EDRUPT acquired by LUMI GRUPPEN
Context
Lumi Gruppen acquired 100% of the shares in Edrupt Holding AS to accelerate its transition into an AI-based education technology provider. The transaction is structured with an upfront cash payment of NOK 71.7 million, with the remaining consideration based on earn-out and outperformance targets for the 2025/2026 and 2026/2027 academic years. The acquisition was financed through existing bank facilities. The strategic rationale centers on integrating the target's scalable AI tools across the buyer's existing portfolio, diversifying revenue streams, and capturing growth in the digital exam preparation market. This deal represents a step change for the buyer, shifting its business model toward more technology-led, high-margin educational services.
EDRUPT, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Retail & Consumer sector (11.0x).
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Target
Established in 2012 and formally incorporated in 2017, Edrupt is the developer of the EnkelEksamen digital platform. Based in Oslo, the company specializes in online video courses and AI-enhanced learning tools designed to help students prepare for exams efficiently. Since its inception, the platform has delivered over 250 digital courses. Initially focused on tertiary-level business students, the firm has successfully expanded into secondary education and various other academic subjects. The company is recognized for its high profitability and its scalable, tech-driven approach to student success, utilizing artificial intelligence to personalize and enhance the learning experience.
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Historical Financials (NOK)
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REFERENCES
Valuation range: EV 100M - 350M NOK
Revenue range: 25M - 50M NOK
EBITDA range: 5M - 25M NOK
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Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).
Acquirer: lumi gruppen