Latest deals

Adviser to
on its EUR 39 million sustainability-linked loan
Nordhaven advised Terra Patris on refinancing its debt portfolio with a syndicated EUR 39 million sustainability-linked loan. The new 3-year loan facilities agreement with two one-year extension options includes the following sustainability targets:

• Share of renewable electricity out of Group’s total electricity consumption
• Group’s personnel’s average annual sick leave days

Terra Patris Oy is a Finnish family-owned company with subsidiaries in leisure marine industry, construction equipment industry, contract manufacturing and in forestry industry.
Sustainability is increasingly important for our industrial clients and other stakeholders. Linking loan margin to our sustainability targets gives us further incentives and discipline – we are happy to have also financiers as our sustainability stakeholders. Nordhaven’s advice from the project launch to final execution was highly value-adding and we are grateful for their thorough support” says Turkka Hirvonen, CEO of Terra Patris group.
Adviser to
in its divestment of its Voice and Contact Centre business units
Techstep Norway AS and Techstep Sweden AB (fully owned subsidiaries of Techstep ASA) has entered into an agreement to divest its Voice & Contact Center business units in Norway to Zisson AS and in Sweden to Soluno Communications AB respectively.

"This is part of the ongoing transformation of the company", said Børge Astrup, Techstep CEO, "and a natural step on our journey towards becoming a leading provider of Managed Mobility Services based on our own software. By streamlining our product portfolio, we ensure a sharp focus and greater value for our customers".

The Transaction is structured as an asset purchase with customary closing conditions, including the parties entering into transitional service agreements from the time of closing.

The transaction marks the fourth M&A transaction where Nordhaven has advised Techstep.

About Techstep ASA
Techstep is purpose-built to become a leading Managed Mobility Services provider. Techstep provides a complete Managed Mobility Services-offering that presents enterprises and their employees with access to efficient, secure, and value-creating mobile work solutions - wherever and whenever they choose to work. Customer benefits include reduced IT complexity and costs, improved employee capabilities and engagement, as well as increased productivity and sustainability. Techstep has more than 350 employees based in Norway, Sweden, Denmark and Poland, serving more than 2,000 customers across different industries and sectors.
Advisor to Kistefos-backed
on the acquisition of Tjenestetorget
1881 Group AS, backed by Kistefos, has signed an agreement to acquire Tjenestetorget AS with affiliates from ABBH AS. Tjenestetorget offers digital pricing comparison services towards customers and generate leads to companies in Norway and Denmark. The transaction strengthens 1881 Group’s position and strategy as the leading provider of directory services via internet. In 2021, Tjenestetorget is estimated to have a turnover of NOK ~110m.

“Our most important job is to provide information and help to the Norwegian population and companies. Tjenestetorget with affiliates are strong companies, which fit perfectly with our existing product offering. The interaction will broaden and strengthen our product offering to all our users” says CEO of 1881 Group, Asgeir Ohr.

“We have had strong growth in recent years. Getting 1881 on the team gives us bigger muscles and an incredible number of new opportunities. We are now part of a larger digital and highly innovative environment. We look forward to developing further together” says CEO Anders Wetting of Tjenestetorget.

The transaction marks another acquisition where Nordhaven has advised 1881 Group and Kistefos.

About 1881 Group
Norway's leading provider of personal and corporate information (phone numbers, addresses, real estate prices, company financials, etc) - both digital and traditional. Weekly used by more than 1.5-2.0 million Norwegians. Fully owned by the private investment company Kistefos. Revenue 2020 of NOK ~400m and EBITDA of NOK ~95m.

About Tjenestetorget
Tjenestetorget was founded in Norway in 2004 and consists of Tjenestetorget, Anbudstorget, Tjenestetorget Finans and Tjenestetorvet (Denmark). Tjenestetorget delivers leads comparisons on products and services. Since 2004, Tjenestetorget has supported more than 1 million users across Norway and Denmark collaborating with 500+ suppliers.
Financial advisory to
Nordhaven’s Debt & Capital Advisory team provided financial advise to Panostaja.

