iHuman (IH) agreed to acquire the businesses and assets of two AI-powered apps, All Knowledge and Perfect Lingo, for 94.0 million Chinese renminbi ($13.9 million), the company said Sunday.
Under the deal, the company will pay 67.0 million renminbi for All Knowledge and 27.0 million renminbi for Perfect Lingo, the company said.
The prices would be lowered to RMB51.0 million for All Knowledge and RMB21.0 million for Perfect Lingo if certain material adverse events occur, the company said. The sellers may also receive potential additional earn-out payments of up to RMB29.0 million for All Knowledge and RMB12.0 million for Perfect Lingo in cash, if certain financial conditions are met over the next three years.
All Knowledge is focused on the humanities while Perfect Lingo helps users expand their vocabulary and improve their English pronunciation, the company said.
The company also named Teng Li from All Knowledge and Perfect Lingo as its co-Chief Executive Officer, it said.
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