US-based online textbook rental service Chegg entered into an agreement to acquire Zinch, a US-based website that helps prospective students with applications, on Thursday. Details of the acquisition have yet to be finalised but the deal is expected to be finalised before the end of the month.
Zinch obtained $4m in funding in October 2009, in a round led by venture capital firm New World Ventures. Zinch previously raised more than $1m in seed funding from various angel investors.
Founded in 2007, Zinch enables prospective students to search for schools and scholarships online, in addition to getting in touch with admissions officers and past-students. Zinch currently has 3.5 million members with accounts, and Chegg intends to use this as the basis for expanding its activities into high schools.
Dan Rosensweig, chief executive officer of Chegg, which is backed by corporates after its recent $75m round, said: "Our mission has always been to save students time, money and help them get smarter. With our acquisition of Zinch, we’re extending our mission to high school students through the $7bn college recruiting market, while continuing to break down the barriers of a college education, from the high cost of tuition and textbooks to helping students make money, pick their courses and get the academic help they need."