Norwegian ed tech Kahoot is seeking to leverage its biggest shareholder SoftBank to tap Asian customers and is on the lookout for acquisitions, its chief executive told the Financial Times.
Kahoot, which creates digital educational quizzes for schools, students and businesses, is hoping that a move from Oslo’s junior stock market to its main bourse will enhance its appeal among local and international institutional investors, according to Eilert Hanoa, who added that the firm could pursue a secondary listing overseas.
The ed tech, whose shareholders also include Disney and Microsoft, is currently valued at around $6 billion. Last year, it booked $45 million in revenue, the majority of which was generated in North America and Europe.
“Asia is a priority. We need great content, we need partnerships. This is where, with SoftBank as a shareholder and their impressive portfolio of companies, we hope there will be opportunities,” Hanoa told the Financial Times.
Kahoot aims to double its revenue this year and then again to $200 million by 2023, Hanoa said, as its gradually adds more services to its app.
Kahoot recently acquired Drops to bolster its language-learning offering, as well as Whiteboard.fi, which provides students with digital whiteboards.
Further acquisitions and joint ventures could accelerate Kahoot’s growth, Hanoa said.
Around 60% of Kahoot’s revenues at present come from business users, with companies such as Facebook, Warren Buffet’s Berkshire Hathaway and the Nasdaq stock exchange utilising it for interactive training and events.
Hanoa said he had been impressed by Japan’s SoftBank, which owns 16% of Kahoot, and their mixture of using “financial muscle and operational excellence”. Hanoa added: “They have a very clear idea of what they want to achieve. They might be unorthodox in some of their approaches but that might be responsible for their success.”
Kahoot is set to move to Oslo’s primary stock exchange later this month.
The firm’s shares climbed 3% after it announced the transfer.
Date published: 12 March 2021