The US-based learning platform Chegg today announced that it has acquired the Cogeon GmbH, a provider of adaptive math technology and developer of the math app Math42.
Founded in 2013, the Berlin-based Cogeon GmbH was founded by a family of expert chess players and exceptional mathematicians with deep technical expertise. Cogeon’s math technology is rooted in a unique combination of mathematical, technological and didactical frameworks. Math42 provides a proven math learning system which optimizes individual math learning pathways for learning and solving math problems and exercises.
With this acquisition, Chegg will be able to provide self-guided and individualized math solutions to more students, deepening their reach in to the high school market.
Chegg has acquired Cogeon for €12.5 million in an all-cash transaction with potential additional payments of up to €7.5 million, payable in cash or stock in the discretion of Chegg, and up to €3.2 million in restricted stock units over the next three years that remain subject to contingencies. As a result of this acquisition, Chegg does not expect any material effect on operations for 2017.
Nathan Schultz, the Chief Learning Officer of Chegg stated: “Math is a major pain point for students today. The technology we have acquired enhances our ability to tackle math deficiencies with tools that are self-guided, personalized, and on demand, better preparing students for success both in and out of the classroom. And the Cogeon team, led by a family of world-renowned mathematicians, will work with us to develop best-in-class products to improve how students learn complex math concepts.”
Math deficiency is a large-scale issue that is pervasive in both education and workforce preparedness in the United States. With this acquisition, Chegg will leverage Cogeon’s unique A.I.-driven math technology to enhance current capabilities inside Chegg Study and expects to launch an integrated new product, Chegg Math, in the second half of 2018.
Thomas Nitsche, Co-Founder of Cogeon, commented: “We started our company with a desire to help the world solve and understand math. Cogeon and Chegg share like-minded missions to bring students innovative, responsive tools that help improve their learning experience. By joining Chegg, we’re able to deliver an important educational technology to millions of students to help them better understand their course material and give them needed skills to compete in the workforce.”