Kahoot!, the global learning platform company, has completed the acquisition of Clever, a privately-held, California-based company that is one of the most widely-used digital learning platforms in U.S. K-12 education.
Kahoot! and Clever are joining forces as two mission-driven companies, passionate about improving education through the use of technology. The Clever platform brings schools, teachers, students and education application developers together in a single sign-on digital learning platform that simplifies accessible learning. Kahoot!’s learning platform offers engaging learning experiences and user and partner-generated content to millions of learners worldwide, including its suite of family-friendly learning apps, rapidly growing viral distribution model and global scale.
Together, Kahoot! and Clever will provide improved digital learning solutions and offerings for educators, students, parents, schools and districts globally, helping learners unleash their full learning potential. Clever serves educators in more than 90,000 U.S. K-12 schools, 96 of the top 100 U.S. school districts as well as more than 20 million active students monthly. Kahoot! is used by more than 9 million educators globally and had 1.9 billion participating players from 200 countries on its platform in the last 12 months.
Making learning awesome, together
“This is a huge milestone for the Kahoot! Group,” said Eilert Hanoa, CEO at Kahoot!. “First and foremost, we see in Clever a passionate leadership and a world-class team that are just as committed to empowering educators and learners as we are. With that foundation, we see tremendous potential for the combined companies to serve even more educators, learners, parents and partners with consistently innovative products and practical solutions that respond to their specific needs, and provide the seamless experiences they’ve come to expect from both Kahoot! and Clever. We can’t wait to start making learning awesome together.”
“We founded Clever inspired by the belief that technology would become a powerful way to make learning more engaging, make teachers’ lives easier, and increase equity in education,” said Tyler Bosmeny, co-founder and CEO, Clever. “Today we’re thrilled to be joining Kahoot! to make this vision more real every day for students and teachers around the world.”
Complementary strengths that create unique advantage
On the heels of a busy back-to-school season, as students and teachers return to the classroom for the new school year and others continue to follow either remote or blended learning models, digital learning tools that streamline access to engaging educational content and experiences will remain essential.
As a first step, the Kahoot!’s family of learning apps will gradually be made available on the Clever platform enhancing distribution channels for Kahoot! and provide unprecedented reach to Clever’s audience of thousands of schools and districts and millions of students. In return, the collaboration will generate synergies that will create additional potential for geographic market expansion for both companies. The acquisition will add value to Kahoot!’s already strong presence in the U.S. education sector and similarly will provide the opportunity to extend Clever’s platform across Kahoot!’s existing reach of over 200 countries in the years to come.
By joining forces, both Kahoot! and Clever will strengthen their ability to serve not only at the individual teacher and consumer level, but also possess the knowledge and expertise to effectively provide their offerings at the school and district level. This is especially critical with the continued rapid expansion and complexity of the U.S. EdTech ecosystem as it relates to data privacy, security and compliance required by school districts. The combined teams of Kahoot! and Clever will generate additional opportunities for larger school district agreements in the U.S. and globally.
In addition, the companies will jointly work to offer a compelling marketplace proposition for all learning apps, as well as continuous improved offering of learning tools to all users.
As per the previously announced transaction terms, Kahoot! Group has acquired 100% of the shares in Clever Inc. for a total consideration reflecting an Enterprise Value (EV) of USD 435 – 500 million, on a cash and debt free basis, including an up to USD 65 million 2021-2022 performance-based element. The total consideration will be settled by a combination of approximately 82% cash and 18% Kahoot! shares.
Clever is now wholly-owned by the Kahoot! Group, and Clever Inc. will continue to operate as an independent company, led by its strong management team to continue to provide an open platform and operate under the Clever brand.
Forward looking statement
- For the full year 2021, the Kahoot! Group reiterates the ambition to reach $90-100 million in invoiced revenue with continued solid positive cash flow from operations and to reach 1.1 million paid subscriptions. In addition, Clever Inc, which is now part of the Kahoot! Group, is expected to exceed $15 million in invoiced revenue for the four month period from September till December 2021, and exceed $46 million in invoiced revenue for the full year 2021.
- For the third quarter 2021, the Kahoot! Group expects invoiced revenue of $22 million, representing approx. 90% YoY growth, and to reach 1 million paid subscriptions. In addition, Clever is expected to exceed $4 million in invoiced revenue for the month of September 2021.
- The Company will explore the opportunity for a secondary listing, with timing of the listing being subject inter alia to the closing of the Clever transaction.
A company presentation with Clever will be held on Wednesday September 8, 2021. Sign up on www.kahoot.com/clever.
For more information about Clever, see the Clever overview on www.kahoot.com/clever.
Alejandro Viquez, Communications Manager at Kahoot!
Liz Stein, Whiteboard Advisors for Clever
Kahoot! is on a mission to make learning awesome! We want to empower everyone, including children, students, and employees to unlock their full learning potential. Our learning platform makes it easy for any individual or corporation to create, share, and play learning games that drive compelling engagement. Launched in 2013, Kahoot!’s vision is to build the leading learning platform in the world. In the last 12 months, 300 million games have been played on the Kahoot! platform with 1.9 billion participating players in more than 200 countries. The Kahoot! family also includes award-winning DragonBox math learning apps, the Poio learn to read app, the Drops language learning apps, the Actimo and Motimate employee engagement and corporate platforms and Whiteboard.fi, the online whiteboard tool for all educators, teachers and classrooms. The Kahoot! Group is headquartered in Oslo, Norway with offices in the US, the UK, France, Finland, Estonia, Denmark and Spain. Kahoot! is currently listed on the Oslo Stock Exchange under the ticker KAHOT. Let’s play!
Clever is on a mission to unlock new ways to learn for all students. Since 2012 our team has been driven by a belief that technology is a powerful lever to make learning more engaging, give teachers superpowers, and advance educational equity. Now, more than 50% of US K-12 students use Clever’s single sign-on and secure portal for simplified access to a world of digital learning. Over 90,000 schools, including 96 of the top 100 U.S. school districts, and a network of leading application partners rely on the Clever API for speedy implementation and seamless student engagement. Clever has offices in San Francisco, California and Durham, North Carolina, and you can visit us anytime at clever.com.
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Netrush Acquires Sellozo, AI-driven martech company supporting billions in transactions
Netrush, the eCommerce accelerator partnering with premium brands providing teams, technology, strategy, and infrastructure to thrive on Amazon, has acquired Sellozo in a deal believed essential for supporting today’s digital-first brands.
Sellozo is an AI-driven Amazon PPC software platform engineered to support, automate and optimize global growth, for sellers and vendors across the North American, European, and Asia-Pacific markets.
Netrush will build on the current Sellozo success of innovating to maintain a best-in-class automated ad platform and create new value for existing partners, whilst generating benefits for Sellozo clients in supply chain, creative, data analytics, finance, brand protection and more.
Netrush CEO and Co-founder, Brian Gonsalves says, “The days of blind investment and paying a share of spend are over. With the acquisition of Sellzo alongside our current demand-side-platform advertising, creative and supply chain capabilities we have a truly integrated platform. Marketers can now use the Netrush platform for a full funnel view including brand building, new customer acquisition, repeat customer experience, in-market PPC efficiency, in-the-box experience and loyalty. It is a win-win for all involved.”
Sellozo CEO, Nic Delorme adds “Sellozo saw an opportunity in the market for greater effectiveness in advertising spend while increasing the transparency and accessibility for enterprise brands, as well as the growing number of successful seller entrepreneurs. Joining Netrush is a catalyst moment – combining our teams will spark a flurry of innovation and enhancements to both platforms, resulting in a comprehensive world class ecommerce growth platform.”
Gonsalves concludes “The ecosystem of ecommerce services is highly fragmented. A truly integrated advertising approach needs to work seamlessly with profitability, inventory availability, multi-channel data, and customer lifetime value data. The speed of decision making and the dollars required mean that advertising can no longer be managed off to the side. When advertising actions are continually assessed through transactions then advertising investments can be assessed alongside the many effective levers for growth. Brands need to know where to spend the next dollar of investment and verify the effectiveness of that investment.”
Netrush is an online retailer that partners with premium brands to provide the teams, technology, strategy, and infrastructure needed to thrive on Amazon and other e-commerce platforms. With headquarters in Vancouver, Washington, and processing facilities in Kentucky and Canada, Netrush provides a full suite of capabilities ranging from supply chain to creative services that make brands stand out across the shopping journey.
