Ugglo was acquired by ILT Inläsningstjänst

Ugglo, a Stockholm, Sweden-based provider of an online children’s book subscription service and educational tool for pre-schools and schools, was acquired by local competitor ILT Inläsningstjänst, also based in Stockholm.

Financial terms were not disclosed.

Ugglo, founded in 2017 by Jens Malmqvist, Daniel Forslund and CEO Nils Ohlsén, developed a multilingual audiobook service for children, combining the audio book with the picture book to create a really fun and captivating reading experience. It was owned by local angel investors including Dan Castillo, Magnus Sandberg and Martin Randel.

ILT, founded in 1990 and led by CEO Jakob Skogholm, provides educational audiobooks focusing on students with reading difficulties and dyslexia as well as study support for immigrant students. The audiobooks are provided on a digital platform and sold through subscriptions to the majority of the schools in Sweden. It is owned by Trill Impact, which acquired it in the summer of 2021.

Post deal, Ugglo's co-founder Daniel Forslund will be chief technology officer in the new company, while the remaining three founders will leave the operational work but reinvest in the new company. Nils Ohlsén and Jens Malmqvist have so far been the main owners of Ugglo.