make higher education more affordable and accessible, it gives students an edge in finding the right school, getting admitted and reducing the cost. Students can put their best foot forward, be recognized for their achievements and be discovered by programs that fit their interests," said Anne Dwane, CEO of Zinch.
The acquisition is subject to standard closing conditions and is expected to be completed by the end of this month.
To learn more about Chegg's social education platform and its network of services, go to www.chegg.com