Panostaja is an investment company developing Finnish SMEs in the role of an active shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja strives to increase shareholder value and create Finnish success stories. Panostaja’s shares are quoted on the Nasdaq Helsinki Stock Exchange. In the 2020 financial year, the Group’s net sales totalled MEUR 159.
Adviser to
and its shareholders on the sale to VENI Energy Group
Nordhaven advised Greene and its shareholders in the sale of the company to VENI Energy Group which is backed by Nordic private equity investor Norvestor. Greene is one of the leading energy sourcing service providers in the Nordics, serving approximately 3,000 Finnish and Swedish SMEs with over 500 GWh of energy annually. In addition, the company provides services related to green energy sourcing and certificates.

Through the transaction, VENI Energy Group became the clear market leader in Finland and the transaction strengthened its strategic position in the Swedish markets. The combined entity has further capacity and capabilities to develop services for Greene’s customers.

VENI Energy Group is a leading Nordic player in energy services and sourcing, securing annually more than 8TWh of electricity for more than 40,000 corporate customers in Finland, Sweden and Norway. In addition to energy sourcing services VENI Energy Group offers protection against energy price volatility, energy invoice audits, energy management and smart metering services to property owners. VENI Energy Group has a sales level of approx. €100 million.
Our business model is complex, and the argumentation of our outlook is not the simplest. Nordhaven played very crucial role in helping the potential buyers to truly understand our business and its potential. In this case this was the largest contributor to the outstanding outcome of the sales process”, says Matti Koskelo, Chairman and one of the owners of Greene.
Adviser to
and its shareholders in the sale to Monterro
Moment offers a tool for project management, time management, time log, resource planning, quality assurance, and invoicing. It has enjoyed a yearly growth of 50 percent for five consecutive years, and is expected to continue this trend going forward.

“We search for Nordic B2B software companies with potential to become global leaders in their niche, and we’re happy to have found Moment,” says Erik Syrén, partner at Monterro and future Chairman of the board of Moment. “We have a strong belief in the product and the people, and we look forward to working closely to develop the company.”

“Monterro stood out from the rest of the investors”, says Eivind Bøhn, CEO of Moment. “They don’t just offer their capital, but also their expertise. Monterro has extensive knowledge of the software industry — and adds valuable competence. We feel confident in our choice and that our partnership will push us forward and support our growth.”

Moment is well established, with loyal customers in the domestic market and in Iceland as well as in 15 other countries. Its clients include architecture firms, engineers and creative agencies, IT and consultancy businesses, and accounting firms. Moment plans to expand and grow outside Norway.

"Until now, Moment’s good reputation has given us a solid growth in Norway. Our ambition is to be the Nordic leader within a couple of years. We will grow organically or through add-on acquisitions. We’re now establishing a sales organization in Stockholm, and will build an extensive customer base in the Nordics. We’re already seeing the benefits of partnering with Monterro,” says Eivind Bøhn.

Since its founding ten years ago, Moment has focused on building a solution to its customers’ problems. Moment streamlines customers' operations by adding time and focus to core business and delivery items.

Eivind Bøhn continues: “By working closely with our customers, we’ve developed a product that simplifies our customers’ jobs. Our technology integrates with more than 50 systems, allowing users to move seamlessly between them. I’m proud of the good partnership and close co-operation we have with our customers — all of whom appreciate Moment.”

About Moment
Moment develops and offers a market leading software solution that enables users to get control of their projects and resources. Project management, time management, quality assurance, resource planning and invoicing exist in one, easy-to-use system. We let the data flow between the systems of choice and eliminate manual routines. Moment can be integrated with more than 50 systems, and the company works closely together with its customers to get an understanding of their needs and to improve the functionality. Moment’s vision is to be the preferred project management system in the world.

About Monterro
Monterro is a B2B software investor in the Nordics, with a mission to turn Nordic software companies into market leaders and global players within their niches. The team has successfully developed and led companies such as Pointsec, Episerver, Orc Software, Palette, and Lime – and they bring this operational experience to the Monterro portfolio, supporting the companies in all aspects of growth.
Adviser to
and its shareholders on the sale to Evidensia
Nordhaven advised Omaeläinklinikka, Korona Invest as well as other owners on the sale of the company to Sweden-rooted IVC Evidensia. IVC Evidensia is Europe’s largest veterinary care provider with operations in 12 countries and its main owner are the funds advised by EQT. The combined Finnish entity operates a network of some 50 clinics, hospitals and out-of-hour centers across the country and has a topline of approx. €90 million. Omaeläinklinikka’s strong brand is planned to be utilized also following the transaction.

Prior to the transaction Omaeläinklinikka was one of the very few larger Nordic platforms available for further veterinary industry consolidation. The company has ca. 450 employees who cater annually some 140,000 physical & digital visits for pets and their owners. The company enjoys very high customer satisfaction.
Once again impressive exit process with very good outcome arranged by Nordhaven for us! The investment story was of high quality, the selection of international buyers was perfect and the sales process well-controlled and competition was kept up until the last day. Working with you is always very easy, fun and we value your independent thinking and working. The sellers are extremely satisfied with the financial outcome.” says Pasi Lehtinen, managing partner at Korona Invest.
Adviser to
on the acquisition of HCC Embedded
Nordhaven provided financial advise to Tuxera in the acquisition of HCC Embedded in Hungary. Tuxera is the world-leading storage software and networking technology company, and HCC Embedded is the Hungarian developer of embedded file systems, flash management, and network data transfer software.

After the acquisition Tuxera offers the most comprehensive range of software and services for managing data as it is stored, used, and moved in and between embedded systems. The acquisition deepens Tuxera’s commitment to deliver reliable data management solutions in a world increasingly fueled and vitalized by data. HCC Embedded will officially operate as Tuxera Hungary Kft.

Nordhaven also advised Tuxera in the acquisition of Datalight, a North American developer of embedded file systems, in 2019. Tuxera Group revenues were 18 MEUR and EBITDA 5 MEUR in FY 9/2020.
Adviser to Procuritas-backed
on the acquisition of Wisdomic
Nordhaven advised Procuritas and its portfolio company Frendy, the Finnish IT services platform, in Frendy’s first add-on acquisition, three months after the company’s creation through the acquisition of twelve businesses. The acquisition of Wisdomic brings Frendy’s combined turnover to around €50 million with 220 employees.

Wisdomic is a Finnish IT services company employing around 60 people with offices in Kaarina, Vantaa and Seinäjoki and a data centre in Vantaa. Its offering is focused on cyber security services, cloud and data centre solutions, equipment, and user support services, as well as IT infrastructure maintenance and monitoring.

Nordhaven also acted as exclusive financial advisor to Procuritas and Frendy in the creation of the platform with 12 simultaneous acquisitions in June 2021.
Adviser to
and its shareholders on the sale to Superstruct Entertainment
Nordhaven advised Tuska Festival and its shareholders in the sale of the company to Providence Equity backed Superstruct Entertainment. Tuska Festival is one of the leading urban open air metal festivals in Europe. Through the transaction, Nordhaven strengthens its position as the leading financial advisor in entertainment related M&A in the Nordic region. Nordhaven has provided sell-side advisory to Flow Festival in Finland as well as Øyafestivalen and Palmeus Festival in Norway.

During its 20 years of history Tuska Festival has developed into a strong brand with high international awareness within the metal genre. Through true commitment and differentiated offering to the metal genre fans, Tuska Festival has created a unique, large and loyal fan base both in Finland and abroad - annually the festival has more than 50.000 visits and around 50% of the visitors have visited the festival 4x or more times.

Superstruct Entertainment is the owner of a large portfolio of live music festivals across genres and geographies including Flow Festival and Tuska Festival in Finland. The company is backed by private equity firm Providence Equity Partners, which has $45 billion in assets under management.
Thank you Nordhaven! As a first-time company seller, I am impressed by the high value-add of your work. Irrespective of the massive Covid-19 impacts on our industry you were able to bring in all key industrial buyer candidates to an intelligently tailored and ran process with true competition. Working with you is highly professional and I highly appreciate all the laughs that we had together. We are also very satisfied with the financial outcome” says festival director Eeka Mäkynen.
Adviser to
and its shareholders in the sale to Superstruct Entertainment
Nordhaven advised the owners of the Palmesus Festival in the sale to Superstruct Entertainment

The Palmesus festival – Scandinavia’s biggest beach party – has been acquired by Superstruct Entertainment, a live entertainment consortium. Simultaneously, Nakatomi Enterprises, the owners of Palmesus AS, has reinvested a significant amount into Superstruct Entertainment.

“By becoming a part of the Superstruct consortium, Palmesus will benefit from strengthened solidity, which both the festival and the festival guests will benefit from in years to come. We are simply moving from owning a big share of something a little smaller, to owning a smaller share of something very big.”
- Leif Fosselie, founder and CEO of Palmesus

About Palmesus:
Founded as a small friends of friends party in 2009, Palmesus has grown to the biggest beach festival in Scandinavia – located on the beach right in the city center of Kristiansand in southern Norway, with more than 40,000 guests in 2019. The festival has not been held since 2019 due to COVID-19 restrictions. In 2019 Palmesus, through the festival and other year around events, generated revenues of NOKm ~80 with EBITDA of NOKm ~14. Making Palmesus one of the few festivals in Norway that generates a significant profit. The Palmesus owner, Nakatomi Enterprises, is owned by Leif Fosselie and Lund Gruppen.

About Superstruct Entertainment:
Superstruct is a private equity backed group that owns several festivals and live entertainment events, mainly in Europe. Superstruct’s Nordic music festival portfolio includes the Oslo based Øya-festivalen, Helsinki based Flow-festival and Northside and Tinderbox being held in Denmark (Aarhus and Odense, respectively). Superstruct is backed by the leading private equity firm Providence Equity.
Adviser to
in the simultaneous acquisition of 12 IT services businesses forming a platform launched as FRENDY
Nordhaven advised Procuritas in the simultaneous acquisitions of twelve IT services businesses across Finland. The newly created platform, Frendy, is majority owned by Procuritas while local entrepreneurs retain significant minority ownership in the structure and responsibility over their respective operations. Frendy will deliver IT services for SME companies in Finland, a target market of more than €1 billion per annum. At inception, the company will have 160 employees in 16 locations across Finland and will be headquartered in Helsinki, with revenues in excess of €33 million.
Nordhaven has been a reliable hands-on partner throughout the complex transaction process leading to creation of Frendy, starting from a thematic sourcing project we did together with the team back in 2020, through relationship building with a large group of entrepreneurs, and finally a transaction phase that successfully led to the acquisition of no less than 12 companies simultaneously. We at Procuritas are truly pleased with the support and seamless co-operation we’ve had with the Nordhaven team” says Jussi Holopainen, Investment Manager at Procuritas.
Adviser to
and its shareholder in the sale to Baxt / Skagerrak-Holding
Buer AS, Norway's leading manufacturer of soft potato flatbreads (Norwegian “lomper”) and thinbread (“lefser”), has entered into a strategic partnership with Baxt.

Buer AS, with traditions dating back to 1957 is the market leader within its category with clear ambitions to uphold their position through technology, strong product development, high quality products and focused marketing.

The Buer business and production facilities are located in Askim and has approximately 50 employees.

“We are very pleased to have entered into this agreement with Baxt, where we see an exciting future for Buer with many attractive opportunities. We are really looking forward to working closer with Baxt - together we are confident that Buer will become even more successful” - Bjørn Olav Drabløs owner and CEO of Buer

Baxt is a well-known supplier of a large selection of baked goods to the Norwegian grocery trade, kiosk / petrol and catering market. The company has its head office and main warehouse in Larvik and has more than 50 employees. BAXT is part of a group that also consists of the bakeries in Søndre Land and Lierne municipalities that produces produces cakes, cookies and thinbread.

Skagerrak-Holding, which is Baxt's parent company, has acquired 60% of the shares in Buer AS from FBD AS, which is owned by Bjørn Olav Drabløs. Bjørn Olav Drabløs continues as the company's CEO.

Adviser to
and its founders in the majority sale to Equip Capital
Ryde is the only major Norwegian e-scooter operator. The company was established in 2019 and has in a short period of time become the market leader / one of the market leaders in Stavanger, Trondheim, Bergen, Kristiansand, and Oslo.

Micromobility, including e-scooters, has the recent years had an explosive growth and is expected to continue to grow going forward. Among many use cases, micromobility services increase access to public transportation, reduce the amount of cars on the road, lower our environmental footprint, and provide convenient methods of transportation for short trips — all while being cost effective.

“We are challenging the major international e-scooter operators, this requires both capital and professional owners. With Equip on the team we will continue and accelerate our strong growth and market presence", says Johan Olovsson, one of the founders of Ryde.

“Our clear ambition is for Equip and Ryde to professionalize the industry. We will work closely with municipalities and authorities to facilitate micromobility in a responsible manner. At the same time, we expect that the industry will be provided reasonable conditions to operate", says Sverre B. Flåskjer, Managing Partner at Equip Capital.

In 2020, Ryde had a turnover of NOK 45 million and is set out to triple the turnover in 2021. Equip Capital is now acquiring a majority shareholding in the company. The three founders, who established the company in 2019, will continue in Ryde and maintain as significant minority shareholders.

About Equip Capital:
Equip Capital is a Nordic private equity firm focusing on investments in small and mid-sized companies. The team has extensive investment experience across the consumer, industrials, and business services sectors, and combines its experience, energy, and dedication to ensure success in building better companies and generating strong returns.
Adviser to
in the acquisition of KPA Unicon Group
Nordhaven acted as financial advisor to Helsinki-listed Partnera Oyj in the acquisition of KPA Unicon Group Oy. The acquisition supports Partnera's strategy of owning companies that promote sustainable development in, for example, the circular economy and energy sectors. Through the transaction Partnera will become KPA Unicon’s principal owner with a 70% stake, while the company’s founders, the Kovanen family, will stay on as minority owners. KPA Unicon was founded in 1990 and has extensive experience of international plant deliveries. In addition to turnkey development and construction of energy production facilities, the company modernises, maintains, and operates existing plants and provides energy production capacity as a service. KPA Unicon's customers include global industrial companies, along with local and international energy companies. The company’s headquarters and production facilities are located in Finland, and it also has personnel in Bosnia-Herzegovina, Chile, Spain, Croatia, France, Sweden and Russia. In 2020 the company’s turnover was EUR 69.4 million with respective EBITDA of EUR 5 million.
This transaction is a very important step in implementing Partnera’s strategy to own companies providing sustainable energy solutions. Nordhaven’s wide advisory experience was crucial in finding the deal structure that was acceptable for all parties involved in the transaction” says Jari Pirkola, CEO of Partnera.
Adviser to
in the sale of Dekk1 and Gummi Centralen to NTG/Altor
One of the leading players within the tyre industry in Norway, RAC Tyres, consisting of Dekk1 and Gummi Centralen, has been acquired by Nordic Tyre Group AB (NTG) / Altor.

“We believe it is truly exiting to become a part of NTG’s expansion in Norway. In a changing car and tyre market it is important to be a part of a larger group to ensure competitive edge and to be able to attract the most competent people”
- Dag André Gimle Johansen, CEO of RAC Tyres.

RAC Tyres consists of the wholesaler Gummi Centralen and retailer Dekk1. The groups combined revenue in 2020 was approximately NOKm 500 with an EBITDA of approximately NOKm 21.

In parallel NTG has acquired Starco Norge and Dekkteam - another substantial player in the Norwegian tyre industry.

NTG will, together with the new Norwegian acquisitions, become the leading independent distributor of tyres and rims across Norway, Sweden, and Finland. Post-acquisition NTG will distribute close to two million tyres per year with more than 2.3 billion NOK in revenues.

“We are very impressed with the development of the Norwegian companies acquired, a result of highly competent management and personnel. We look forward to working closely together across the three countries, however with local strategy and presence…”
- Mats-Ove Eriksson, CEO Nordic Tyre Group

“We are proud to enter into a partnership with management and former shareholders with an impressive experience from the tyre industry. We will continue to invest significant resources in further growth”
- Pål Stampe, Chairman Nordic Tyre Group and Partner in Altor

About RAC Tyres:

RAC Tyres consists of Gummi Centralen and Dekk1. Gummi Centralen is a leading wholesaler of tyres in Norway with amongst other exclusive distribution rights to Pirelli and Maxxis. Gummi Centralen sold approximately 200 000 tyres in 2020. Dekk1 is the biggest independent tyre retailer in Norway with 25 wholly owned stores / tyre hotel and 35 partnership stores / tyre hotel. Dekk1 has through strategic focus become a leading provider of tyre hotel services with ~320,000 winter and summer tyres stored.

About Nordic Tyre Group:

NTG was established in 2019 as a partnership between the private equity firm Altor and founders of Gummigrossen and RengasDuo, the leading wholesalers of tyres in Sweden and Finland, respectively, with the ambition to become the #1 independent tyre distributor across the Nordics.
Adviser to
in the acquisition of Famoc S.A
“Acquiring Famoc, its software, systems and European operations makes perfect sense. The transaction strengthens our all-in-one Managed Mobility Services solutions for enterprises in the Nordics, it unlocks a European growth opportunity and should strengthen our financial performance going forward” says Jens Haviken, Techstep CEO.

As of February 2021, Famoc has an ARR of NOK 26 million, a 19% recurring revenue CAGR, and an LTM EBITDA margin of 23%. Famoc will be acquired at an enterprise value of NOK 103 million (PLN 47 million), which corresponds to an EV/ARR multiple of 3.96x

Techstep’s Managed Mobility Services (MMS) solution is delivered via an as-a-service model to reduce complexity and cost and increase the value of mobility for enterprises. The Famoc acquisition reduces third party software dependence and provides software and systems that strengthens Techstep’s capabilities within Platform Management. Combined with Techstep’s established capabilities within Asset Management and Advisory Services, Techstep can offer customers a complete and automated MMS solution that provides control, security, compliance and lifecycle management – all on one Techstep dashboard.

The transaction will be financed by raising NOK 100 million of new equity in Techstep, fully underwritten by the largest existing shareholders, Datum AS, Middelborg Invest AS and Karbon Invest AS, and a NOK 34 million acquisition loan.

The transaction marks the third acquisition where Nordhaven has advised Techstep.

Link to official press release: Link

About Techstep
Techstep is purpose-built to become a leading Managed Mobility Services provider in the Nordics. Techstep combines device management, software, hardware and connectivity into a managed service. This enables enterprises and their employees to do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has 300 employees based in Norway, Sweden and Denmark, serving 550+ enterprise customers across various industries in the private and public sectors. The company is listed on the Oslo Stock Exchange.
For more information, please visit

Famoc was founded in Poland in 2006 with offices in Gdansk and Warsaw. Famoc delivers software solutions for mobility management to SMEs and enterprises via channel partners, and offer products within the categories Software to manage mobile devices and secure mobility in business, Security software to defend confidential data, and Software that locks down the devices of users with overdue payments.

For more information, please visit
Adviser to the shareholders of
in the private placement
Minimeis AS is the company behind the critically acclaimed and award-winning children shoulder carrier MinimeisTM. Minimeis was established in 2013 and is based out of Oslo. Since transitioning to a pure D2C eCommerce business model, Minimeis has experienced exponential growth. The company surpassed NOK 120 million in revenues in 2020, an increase of +350% from 2019. The US and EU have become the two largest markets, albeit Minimeis has recorded sales to more than 150 countries across all five continents, a testament to the product’s universal appeal.

Christian Stabell Eriksen (on behalf of Skarbua AS), has provided growth capital enabling Minimeis to continue its expansion and capture a larger share of the estimated $1 billion and growing baby carrier market. Christian will join the Board of Directors.

Furthermore, Marius Juul Møller (on behalf of KM Holding AS and STY871 AS) together with Jørgen Jørgensen (CEO and owner of Norrøna) acquired a minority holding in the company.

With their extensive and relevant experience from other investments as Douchebag, Norønna and ReMarkable, the 3 new shareholders represents a strong contribution to Minimeis.

Together the new group holds app. 27% of the shares.
Adviser to
and its shareholders on the sale to Capio / Volvat
Helsetelefonen is a leading Norwegian telehealth provider with more than 15 years track-record. Helsetelefonen has had 1,000,000+ online consultations with 1,500,000+ households connected to the service through several of the largest insurance companies in Norway.

"We found the best partner in Volvat. As an integral part of the highly skilled medical community in Volvat, Helsetelefonen is convinced that existing services will be even better. Together, we will develop new, good and innovative e-health services for the benefit of a unified health Norway," says Jan Einar Vaage, CEO of Helsetelefonen
Adviser to
and its shareholders on the sale to Kahoot!
Nordhaven Corporate Finance acted as exclusive financial advisor to Motimate's founders and shareholders Investinor, Rema 1000, Aller Media and Stayer Invest. Nordhaven Corporate Finance also advised Motimate when the company raised growth capital from external investors in 2019.

The acquisition is a part of a strategy to accelerate Kahoot!’s employee engagement product development and expand its product road map further. The addition of Motimate will add valuable new team resources to the Kahoot! Group, including additional enterprise sales resources and a strong product and technology team. Synergies between the Motimate platform and Kahoot!’s global reach also represents considerable potential for Motimate’s international expansion.

Kahoot! has acquired 100% of the shares in Motimate AS for a consideration reflecting an enterprise value (EV) of USD 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.
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