Kahoot! ASA

Investor Presentation • Sep 8, 2021

Make learning awesome

Kahoot! and Clever Company Presentation

8 September 2021

Our vision is to build the leading learning platform in the world

Transaction and governance overview

• Founded in 2012, Clever started as a single sign-on platform to give teachers and students access to all of their online learning resources. Today, Clever has 175 employees and is located in San Francisco, CA and Durham, NC.
• • +
• Clever is expected to exceed \$15 million in invoiced revenue for the four month period from September till December 2021, and exceed \$46 million in invoiced revenue for the full year 2021
• Kahoot! Group has acquired 100% of the shares in Clever for a total consideration reflecting an Enterprise Value (EV) of USD 435 – 500 million, on a cash and debt free basis, including an up to USD 65 million 2021-2022 performance-based element. The consideration will be settled by approximately 82% cash and 18% Kahoot! shares
• Clever will continue to operate as an independent company as part of the Kahoot! Group, led by its strong management team to continue to provide an open platform and operate under the Clever brand

Making learning awesome, together!

Complementary strengths that create unique advantages

+

90K+ U.S. Schools 50% of U.S. Students 700+ app partners

Massive U.S. reach

Kahoot! learning apps and upcoming marketplace content to become available on Clever platform for millions of teachers, students, parents in the U.S. market

International growth

New growth opportunity extending Clever's platform globally and providing app partners access to international markets

Vertical integration

Together Kahoot!+Clever will strengthen ability to serve both on individual level (teachers, students, parents) and on institutional level (schools, districts)

Operational scale

Adds experienced team to further improve product development, GTM and market insight - and additional scale to Kahoot! U.S organization

Kahoot! + Clever strategic focus

• Grow and commercialize the Clever network
• Expand and extend Kahoot! at School with Clever
• Strengthen offerings to all user groups and segments
• Realize values and synergies from combined platforms

A Digital Classroom to Love

US K-12 is seeing the rise of Education Technology.. powered by Clever!

• \$13B U.S. edtech industry still growing strong after a shift back to classroom learning as well as continued remote and hybrid learning
• Proliferation of apps & software tools creating strong need for a centralized portal
• Heightened awareness of privacy and new regulations making secure APIs essential
• ~100 new applications have joined the Clever platform YTD

Experienced, Visionary Leadership Team With Deep Education and Technology DNA

Tyler Bosmeny CEO, Cofounder

Dan Carroll CPO, Cofounder

Rafael Garcia CTO, Cofounder

Eric Krugler VP Engineering

Kevin Kirn VP Product

Trish Sparks VP Customer Success

Anne Murguia VP Marketing

Kevin Laughlin CFO

Julie Weinstein VP People

175 employees (40% Prod/Eng), located in San Francisco, CA, Durham, NC, and remote.

Spotlight: Clever Badges

Empowering young students to access educational technologies

• Clever Badges alone has powered 1.1 billion logins in 40,000 schools
• Badges power device logins for Chromebooks in 16,000 schools

"Your product and the QR code badges have changed the dynamic of online learning in our elementary schools. Thank you for making education a better place for our students.

– Suzanne S. (Director of Technology in AL)

Scalable Business Model Optimized for Network Growth

440+ top apps pay

Scalable integration and deployment into Clever's network Wide & growing reach of the platform increases value for partners Fees per connection scale with volume of schools served

Free to 90K+ schools

Digital learning is connected, secure, easy to use 100% free integration, portal, support 96 of the top 100 districts in the U.S. use Clever

Clever's Strategic Focus

Add Value to the Network

BACK TO SCHOOL 2021: GROW THE NETWORK Teacher/Student Messaging

Clever Avocado Middle School	Homeroom Messages Library Analytics Classes
Messages
Parents Students	Ms. Yang's Parents Reaches 39 parents 1 Invite 9 missing parents
Q Search students
Classes All classes	Today
Announcements	Ms. Yang 8-30 AM
Ms. Yang's Parents 8:30 AM Hello everyone! Just as a h	Hey everyone! Here's a great photo from our gravity experiment
Direct messages	during science today.
Benjamin Celine BC Sahar Celine	Gravity experiment.jpg Click to view
Anna Johnson Maribelle Perez	Translated into 5 languages V Read by 5 parents
Leo Garcia LG
Deliah Garcia	P 1 Send Send a message
Casey Thomas CT

Revamped with student and teacher messaging in one place – inside the portal teachers already use daily.

New this fall:

• 1. Direct messages and group communications
• 1. Attachments to share student work
• 1. Automatic translations to 6 languages

"Now Clever is helping me connect with my students one-on-one, using the model they're already familiar with (texting!)"

BACK TO SCHOOL 2021: GROW THE NETWORK Bringing Parents on the Platform

Just released: A new messaging experience that brings parents onto the Clever platform.

For the first time, parents can participate on Clever by downloading Clever's mobile app, allowing them to easily stay in touch with their children's teachers while on-the-go!

