Goldman Sachs Asset Management's private equity division is behind the acquisition. The main parties involved in the transaction include General Atlantic, which is currently Kahoot's largest shareholder, as well as KIRKBI Invest A/S from the LEGO Group and Glitrafjord, which is controlled by Kahoot CEO Eilert Hanoa.

Shares in the Oslo-based e-learning platform, which specialises in educational games, quizzes and learning apps, experienced a significant spike during the Covid-19 pandemic due to the lockdown-induced shift to online learning. However, since September 2021, this trend has receded, leading to a 50% drop in its share price. During its growth phase, Kahoot also expanded through strategic acquisitions. In recent years, it acquired Clever, a highly popular single sign-on platform for U.S. schools, and DragonBox, a developer of math apps. To date, Kahoot has hosted hundreds of millions of learning sessions with 9 billion (non-unique) participants in more than 200 countries and regions. In addition, it currently has more than 1 million paying users.

Goldman Sachs Asset Management plans to invest in the company's expansion to take advantage of the growing demand for digital education tools, including in areas such as compliance training. The Group sees a promising opportunity in tapping into the growing market for education technology and intends to support Kahoot's development in this area. In the current market environment, private equity investors are showing strong interest in acquiring listed companies due to declining valuations in the public markets.

The offer made for the company in question represents an attractive premium of 12% over its closing share price on 13 July. Moreover, the offer is significantly higher, at 33%, than the three-month VWAP.