Not often that a European tech company buys a US-based company for half a billion dollars, but here we are: Norway's Kahoot this morning announced that it is acquiring California-based Clever, a K-12 EdTech learning platform.
The combination of two of the world's leading digital learning platforms will set Kahoot back up to $500 million, of which up to $65 million will be paid based on performance. Overall, most of the hefty purchase priceis being paid in cash (82%), and the rest in Kahoot shares.
When the deal closes (at some point within the second quarter of 2021 most likely), Kahoot says Clever will remain an open platform and continue to operate under that brand.
Founded in 2012, Clever offers its platform free of charge to schools and school districts and, in 2020, served 50% of all U.S. students in over 89,000 schools. Clever has partnered with 600 app developers, including the likes of Khan Academy and McGraw Hill, and also recently announced its new partnership with Google Classroom.
"Today’s announcement marks a milestone in Kahoot!’s mission to make learning awesome. Clever and Kahoot! are two purpose-led organizations that are equally passionate about education and unleashing the potential within every learner," said Eilert Hanoa, CEO at Kahoot. "Through this acquisition we see considerable potential to collaborate on education innovation to better service all our users - schools, teachers, students, parents and lifelong learners - and leveraging our global scale to offer Clever’s unique platform worldwide."