M&A Deal Summary

General Atlantic, Goldman Sachs Merchant Banking and KIRKBI Acquire Kahoot!

On July 14, 2023, growth capital firm General Atlantic, private equity firm Goldman Sachs Merchant Banking and family office KIRKBI acquired internet software and services company Kahoot! for 17.2B NOK

Acquisition Highlights
  • This is General Atlantic’s 75th, Goldman Sachs Merchant Banking’s 14th and KIRKBI’s 1st transaction in the Internet Software and Services sector.
  • This is General Atlantic’s 4th, Goldman Sachs Merchant Banking’s 18th and KIRKBI’s largest (disclosed) transaction.
  • This is General Atlantic’s 2nd, Goldman Sachs Merchant Banking’s 2nd and KIRKBI’s 1st transaction in Norway.

M&A Deal Summary

Date 2023-07-14
Target Kahoot!
Sector Internet Software and Services
Buyer(s) General Atlantic
Goldman Sachs Merchant Banking
KIRKBI
Deal Type Going Private
Deal Value 17.2B NOK
Advisor(s) Morgan Stanley
ABG Sundal Collier (Financial)

Target

Kahoot!

Oslo, Norway
Kahoot! is a game-based learning platform that makes it easy to create, share and play fun learning games or trivia quizzes in minutes. Kahoot! is used in a variety of settings – in K-12 and university classrooms, corporate offices, social settings, and major sporting and cultural events. Kahoot! was founded in 2012 and is based in Oslo, Norway.

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Buyer(S) 3

Buyer

General Atlantic

Investor Investor Investor Investor Investor


Category Growth Capital Firm
Founded 1980
PE ASSETS 105.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

General Atlantic is a large private equity firm that invests globally in growth-oriented public and private companies. Broad areas of interest include financial services, media and consumer, healthcare, enterprise solutions, communications and electronics, and energy. General Atlantic looks to invest $40 to $400 million in transactions that support growth, expansions, buy-outs, consolidations and build-ups. General Atlantic seeks to make 8 to 12 investments per year with an investment horizon of five to ten years. The Firm's geographic coverage spans North America; Europe; Asia/Pacific; and India. General Atlantic was formed in 1980 and is based in New York, New York.


DEAL STATS #
Overall 340 of 364
Sector: Internet Software and Services M&A 75 of 78
Type: Going Private M&A Deals 5 of 11
Country: Norway M&A 2 of 2
Year: 2023 M&A 6 of 11
Size (of disclosed) 4 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-15 Atoss

Munich, Germany

Atoss is a provider of technology and consulting solutions for professional workforce management and demand-optimized personnel deployment. The company provides classic time management, mobile apps, a detailed determination of personnel requirements, sophisticated resource planning, or strategic capacity and requirements planning. Its workforce management solutions make a measurable contribution to added value and competitiveness for around 15,000 customers in more than 50 countries. Customers include companies such as ALDI SÜD, Coca-Cola, Deutsche Bahn, Douglas, Edeka, HUK-COBURG, Leverkusen Clinic, Lufthansa, Schmitz Cargobull, Sixt, the city of Regensburg, thyssenkrupp Packaging Steel and W.L. Gore & Associates. Atoss was founded in 1987 and is based in Munich, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-07-25 MAC Hospitales

Celaya, Mexico

MAC Hospitales is a multidisciplinary hospital provider in Mexico dedicated to improving nationwide accessibility to medical services. MAC Hospitales was founded in 2008 and is based in Celaya, Mexico.

Buy -
Buyer

Goldman Sachs Merchant Banking

New York, New York, United States

Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 155.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Goldman Sachs Merchant Banking Division is the investment arm of Goldman Sachs. The primary corporate investment group within the Merchant Banking Division is Goldman Sachs' direct investment arm. GS's direct investment arm consists of GS Capital Partners, GS Mezzanine Partners, and GS Growth Partners. GS Capital Partners is the direct corporate equity investment group which seeks LBO, recapitalization, and growth investments to help fund acquisitions, expansions, recapitalizations, restructurings, buyouts, and take privates. GS Capital Partners looks to invest between $50 and $800 million in opportunities in North/South America, Europe, Asia. GS Mezzanine Partners is the junior capital arm of Goldman Sachs. GS Mezzanine looks to invest between $200 million and and $800 million in transactions valued up to $10 billion. Investment proceeds are used to fund leveraged buyouts, expansion financings, recapitalizations, acquisitions, and restructurings. GS Growth looks to invest in growth equity transactions. The unit seeks to commit $20 to $200 million per investment. Other units within GS's merchant banking division include Real Estate, Infrastructure, and Urban Investments. Goldman Sachs Merchant Banking Division is based in New York City.


DEAL STATS #
Overall 182 of 189
Sector: Internet Software and Services M&A 14 of 14
Type: Going Private M&A Deals 15 of 15
Country: Norway M&A 2 of 2
Year: 2023 M&A 1 of 1
Size (of disclosed) 18 of 51
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-30 MediaMath

New York, New York, United States

MediaMath helps global marketers deliver personalized digital advertising across all connected touchpoints. Over 9,500 marketers in 42 countries use their enterprise software every day to launch, analyze and optimize their digital advertising campaigns across mobile, video, audio, social, native, digital out of home and Advanced TV formats. MediaMath was founded in 2007 and is headquartered in New York, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-13 MoneyHero Group

Singapore, Singapore

MoneyHero Group lets users compare personal finance products, including credit cards and insurance. MoneyHero Group was founded in 2014 and is based in Singapore.

Sell -
DESCRIPTION

KIRKBI is the Kirk Kristiansen family’s holding and investment company. The Firm looks to make long-term investments in real estate and businesses throughout Denmark, the UK, Switzerland, and Germany. KIRKBI is headquartered in Billund, Denmark.


DEAL STATS #
Overall 11 of 11
Sector: Internet Software and Services M&A 1 of 1
Type: Going Private M&A Deals 1 of 1
Country: Norway M&A 1 of 1
Year: 2023 M&A 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-11 BrainPOP

New York, New York, United States

BrainPOP is a digital education brand grounded in research and the science of learning. It has a presence in over two thirds of U.S. school districts and an estimated reach of 25M students annually, as well as an international presence. BrainPOP was founded in 1999 and is based in New York, New York.

Buy -