Chegg, a leading student-facing learning platform, has acquired Mathway, a popular math problem-solving app, according tomedia ZDNet. Chegg paid $100 million for the app and will pay up to $15 million in additional costs over the next three years based on performance and other factors.
Mathway has users in approximately 100 countries and services are localized in 13 languages, which will enable Chegg to establish itself in a wider international market. The deal comes at a time when online learning platforms are more important than ever, as the popularity of COVID-19 keeps students at home.
Chegg has provided a step-by-step math solver, as well as online writing tools, access to online learning content and textbooks, and support services from mentors.
“Chegg shares our direct-to-student, ready-to-use, step-by-step teaching model,” Mathway co-founder Jake Kuehner said in a statement. “By joining them, we believe we will be able to scale up rapidly and help millions of students at a time when math is becoming more and more important. “
Founded in 2002, Mathway is one of the highest rated education mobile apps. It covers a wide range of topics, including simple and complex mathematics.
Last month, ZDNet learned that more than 25 million emails and passwords had been stolen from Mathway. The company told ZDNet that it had hired a data security company to investigate and remedy the incident and was notifying potentially affected customers.