Learning platform developer Kahoot agreed today to acquire US-headquartered digital learning software provider Clever for up to $500m in a deal that will enable internet and technology group Alphabet to exit.
The transaction will be made up of an initial $435m combined with up to $65m in performance-based add-ons available, consisting of 82% cash and 18% Kahoot shares.
Founded in 2012, Clever has built a secure portal used by almost 90,000 US schools that enables students to sign in to a range of learning apps using one digital ID.
The deal is intended to boost Norway-headquartered Kahoot’s presence in the US, and Clever will integrate the company’s learning apps into its offering.
Kahoot CEO Eilert Hanoa said: “Today’s announcement marks a milestone in Kahoot’s mission to make learning awesome. Clever and Kahoot are two purpose-led organisations that are equally passionate about education and unleashing the potential within every learner.
“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.”
GV (then still known as Google Ventures) joined Bessemer Venture Partners, SoftTech VC, Floodgate, SV Angel, Y Combinator and angel investors including Deborah Quazzo ro provide $3m in seed funding for Clever in 2012.
The company added $10.4m in a March 2014 series A round led by Sequoia Capital that included Quazzo, Paul Graham and Sam Altman, before raising $30m nine months later in a series B led by Lightspeed Venture Partners and backed by Sequoia, GSV Capital and Peter Thiel.
