Tags: EU | Germany | US | Math App

California Education Firm Chegg Buys Berlin Math App Startup

Thursday, 19 October 2017 08:38 AM

BERLIN (AP) — Two Berlin math wizards have solved a problem that confounds many a startup company in the German capital: how to build a popular product and sell it for profit within a few years.

Brothers Maxim and Raphael Nitsche have sold Cogeon, maker of the app Math 42, to California-based education publisher Chegg Inc. in a deal worth at least 12.5 million euros ($15 million).

Chegg said in a statement late Wednesday that the Nitsches, who are in their early 20s, will potentially receive a further 10.7 million euros in cash and stock over the next three years.

The Math 42 app, first launched five years ago, offers personalized, automated training for a subject many students around the world struggle with, and for which there is a billion-dollars tutoring industry.

© Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

   
1Like our page
2Share
Europe
Two Berlin math wizards have solved a problem that confounds many a startup company in the German capital: how to build a popular product and sell it for profit within a few years.Brothers Maxim and Raphael Nitsche have sold Cogeon, maker of the app Math 42, to...
EU,Germany,US,Math App
131
2017-38-19
Thursday, 19 October 2017 08:38 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved