Kahoot acquires Clever, an American digital learning platform, for $500 million.

Kahoot, an Oslo, Norway-based digital learning services provider, announced the acquisition of Clever Inc., a privately-held, California-based company.

The deal is a combination of cash and shares for 100% of the shares in Clever Inc., for an enterprise value (EV) of $435-500 million, including a performance-based element for 2021-2022.

Clever will be wholly-owned by the Kahoot! Group upon closing of the transaction, and will remain an open platform operating under the Clever brand. Clever Inc. will operate as an independent company in the Kahoot! Group, led by its management team.

Clever, founde din 2012 by CEO Tyler Bosmeny, is one of the most widely-used digital learning solution by U.S. K-12 schools, with and open platform brings schools, teachers, students and application developers together in a single-sign-on education network that simplifies accessible learning and provides an easy go-to solution for all users.

Clever offers their platform free of charge to schools and school districts and, in 2020, served 50% of all U.S. students in over 89,000 schools, representing 65% of the 13,000+ school districts, and engaged over 20 million students monthly, delivering 5.6 billion learning sessions.

Clever expects to reach $44 million in billed revenues for 2021 from its U.S. ecosystem partners, following an annual revenue growth rate of approximately 25% CAGR in the last three years, running the business on a cash flow neutral basis, redeploying all cash into development of its offerings. With offices in San Francisco, CA and Durham, NC, Clever employs a talent force of over 175 with deep education and technology expertise.