IAC Is Acquiring Tutor.com For Nearly $40 Million
InterActiveCorp is going to acquire Tutor.com, a website that connects students with tutors. Tutor.com helps students with finding a tutor that knows high school algebra, physics, biology, literature, etc. Tutor.com will join other popular IAC properties like Match.com, About.com, Dictionary.com, and CollegeHumor.com. Tutor.com has around 3,000 tutors on their network and the website has been online since 1998.
Around 90% of the company’s business comes from institutions like universities, libraries, and the military versus selling online tutoring sessions to parents or students. IAC paid slightly under $40 million for Tutor.com according to sources with The New York Times.
“We’re not educators and we don’t want to be, but we’re good at taking that network that’s been created and bringing to bear real consumer expertise,” stated IAC CEO Gregory R. Blatt. Tutor.com founder and CEO will continue running the website. Tutor.com plans start at $39.99 for an hour a month of instant access to an Internet tutor.
“We reach hundreds of thousands of students each month, but we could be reaching millions,” stated Cigale in an interview with The Times. “The best way to do that would be to go directly to the parents.”This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry