Today, we hosted our annual Investor Day, where we invited all to explore our long-term strategy, innovative initiatives, and growth trajectory for the Kahoot! Group. It is an honor to lead a company that continues to thrive and make learning awesome for millions of users worldwide.
Now, I’m delighted to share with you a few exciting highlights from the event.
First, I am happy to report that the positive trend in user activity on the Kahoot! platform we saw at the end of Q1 continued into May, including year-over-year growth in active accounts. This is supported by a significant increase in key account sales for our core Kahoot! offerings, both by number and size of accounts, showing strong forward momentum.
The Clever platform, now used by close to a 100,000 U.S. schools, also shows strong performance with continued adoption of new paying apps, the driving force behind approximately 20% growth in activity. Clever also continues to add value for users through product development, and we are thrilled to be supporting Clever in its international expansion. This sets us up well as we move into the coming back-to-school season and beyond.
Kahoot! has never had more advanced activity on our platform, and we never had more new products coming out, adding to our already strong suite of learning solutions.
This makes me confident in our ability to continue our product-led growth and leverage our strongly scalable platform to fuel sustainable, long-term profitable growth.
Driving growth with continuous innovation
Today we extended our long-lasting commitment to innovation by announcing the first wave of features based on generative AI in our suite of products, including Kahoot!’s new question generator, turbocharged brainstorming, and optimized search and content recommendations. These new features leverage the latest technology to help both creators and learners to discover or create impactful, engaging learning content more quickly and easily than ever before.
Additionally, we are launching a number of exciting new offerings focused on leveling up learning and engagement for our millions of global users across businesses, schools, families and students, and beyond. We were excited to give a sneak peak of our upcoming Kahoot! GO initiative, to be launched this autumn. This tool will equip all users to spark engagement instantly in all kinds of settings. Stay tuned for more details on this and other upcoming product innovations in the coming months.
Continued profitable growth
Going forward, we are targeting a trajectory of more than 20% annual growth in billings in the period following this year’s guidance, through 2026. And we maintain our target of delivering a group-wide cash conversion at approximately 40% in 2025 and onwards.
In line with this growth strategy, we were excited to announce today that we are taking a next step to prepare for a secondary listing, with our plan for a dual listing on Nasdaq in 2024.
Building the future of learning together
As we step into our next phase of growth and development, we remain steadfast in our commitment to delivering greater value and enriching the learning experience for all our users. We are grateful to be strengthened by the continued support of our investors, partners, team members, and users around the world.
Together, we are shaping the future of learning and driving positive change on a global scale. We invite you to join us on this remarkable journey as we continue to make learning awesome for everyone, everywhere.