Chegg, a leading direct-to-student learning platform, has acquired Mathway, a popular math problem-solving application. Chegg paid $100 million for the app, with additional payments of up to $15 million over the next three years contingent on performance and other factors.
With subscribers in about 100 countries and services localized in 13 languages, Mathway will give Chegg a foothold into a broader international market. The deal comes at a time when online learning platforms are more important than ever, as the COVID-19 pandemic keeps students at home.
Chegg already offers a step-by-step math problem solver, along with online writing tools, online learning content and access to textbooks, as well as support services from tutors.
"Chegg shares our direct‑to‑the‑student, always available, step‑by‑step instruction model," Mathway co-founder Jake Kuehner said in a statement. "By joining them we believe we will quickly be able to scale to help millions of students at a time when math is increasingly 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 were stolen from Mathway. The company told ZDNet that it hired a data security firm to investigate and to remediate the incident, and that it was notifying potentially impacted customers.