Norwegian e-learning group Kahoot KAHOT.OL said on Thursday it has agreed to buy U.S. education technology company Clever for up to $500 million in cash and stock.
With Clever, students get a digital classroom with access to online tools, while Kahoot is best known for its multiple-choice quiz platform.
Both firms have seen their business soar after the COVID-19 pandemic forced lockdowns across much of the world, and are betting that the adoption of digital tools in schools will have a lasting impact.
“The partnership between two of the most popular platforms in education, with distinct and highly complementary offerings, will provide improved learning solutions and offerings to U.S. schools,” Kahoot said in a statement.
The deal will also accelerate the global expansion of Clever’s solutions, it added.
Kahoot Group will acquire 100% of the shares in Clever Inc. for an enterprise value of between $435 million and $500 million on a cash and debt-free basis, including a performance-based element for 2021 and 2022, the Norwegian company said.
Around 82% of the payment will be in cash, with the remaining 18% in Kahoot’s Oslo-listed stock.
Kahoot, which counts Japan’s SoftBank 9984.T as a major owner and also reported its first-quarter earnings on Thursday, rose 4.8% in early trade on the Oslo Bourse.News Source: Nasdaq