Kahoot to acquire Poio for $6.5M.

Norway M&A 15 May 2019
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Poio, an Oslo, Norway-based company developing a family of apps for education of childern, announced that it was acquired by the Norwegian bigger competitor Kahoot.

The deal was made for $6.5M, in a cash and stock combination. The announcement comes shortly after Kahoot paid $18M for DragonBox, another game studio developing educational games and based in Norway.

Poio, founded in 2016 and led by CEO Daniel Senn, developed Readlings, a popular learn-to-read app used to teach children how to read through play. The goal of the game is to help a troll, named Poio, learn how to read the storybook he has stolen from a group of letter bugs, called Readlings. These characters introduce letters, words and a story in a coherent fantasy world that unravels scene-by-scene. Poio boosts children's self-esteem, empowering them to master reading at their own pace through play, with positive feedback and exploration as the core experience.

Poio has so far been launched in Norway and Sweden, and, in 2019, will be launched globally through a British English version. The company was funded by Schibsted Growth, Founders Fund and the Norwegian angel investors Johan Brand and Halgrim Thon, all of them now exiting their positions.