Kahoot! has completed the acquisition of Clever Inc, advancing in its mission to
make learning awesome globally, after delivering a quarter of solid results and
momentum for both companies.

Oslo, Norway, September 2, 2021 - 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. Reference is made to Kahoot! ASA's ("Kahoot!" or the "Company")
announcement on 6 May 2021, regarding the acquisition of all shares in Clever,
Inc ("Clever") and the announcements made on 22 June 2021 and 31 August 2021
with updates regarding the expected time for completion of the transaction.

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.

Transaction Terms 
As per the previously announced transaction terms, Kahoot! Group has acquired
100% of the shares in Clever 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. 

The consideration to be paid at closing for the Clever shares has been settled
by a combination of cash and new Kahoot! shares to be issued. The Board of
Directors of Kahoot! has accordingly resolved to increase the share capital of
the Company by up to NOK 730,076.50 by the issuance of up to 7,300,765 new
shares to the shareholders of Clever at a subscription price of NOK 64.77 per
share in accordance with the transaction documentation pursuant to the
authorization given by the annual general meeting on 8 June 2021. The
consideration shares issued to the selling shareholders of Clever are subject to
a 12-month lock-up period from the respective issuance dates. 

Clever will continue to operate as an independent company as part of the Kahoot!
Group, 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 further information please contact:

Eilert Hanoa, CEO
Phone: +47 928 32 905
Email: eilerth@kahoot.com

Ken Østreng, CFO
Phone: +47 911 51 686
Email: keno@kahoot.com

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation article 7 and is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock
exchange announcement was published by Ken Østreng, CFO, Kahoot! ASA, on
September 2, 2021 at 07:00 CET.


About Kahoot!
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!

About Clever
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.