Motimate was acquired by Kahoot for $27 million

Motimate, an Oslo, Norway-based SAAS developer, announced that it was acquired by Kahoot, an also Oslo-based education provider.

The deal was made for 100% of the shares in Motimate AS for a consideration reflecting an enterprise value $25 - 27 million on a cash and debt-free basis, subject to a 2021 performance-based element.

Motimate, founded in 2017 by Lars-Petter Windelstad Kjos and Rolf Risnes (CEO), built a SaaS solution providing digital platforms for training and internal communication in the corporate market. The app has about 130,000 users and 230 enterprise customers including 7-Eleven, Staples and Manpower.

Motimate was backed by local investors from Norway, including Stayer Invest, Gvalueinvest, Investinor and Rema, which lastly invested some $3.3 million in September 2020.