Chegg Cuts $30M Check for InstaEDU

INSTAEDU: Acquired by Chegg, a publicly traded textbook rental company, for $30 million in cold hard cash, according to San Francisco Business Times. InstaEDU, founded in 2012, connects users with tutors from top-tier universities. The company has raised $5.1 million in venture funding from Social+Capital Partnership LP, Battery Ventures and others. Choosing cash over stock is a smart move, since Chegg's stock has fallen from its IPO price of $12.50 per share to $5.41. The deal is expected to close by the end of the month.

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