Kahoot! AS (OB:KAHOT) completed the acquisition of Motimate AS.

Kahoot! AS (OB:KAHOT) agreed to acquire Motimate AS for $29.9 million on April 7, 2021. The consideration reflecting an enterprise value (EV) of $25 - $27 million on a cash and debt-free basis, including a 2021 performance-based element, representing an approximate 5x multiple on annual recurring revenue (ARR) target for 2021. The settlement will be a combination of cash and Kahoot! shares. ­The initial consideration was settled by a combination of cash and issuance of 1.1 million shares in Kahoot! ASA. A total of $5 million of the initial cash consideration is deferred and is expected to be settled at the end of the fourth quarter 2021. The transaction is subject to customary conditions. The transaction is expected to close in April, 2021. Einar Haugstad, Lars Kristian Solberg and Andreas Loly of Clairfield International acted as financial advisors to Motimate AS.

Kahoot! AS (OB:KAHOT) completed the acquisition of Motimate AS on April 22, 2021. Under the terms, Kahoot issued 1.1 million shares.