IAC (NASDAQ: IACI) announced that its Tutor.com business has signed an agreement to acquire The Princeton Review, a leading test preparation and college admission services company from Charlesbank Capital Partners. Terms of the deal were not disclosed. After the acquisition is completed, Tutor.com and The Princeton Review will be run by Mandy Ginsberg, the current CEO of Tutor.com.
The Princeton Review is a leading test preparation and college admission services company that helps millions of college and graduate school-bound students achieve their education and career goals through its test preparation, tutoring and admissions services, online resources, and more than 150 print and digital books. Tutor.com has the largest network of qualified tutors in the world, offering approximately 6,000 one-on-one tutoring sessions every day and more than 11 million sessions to date.
Services of the combined company are expected to be offered to consumers primarily under The Princeton Review brand with Tutor.com used for certain institutional clients.
"Higher education is both more important and more selective than ever before. Simply put, kids need expert help getting into the schools they want to attend," said Mandy Ginsberg, CEO of Tutor.com. "The Princeton Review is the leader in helping students gain admission into college and grad school through their test preparation books, courses, and college and grad school rankings, while Tutor.com is the expert in online one-on-one instruction. We're confident that by combining Tutor.com's technology and marketing expertise with such a trusted brand, our A to Z solution for students will be like nothing else in the marketplace and we'll take a big part of a large and growing market." Ginsberg added, "As a parent of a high school junior, I know that college acceptance is a singular milestone in a young person's life, and we're confident we can help millions of students get there."
Deborah Ellinger, current Chairman and CEO of The Princeton Review, added, "The combination of our test prep expertise and world class content with Tutor.com's technology, online tutoring services and marketing savvy will create unparalleled opportunities to serve a rapidly-growing customer base. This will accelerate our vision of reaching every student and helping them get into and succeed at their best-fit college or grad school."
The combined business will be part of The Match Group at IAC. The transaction is expected to close on August 1, 2014, subject to satisfaction of customary closing conditions.
IAC (NASDAQ: IACI) is a leading media and Internet company comprised of more than 150 brands and products, including Ask.com, About.com, Match.com, HomeAdvisor and Vimeo. Focused on the areas of search, applications, online dating, media and eCommerce, IAC's family of websites is one of the largest in the world, with over a billion monthly visits across more than 100 countries. The Company is headquartered in New York City and has offices worldwide. To view a full list of IAC companies, please visit www.iac.com.
Tutor.com is the largest online tutoring company with a community of more than 3,000 expert tutors and more than 11 million one-to-one tutoring sessions completed. Professional tutors are available 24/7 in 40 subjects, including AP courses and SAT/ACT test prep. Ninety percent of students who use Tutor.com get better grades, feel more confident and complete their homework on time. Tutor.com, an operating business of IAC (NASDAQ: IACI), powers tutoring and homework help programs for the Department of Defense: thousands of public libraries, school districts, colleges and universities; and the states of Alabama, Alaska, Louisiana, Montana, North Dakota, Rhode Island and the District of Columbia.
About The Princeton Review
The Princeton Review is a leading test preparation and college admission services company. Every year it helps millions of college- and graduate school-bound students achieve their education and career goals through its test preparation, tutoring, and admissions services, its online resources, and its more than 150 print and digital books published by Random House LLC. The Company delivers its services via a network of more than 4,000 teachers and tutors in the U.S.A. and Canada, and through its international franchises in 14 other countries. The Company also partners directly with school districts and non-governmental organizations to provide students with college readiness services including college selection, test preparation, financial aid advice, and admissions support. The Princeton Review is headquartered in Natick, MA. For more information, visit www.princetonreview.com and www.facebook.com/ThePrincetonReview. Follow the Company's Twitter feed @ThePrincetonRev.