Kahoot! Acquisition of Clever Nears Completion
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.