In its second-largest acquisition, Amazon buys the company for $970 million.
Online textbook rental company Chegg Inc. has named Daniel Rosensweig as its president and CEO. The company also announced it raised $112 million in its latest funding round.
Online textbook rental company Chegg Inc. has named Daniel Rosensweig as its president and CEO.
Rosensweig was previously CEO and president of Activision Blizzard’s Guitar Hero franchise where he helped launch the company’s Guitar Hero 5, Band Hero and DJ Hero video games.
Prior to Activision, Rosensweig worked as chief operating officer at Yahoo Inc. where he oversaw the company`s worldwide operations including its product development, marketing and advertising sales.
"Chegg.com has been growing at an exceptional rate, and now is the time to bring in a world class leader that has successfully managed high growth consumer businesses and innovative business models," says Osman Rashid, Chegg co-founder and chairman of the board. "With Dan`s breadth of global business experience and passion for the consumer, we know he is the right person to lead Chegg.com through the next phase of its growth."
Chegg also announced it raised $112 million in its latest funding round. The round was led by private equity firms Insight Venture Partners, Pinnacle Ventures and TriplePoint Capital. Previous investors include Kleiner Perkins Caufield & Byers and Foundation Capital.
Chegg says it has rented more than two million books to students on more than 6,400 campuses.