SANTA CLARA, Calif. and
LEE'S SUMMIT, Mo., Jan. 20, 2017 /PRNewswire/ -- Chegg,
Inc. (NYSE: CHGG), the Student Hub, and The National Research
Center for College & University Admissions (NRCCUA) today
announced the formation of a new strategic partnership to improve
student outcomes in the college selection process. With this deal,
NRCCUA will become the exclusive reseller of the direct-to-student
digital marketing services that Chegg will continue to provide to
colleges and universities. NRCCUA, which already has relationships
with thousands of colleges and universities, will immediately
assume responsibility for managing, renewing, and maintaining
Chegg's existing university contracts. Chegg will continue to own
the student experience, which includes its college and scholarship
search, while expanding the number of schools it can help match to
best fit students.
"NRCCUA is a longtime champion of lifelong learning. We have a
proven history of working directly with college and university
admissions offices to help them reach their unique enrollment
goals," said Patrick Vogt CEO of NRCCUA. "This partnership
leverages NRCCUA's data analytics platform, college member reach,
and marketing strengths to foster insightful decision making for
the institution. Furthermore, the partnership will combine the
strengths and deep reach of both companies to provide new and
enhanced program offerings to comprehensively serve students
seeking to fulfill their potential."
The two companies have been partners for several years and this
new agreement will provide full-service solutions that enable
universities to combine data, analytics, technology and digital
services to make more informed decisions that help to improve
student outcomes.
"This partnership refines Chegg's focus in the college selection
process to building direct-to-student services and relationships
while simultaneously and significantly expanding our institutional
reach," said Mike Osier, Chief
Outcomes Officer at Chegg. "Students win as Chegg continues to own
the student experience, including college and scholarship search,
and because we can now help more students than before connect with
an expanded number of schools that may be looking for students like
them."
As a result of this partnership, Chegg does not anticipate a
change to the 2017 annual guidance provided on its Q3 earnings
conference call on November 7, 2016.
With the full execution of its agreement with NRCCUA, Chegg
anticipates a restructuring charge of approximately $1.0 million, the majority of which will occur in
Q1 2017 and which will appear in Chegg's Annual Report on
Form 10-K to be filed with the Securities and Exchange
Commission no later than March 16, 2017.
ABOUT CHEGG
Chegg puts students first. As the leading student-first
connected learning platform, the company makes higher education
more affordable, more accessible, and more successful for students.
Chegg is a publicly-held company based in Santa Clara, California and trades on the NYSE
under the symbol CHGG. For more information, visit
www.chegg.com.
About NRCCUA®
The National Research Center for College & University
Admissions™ is an educational data platform and research
organization based in Lee's Summit,
Missouri and Austin, Texas.
For 44 years, NRCCUA has been a leading provider of data,
technology and programs servicing public and private colleges and
universities to enhance their marketing and recruiting efforts.
These solutions represent the link between students making
important life decisions and providing the resources and
information they need to succeed in their post-secondary educations
and careers. NRCCUA is part of Sterling Partners' Education
Opportunity Fund. For more information, visit nrccua.org.
SAFE HARBOR STATEMENT
This press release may be deemed to contain forward-looking
statements, which are subject to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, including Chegg's
belief that its partnership with NRCCUA will improve student
outcomes in the college selection process, will provide new and
enhanced program offerings, will significantly expand the
institutional reach of Chegg and will allow Chegg to help more
students than before connect with an expanded number of schools;
and that Chegg expects approximately a $1.0
million restructuring charge attributable to its partnership
with NRCCUA. Therefore, actual results, performance or achievements
may differ materially and adversely from those expressed in any
forward-looking statements. For information regarding other related
risks, see the "Risk Factors" section of Chegg's Quarterly Report
on Form 10-Q for the quarterly period ended September 30, 2016 filed with the Securities and
Exchange Commission, or SEC, on November 7,
2016 and Chegg's other SEC filings. You can obtain copies of
Chegg's SEC filings on the SEC's website at www.sec.gov or at
Chegg's Investor Relations website at investor.chegg.com. The
forward-looking statements included herein are made only as of the
date hereof, and Chegg undertakes an obligation to revise or update
any forward-looking statements for any reason except as required by
law.
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SOURCE Chegg, Inc.