Kahoot! has acquired 100% of the shares of Motimate at an enterprise value of $25 – $27 million on a cash and debt-free basis, including a 2021 performance-based element, reflecting an approximate 5x multiple on an ARR target for 2021. Subject to conditions, the transaction is expected to close by the end of this month.
As we’ve seen over the course of the past year, a new way of working has rapidly taken shape, and companies of all sizes have had to adapt. One key factor in this new work scenario is retaining employee engagement in a fun and easy way, as well as the building of team spirit and company culture.
Founded in late 2012, Kahoot! is currently in use by 97% of Fortune 500 companies, and the acquisition of Motimate will further accelerate the building of employee learning, engagement, and corporate culture tools, as well as provide additional sales resources and a proven product and technology team.
“From the very beginning of the Motimate journey we have had international ambitions,” says Rolf Risnes, CEO, Motimate. “The fantastic Motimate team is always pushing limits, and we’re really proud of our recent growth. Teaming up with Kahoot! is hugely exciting, and we can’t wait to get started leveraging our synergies to accelerate product development and expand our international reach. This is also a perfect opportunity to thank all our customers for believing in us and helping us build a really strong product!”