Norway-based educational technology company Kahoot announced it agreed to a buyout valued at about $1.72 billion (17.2 billion Norweigian crowns) by Goldman Sachs Asset Management’s private equity arm and a group of other investors. This deal is about a 53% premium to the company’s share price as of May 22.
Along with Goldman Sachs Asset Management, General Atlantic, Glitrafjord and several others also invested in the deal including the investment vehicle for Lego’s founding family.
KEY QUOTES:
“Kahoot!´s mission is to make learning awesome. Our portfolio of solutions drives billions of learning interactions every year, coming together through continuous product innovation and a team with ambition to put magic learning moments at everyone’s fingertips. As the need for engaging learning, across home, school and work, continues to grow, I am excited about the opportunities this partnership represents for our users, our ecosystem of partners, and for the talented team across the Kahoot! Group, to advance education for hundreds of millions of learners everywhere.”
– Eilert Hanoa, Chief Executive Officer at Kahoot!
“The Board believes the terms of the offer from Kangaroo BidCo AS are in the best interests of Kahoot! and our shareholders, and that the offer will benefit our employees, customers and partners. The Board recommends the offer as it represents a fair valuation of the company, as well as significant opportunities for accelerating the company’s journey to become the leading learning platform in the world.”
– Andreas Hansson, Chairman of the Board at Kahoot!
“Kahoot! is unlocking learning potential for children, students and employees across the world. The company has a clear mission and value proposition and our investment will help to grow its impact and accelerate value for all stakeholders. Through this transaction, we are pleased to partner with a fantastic leadership team and group of co-investors to expand a mission-critical learning and engagement platform and contribute to its further growth and innovation.”
– Michael Bruun, Global co-Head of Private Equity at Goldman Sachs Asset Management
“Since General Atlantic partnered with Kahoot! in September 2022, the company has maintained significant momentum across key strategic initiatives, including scaling its enterprise offering and global subscriber base while also extending its premium IP partnerships and delivering product innovation to leverage advances in generative AI. Through this transaction, we are pleased to deepen our commitment to support Kahoot!’s long-term growth in collaboration with the broader co-investor group. We look forward to our continued partnership with Eilert and the Kahoot! team in the years ahead.”
– Chris Caulkin, Managing Director and Head of Technology for EMEA at General Atlantic
“We are excited to invest alongside Goldman Sachs Asset Management, General Atlantic, and Kahoot!’s management team to accelerate the growth of Kahoot!. We are impressed with the company’s journey, having developed an exciting range of products to interact with its users in a fun and engaging way. We support the company’s mission to empower learners and educators worldwide, which resonates with our core values and find the investment fits very well with KIRKBI’s long-term investment strategy.”
– Thomas Lau Schleicher, Chief Investment Officer at KIRKBI
