Chegg, a Santa Clara, California-based company offering online textbook rentals, homework help, tutoring, and other student services, has acquired Imagine Easy for approximately $42 million in an all-cash transaction; approximately $25 million of which was paid at closing and $17 million of which is to be paid by April 2017. There are potential additional payments of up to $18 million over the next three years that remain subject to contingencies.
Imagine Easy is the company behind EasyBib.com, and offers writing tools with capabilities such as citations, bibliography, writing structure and anti-plagiarism. Its services are used by more than seven million unique users in March 2016, according to a release by Chegg. In the last 12 months, students logged more than 240 million individual online sessions, lasting an average of more than 8 minutes per session. Since their launch, students worldwide have created approximately 1.4 billion citations using Imagine Easy’s writing productivity tools.
Vista Point Advisors acted as the financial advisor to Imagine Easy. Deborah Quazzo of GSV Advisors also advised the founders of Imagine Easy.