Boston-based peer-to-peer study materials marketplace Flashnotes announced on Tuesday that it has inked a deal to acquire Moolaguides, a similarly positioned company started by Florida State University students.
This marks Flashnotes second acquisition in the past 12 months. The company acquired California-based NoteUtopia in July 2013. This news keeps up the startup's momentum from its $3.6 million Series A round, led by Stage 1 Ventures with participation from Runa Capital, Soft Bank Capital and Atlas Venture, and closed in February.
Moolaguides has generated a quarter of a million in revenue and has a strong user base at Florida State University and surrounding colleges University of South Florida and University of Florida. After securing sway in Northeast markets and West Coast markets via NoteUtopia, Flashnotes hopes to gain ground in Southern states' universities.
Flashnotes founder and CEO Mike Matousek hopes the acquisition gives the startup a strategic edge in Florida, in particular, according to his statement via email:
For 2014, we're super focused on growth and on expanding our online marketplace to more colleges and universities across the country. In acquiring Moolaguides, we're really building a strong student user base in the Florida area, and it was a great follow-on to our acquisition of the California-based NoteUtopia last year.
With Flashnotes, college students have the chance to sell and buy course-specific study materials, empowering smart students to make money from their own study material while helping other students study smarter to get better grades. The site saw a 175 percent growth in users in 2013 and is on track to grow even more in the current semester.
Moolaguides founder Thomas Brady will be joining the Flashnotes.com team for a transition period of four months and will be based in Florida.
The company has raised $5.1 million since its founding in 2009.