Sellozo is a platform that enables Amazon sellers and agencies to automate and improve the profitability of Amazon product advertising. The platform includes a machine learning algorithm that determines and sets the optimal bid for every keyword and target every day based on a Target ACoS goal. Every day Sellozo executes over 500,000 bid updates on behalf of their customers and manages over $20M in ad spend every month.
Las Vegas based Scientific Games Announces Sale of Sports Betting Business, OpenBet, to Endeavor for $1.2 Billion
Scientific Games Corporation (NASDAQ: SGMS) (“Scientific Games,” “SGC” or the “Company”) announced that it has entered into a definitive agreement to sell its Sports Betting business, OpenBet, to Endeavor Group Holdings, Inc. (NYSE: EDR), a global sports and entertainment company, in a cash and stock transaction valued at $1.2 billion. Under the terms of the agreement, Scientific Games will receive $1 billion in cash and $200 million in Endeavor Class A common stock based on the volume-weighted average trading price of the Class A Common Stock for the twenty (20) trading days ending on September 24, 2021, subject to customary purchase price adjustments. The transaction is expected to close in the second quarter of 2022, subject to applicable regulatory approvals and customary closing conditions.
OpenBet is one of the world’s leading global online sports betting technology companies, offering an ecosystem of sports content, technology and services to the largest operators around the world. It is the number one business-to-business sports betting partner in the U.S., U.K., Australia and Canada, with a leading position in Europe and APAC. To date, OpenBet has over 75 global customers, including 24 sports books across 12 states and a 100% uptime record across major sporting events.
“This transaction represents the culmination of a thorough process to divest OpenBet in order to maximize value for our shareholders and rapidly advance our vision to become the leading cross-platform global game company,” said Barry Cottle, President and Chief Executive Officer of Scientific Games. “The transaction is a significant milestone towards optimizing our portfolio and de-levering the balance sheet to enhance our financial flexibility. It will position us to invest both organically and inorganically in key growth areas, particularly in content and digital markets. We are delivering on our promises and executing on our strategy to transform our company and unlock significant value for employees, customers and shareholders.”
“We believe Endeavor will enable us to build on our exceptional track record of innovation and reliability and unlock even greater value for our customers and employees,” said Jordan Levin, Chief Executive of Scientific Games’ Digital business. “Endeavor’s deep industry relationships and global reach make them the ideal partner. Together, these companies will be well positioned to capitalize on emerging trends to deliver even more innovative and tailored solutions to customers as we define the future of sports betting entertainment.”
“OpenBet has built an incredible sports betting suite anchored in its best-in-class betting engine and now including expanded content, services and products for sports books and fans,” said Ariel Emanuel, CEO, Endeavor. “This capability set is the ideal complement to our IMG ARENA sports betting business, which works directly with sports rights holders. We look forward to growing these businesses together to capitalize on the strong secular tailwinds in the sports betting ecosystem.”
Oakvale Capital LLP and Macquarie Capital (USA) Inc. are serving as financial advisors and Cravath, Swaine & Moore LLP is serving as legal counsel to Scientific Games.
About Scientific Games
Scientific Games Corporation (NASDAQ: SGMS) is a world leader in entertainment offering dynamic games, systems and services for casino, lottery, online gaming and sports betting. Scientific Games offers the gaming industry’s broadest and most integrated portfolio of game content, advanced systems, cutting-edge platforms and professional services. Committed to responsible gaming, Scientific Games delivers what customers and players value most: trusted security, engaging entertainment content, operating efficiencies and innovative technology. For more information, please visit scientificgames.com.
Endeavor is a global sports and entertainment company, home to the world’s most dynamic and engaging storytellers, brands, live events and experiences. The company is comprised of industry leaders including entertainment agency WME; sports, fashion, events and media company IMG; and premier mixed martial arts organization UFC. The Endeavor network specializes in talent representation; marketing and licensing; content development, distribution and sales; event management; and a number of direct-to-consumer offerings.
Romanian Startup Global Technical Group acquires Lummetry.AI
Tech firm strengthens its position as the market leader in software solutions for physical security automation
Global Technical Group (“GTS”), the Romanian developer of software for the security industry, backed by Abris Capital Partners (“Abris”), has acquired Lummetry.AI, a Romanian artificial intelligence business. The transaction, completed on 15 September, will further strengthen GTS’s position as a market leader in software solutions for physical security automation.