BACK TO SCHOOL 2021: GROW THE NETWORK Global Expansion

• There is strong demand for Clever's platform from schools and applications outside of the U.S.
• Global expansion will be accelerated through Clever's trusted application partners with global footprints, especially Kahoot!

Potential expansion targets

● Clever's network becomes even more valuable to our app customers with a global footprint

2021 2022 2023 GDPR compliance Plan 2022 international GTM Launch in 3 new English markets Further international expansion

BACK TO SCHOOL 2021: ADD VALUE FOR THE NETWORK App Store for Education

Clever's free app store for teachers launched in 2018 – 75M student and teacher accounts created last year

Clever is now building a new buying experience for schools & districts:

• Instant demos
• Rich data–verified teacher reviews, school usage data
• One-click deployments via Clever

Pay-per-lead beta launched in June with "Click to Buy" launching in early 2022

BACK TO SCHOOL 2021: ADD VALUE TO THE NETWORK Clever's App Store Opportunity

\$3B

TAM U.S. School Districts

Clever's App Store for Education

Software distribution into schools (\$3B based on a 20% commission on \$13B in annual edtech software spend)

Global EdTech

Future Growth: Global Expansion

Expand platform globally, starting with English speaking countries

BACK TO SCHOOL 2021: ADD VALUE TO THE NETWORK Identity Management (IDM)

New paid product launched Summer 2021: Clever IDM Essentials

Automates identity provisioning for school districts (supports Google accounts today, AD in 2022)

Clever's first paid add-on for schools; other Clever products will remain free for schools

Exclusively available for purchase in the Clever App Store

"It's account simplification with a trusted partner!" IT Director, Texas

BACK TO SCHOOL 2021: ADD VALUE TO THE NETWORK Kahoot! on Clever

This fall, Kahoot! will be available for the first time to teachers & school districts on the Clever platform

Teachers can now find and use Kahoot! in their Clever portals: new, free Clever Library integration (now available)

School district purchasers will be able to buy Kahoot! EDU with Clever integration (coming soon)

Represents a unique opportunity to drive usage & engagement for Clever, while driving reach & distribution for Kahoot

Building the Clever opportunity

Creating the ideal EdTech buying experience for all users

Building the free edtech app store with 75M accounts created

Becoming the home page for 20M+ monthly active students

Deep partnerships with 700+ edtech applications

Relationships with purchasers at 9,000+ districts

Infrastructure & APIs connecting 100+ databases

Building the Opportunity

Over

10K

educational institutions have already deployed multiuser Kahoot! teacher licenses

Make lessons interactive

Equip IT admins with increased control, security & compliance

Elevate learning at your entire school or district

A collaborative, online whiteboard tool

at school

100s of millions of students

Embraced by over 9 million teachers globally

Next level engagement with Bitmoji

Kahoot!'s awesome start to back to school

Since August 1st teachers initiated over 6M kahoots with over 75M student sessions

9 out of 10 kahoots were live

Kahoot! - Better together with Clever

Empowering millions of teachers and students

+

Trusted by thousands of IT Admins, Schools and District leaders

Offers powerful teaching toolkit

engagement

Expands student

Supports scale-up across institutions

Teachers Students IT Admins School & district leaders

Enhances student level assessment

Kahoot! - Back to school '21 class toolkit

Enhanced experience with

Commercial edition for schools, districts, and highered

Over 10K School and districts

upgraded to paying accounts before back to school '21

Coming to Kahoot! EDU this fall

Create or import class rosters. Share and assign kahoots to students

Combine kahoots with activities and content to enhance learning

Deepen learning and skill development through creation and presentation

CLASSES COURSES STUDENT CREATION STUDENT ASSESSMENT

Follow individual student learning progress over time to assess or take attendance

Enhanced experience with

Kahoot! EDU for K-12

Enhanced experience with

Kahoot! #1 app in the Clever library after 4 days

9m+

educators & teachers, and hundreds of millions of students across the world use Kahoot! to make learning awesome

Marketplace coming soon

High quality, verified content

Community Let's educators grow their own community to share knowledge

portal

Embraced by over 25 million

players monthly

If teachers didn't try new things, our students wouldn't get the best from us. "

Aimee Copple

Premium learning content

By verified educators and publishers to engage students

Introducing Kahoot! Academy on Clever!

Connecting teachers from both ecosystems, making high quality content even more accessible!

K! Academy - Better together with Clever

Now, teachers can consume and create great learning content, and leverage the reach of the Kahoot! and Clever networks!

Next level learning outcomes

Making high quality learning content available for millions of teachers and their students

Deliver entire learning experiences using courses

Focus on deeper learning

Deliver entire learning experiences using Kahoot!

A variety of activities keep engagement high throughout the session and school year

Designed for blended learning, suitable for every subject and topic

Enabling educators, students and publishers to express their creativity

Millions of teachers and students have already created 100 million+ kahoots and inspiring others to create their own

With Courses, there are endless possibilities for creating engaging learning experiences

37

K! Academy Marketplace - getting even better with Courses

0 . < >	create.kahoot.com	ర	19 1 + C
KIEDU O Discover : = Kahoots = Kahoots = ml Reports	288 Groups		Create
	Description	Geometry and triangles ★★★☆ Reviews	USD 3.00
	· 8 modules 18 min estimated duration
		Use theorems about the relationships in triangles, including the sum of interior angles, base angles of isosceles triangles, and apply these relationships to solve problems.
	0 livingmaths Last edited 20.06.21
		Kahoot Introduction to triangles
	16 Questions	livingmaths &
		Document Identifying triangles
	3 pages	livingmaths &
		@ Math Labs by DragonBox Angles and degrees

Kahoot! Academy - the community and marketplace for educators

Making learning awesome, together!

+

90K+ U.S. Schools 50% of U.S. Students 700+ app partners

Main priorities for Back To School ´22

• Increase value for all teachers, students and parents
• New opportunities for partners and publishers
• Broader reach and stronger commercial channels
• Global expansion of the Clever platform
• Leverage financial scalability for the group

Forward looking statement

	Kahoot! FY 2018	Kahoot! FY 2019	Kahoot! FY 2020	Kahoot! FY 2021	Clever FY 2021
Invoiced revenue	\$3.5m	\$13m	\$45m	\$90-100m	\$46m+
Paid subscriptions*	46K	170K	675K	1.1m

• For the full year 2021, the Kahoot! Group reiterates the ambition to reach \$90-100 million in invoiced revenue with continued solid positive cash flow from operations and to reach 1.1 million paid subscriptions. In addition, Clever Inc, which is now part of the Kahoot! Group, is expected to exceed \$15 million in invoiced revenue for the four-month period from September till December 2021, and exceed \$46 million in invoiced revenue for the full year 2021
• For the third quarter 2021, the Kahoot! Group expects invoiced revenue of \$22 million, representing approx. 90% YoY growth, and to reach 1 million paid subscriptions. In addition, Clever is expected to exceed \$4 million in invoiced revenue for the month of September 2021
• The Company will explore the opportunity for a secondary listing, with timing of the listing being subject inter alia to the closing of the Clever transaction *Including acquired units

Kahoot! Group Ambition 2022

• For 2022, the current ambition for the Kahoot! Group including Clever is to reach \$190-200 million in invoiced revenue
• The operational cost base2) is expected to represent approx. 70% of invoiced revenue which indicates approx. 30% cash conversion of invoiced revenue

1) Includes invoiced revenue from Clever for the four-month period from September till December 2021

2) The operational cost base does not include depreciation and amortization, and is adjusted for special operating items. Special operating items are material expenses and other material transactions of either a non-recurring nature or special in nature compared to ordinary operational expenses and include adjustments for share based compensation expenses and related payroll taxes, acquisition-related expenses, and listing cost preparations.

Summary

A Digital Classroom to Love

Founded in 2012 by CPO Dan Carroll, a former educator and CEO, Tyler Besmony and CTO Rafael Garcia, who saw from experience that the edtech boom was creating immense usability challenges for K-12 students, teachers, parents, and developers

The Clever platform was initially invented to give students & teachers single sign-on to all of their edtech resources – and has become the most popular learning platform for U.S. K-12 students

Today, Clever has 175+ employees (40% Prod/Eng), and are based in San Francisco, CA and Durham, NC

At \$44M in expected billed revenue 2021, Clever is just scratching the surface of monetization, and is uniquely positioned to win the biggest opportunities in education today

Kahoot!

Kahoot! started 2012 as a quiz-based game to ensure attention, create engagement and provide knowledge in classrooms

Global recognized brand with a viral distribution model based on scalable technology platform

User centric, data-driven and iterative approach to product development and innovation

Over 100m user generated Kahoots, 300m games played last 12 months with 1.9bn participating players

The Kahoot! journey

Development of cumulative nonunique players since launch

2013-18 2019 2020 H1 2021

Launched September 2013

Top 3 tool in US education

Launched first commercial editions in 2018 with 40k paid subscriptions

75+ employees

New commercial subscription editions for all segments

Reaching 170k paid subscriptions

Acquisition of Poio and DragonBox

120+ employees

More commercial offerings and over 550k paid subscriptions

Launched first platform service

Acquisition of Actimo and Drops

200+ employees

5 Billion

6 Billion

More features and over 930k paid subscriptions

Available in over 11 languages

Acquisition of Whiteboard.fi, Motimate and Clever

500+ employees

Even better teacher tools!

Fun math and language learning at School

Student

Elevate learning at schools and districts

Kahoot! Kids

Tailored Kahoot! experience for 2-7 year olds

Next generation engagement for Google Meet, Microsoft Teams and Zoom

Launching 2H 2021!

Marketplace

A new way for teachers and professionals to share and sell content

Network, share, engage! +

Global expansion! Kahoot! app in Arabic and simplified Chinese

More releases to be announced…

Join the Kahoot! journey

Parent

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