Stanford-backed edtech Duck Duck Moose has been acquired by Khan Academy for the symbolic sum of $1.
Duck Duck Moose, a US-based edtech company backed by Stanford University, has been acquired by education non-profit organisation Khan Academy for $1, Edsurge reported on Saturday.
Duck Duck Moose said it effectively donated its intellectual property to Khan Academy, becoming a wholly-owned subsidiary in the process. The nominal sum of $1 was the minimum legal requirement to formalise the transaction.
Duck Duck Moose’s nine employees will join Khan Academy and its apps will become free of charge.Philanthropic investment firm Omidyar Network has provided a $3m, two-year grant to Khan Academy to facilitate the deal, with the non-profit seeking to raise another $3m from additional investors.
Founded in 2008, Duck Duck Moose has created a suite of 21 educational mobile apps aimed primarily at young children aged two to seven.
In 2012, the company raised $7m in a series A round co-led by Sequoia Capital and Lightspeed Venture Partners, with participation from Stanford University.
Caroline Hu Flexer, co-founder of Duck Duck Moose, said: “Khan Academy was always on the top of our list. There were for-profit [acquisition] options, but our investors understood how we were trying to impact the world. They were very supportive and helped make this deal happen.”