GTS was founded in 2007 and consists of two divisions providing software solutions for the security industry, comprising advanced IoT solutions, building technologies, engineering, automation and energy efficiency, facility management and technical maintenance. GTS is one of the largest players in this sector in Romania, counting most of the largest banks, oil companies, shopping malls, retailers and international manufacturing and distribution companies among its clients.
Abris invested in the business in 2019 with the aim of accelerating the innovation process and laying the foundations for international expansion.
Adrian Stanculescu, Partner at Abris, commented:
“The acquisition of Lummetry.AI is the next exciting step in GTS’s growth story. Already the business has seen an impressive CAGR of nearly 50% in the past five years, and we expect to continue realizing double-digit revenue growth over the next five. The combination of these two teams will help us further improve our offering to clients and build our market-leading position.”
Lummetry.AI offers solutions that work as AI “engines”, which integrate with existing IT tools, security and video monitoring infrastructure, transforming the platforms into solutions capable of automatically processing multiple video streams and large amounts of data. The company will complement GTS by bringing capabilities for the development, implementation and maintenance of software platforms dedicated to security systems management, as well as a track record of successful projects and a team with an advanced level of expertise in the field of AI.
Mihai Stănescu, founder and CEO of GTS, added:
“GTS is differentiated by its ability to develop and integrate different areas in the IoT sector. Over the past two years, alongside Lummetry.AI, we have accelerated the integration of AI algorithms in everything we do, bringing a tremendous advantage to clients, who can benefit from advanced technology even if platforms used were not originally designed to be monitored with advanced software. As part of the value-creation process, Abris has supported the professionalization of the business, at the same time growing it significantly together with our management team.”
Following the acquisition, GTS will continue to invest in Lummetry.AI’s research and development of AI engines. In addition, GTS is preparing to launch a new software platform for monitoring and managing security systems that will include integrated AI-based modules such as perimeter violation, people counting, people presence identification, camera tempering and crowd detection. The company is also preparing for an international expansion, beginning in 2022, to leverage its strong IoT and AI solutions.
Pawel Gierynski, Managing Partner at Abris, commented:
“At Abris, we remain committed to our strategy of transforming local players into regional champions. During the pandemic, we saw that digitization and the transition to cloud services accelerated across most industries. I am therefore extremely proud that our Romanian portfolio company is on the right path to become the leading technology-driven security and service integrator in Central Europe. We look forward to supporting the group as it consolidates its position in the market further.”
Abris Capital Partners is a leading independent private equity fund manager, focused on mid-market opportunities in the major countries of Central Europe. Established in 2007, Abris seeks to identify, and partner with, the most successful and dynamic mid-market businesses in Central Europe, which can benefit from an input of capital and/or management expertise at both strategic and operational levels. With investment capital of almost €1.3 billion, Abris has obtained financial backing from many leading global investment institutions including corporate and public pension plans, financial institutions, funds of funds and US university endowment funds. Abris has a long-term investment horizon and usually targets transactions in which it is able to acquire a majority or sole ownership position. The typical financial commitment by Abris to any single transaction can range from €30 million to €75 million, with larger commitments available if required. The Abris advisory business operates using teams based in Warsaw and Bucharest.
GTS is part of GTS Global Technical Group – one of the leading technology and security integrators in Romania, owned by Abris Capital Partners. The group consists of two divisions: Physical Security & Safety (focusing mostly on software) and Building Technologies (with a hardware component). The companies in the physical security division form a one-stop shop for the clients, with the ability to provide a broad range of services and expertise, from the development phase to project completion, by providing services such as: systems design, implementation, maintenance, software platform development and monitoring services. GTS Global Intelligence is known for developing CAVI Smart Monitoring & CAVI Share Alert, two innovative security solutions.
Lummetry.AI is a Romanian artificial intelligence company that uses Big Data & in-house developed solutions to help companies identify and capitalize untapped business opportunities. The company focuses on facilitating knowledge work by leveraging Big Data and the Internet of Things (IoT) with the power of Machine Learning and Deep Learning models. Lummetry has developed VAPOR, a video analytics engine built to run on customers’ existing video infrastructure; SEER, a predictive analytics engine based on Machine Learning and Deep Learning, which can be integrated both into video monitoring systems and solutions for predictive stock replenishment or sales forecasting, and ALLAN, an automated text analytics engine, also available for the Romanian language.
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