Industry News

Kahoot! Acquisition of Clever Nears Completion

• By David Nagel
• 09/01/21

Kahoot!'s acquisition of Clever has received the necessary regulatory approval to move forward. In a recent update, the company said the buyout will be completed "as soon as possible in the beginning of September 2021."

Kahoot! is the maker of the popular education apps used at home and in formal education environments. Clever provides a single sign-in portal, roster syncing and other services used by more than 89,000 individual schools in the United States — representing about 65% of K–12 school districts and half of all U.S. preK–12 students. Clever’s single sign-on portal has been free for districts from the start. Clever makes its money through agreements with application developers who use its services. Clever has 600 such developer agreements in place, including a recent deal with Google, as well as companies like Zoom, McGraw Hill and Khan Academy. Those partnerships gave Clever revenues of $44 million in 2020.

According to information released by the companies: "Completion of the Transaction has been pending satisfaction of a closing condition relating to obtaining regulatory approval by the Committee on Foreign Investment in the United States (“CFIUS”). Kahoot! and Clever, Inc. have received the necessary approval from CFIUS. Accordingly, completion of the Transaction is no longer subject to regulatory approval, and the parties are looking forward to the completion of the Transaction which is expected to occur as soon as possible in the beginning of September 2021."

The transaction, announced in May, is valued at up to $500 million.