On the Record · Duolingo
Duolingo acquisitions, on the record
The businesses Duolingo bought and sold, as its annual reports describe them, with the cash it reported paying for acquisitions each year and every deal filing since 2016.
Deals its annual reports describe
| Business | Deal | When | Value |
|---|---|---|---|
Gunner Made LLC ("Gunner"), a wholly owned entity of PNG Holdings LLC, a design and animation studio based in Detroit, MichiganWord for word“On October 3, 2022, the Company completed the acquisition of the assets of Gunner Made LLC (“Gunner”), a wholly owned entity of PNG Holdings LLC, a design and animation studio based in Detroit, 100 Table of Contents Michigan.” 10-K for 2023 | acquisition | October 3, 2022 | — |
Gunner Made LLC ("Gunner"), a wholly owned entity of PNG Holdings LLCWord for word“For example, in October 2022, we completed the acquisition for the assets of Gunner Made LLC (“Gunner”), a wholly owned entity of PNG Holdings LLC, a design and animation studio based in Detroit, Michigan, and in July 2024, we completed the acquisition of Hobbes, an animation and motion design studio based in Detroit, Michigan.” 10-K for 2024 | acquisition | in October 2022 | — |
Hobbes, an animation and motion design studio based in Detroit, MichiganWord for word“For example, in October 2022, we completed the acquisition for the assets of Gunner Made LLC (“Gunner”), a wholly owned entity of PNG Holdings LLC, a design and animation studio based in Detroit, Michigan, and in July 2024, we completed the acquisition of Hobbes, an animation and motion design studio based in Detroit, Michigan.” 10-K for 2024 | acquisition | in July 2024 | — |
two acquisitions (businesses not named in the quoted text)Word for word“The total aggregate consideration was $ 7,500 , of which $ 7,100 represents the purchase price allocated to the fair value of the acquired assets and assumed liabilities, as detailed below.” 10-K for 2024 | acquisition | — | $ 7,500 |
the team behind NextBeat (Music Learning Services Limited)Word for word“For example, in July 2025, we completed the acquisition of the team behind NextBeat through the purchase of Music Learning Services Limited, a U.K.-based entity, and in July 2024, we completed the acquisition of Hobbes, an animation and motion design studio based in Detroit, Michigan.” 10-K for 2025 | acquisition | July 2025 | — |
HobbesWord for word“For example, in July 2025, we completed the acquisition of the team behind NextBeat through the purchase of Music Learning Services Limited, a U.K.-based entity, and in July 2024, we completed the acquisition of Hobbes, an animation and motion design studio based in Detroit, Michigan.” 10-K for 2025 | acquisition | July 2024 | — |
two acquired businesses bringing designer, illustration, animation, and engineering talentWord for word“During July 2024, the Company completed two acquisitions which brought new designer, illustration, animation, and engineering talent to Duolingo’s existing teams in addition to developed technology.” 10-K for 2025 | acquisition | July 2024 | — |
| Fiscal year ended | Cash paid for acquisitions (net of cash acquired) | Goodwill from acquisitions |
|---|---|---|
| 2020-12-31 | $0 | — |
| 2021-12-31 | $0 | — |
| 2022-12-31 | $4 million | $4 million |
| 2023-12-31 | $0 | — |
| 2024-12-31 | $6.6 million | $6.5 million |
| 2025-12-31 | $33.1 million | $24.8 million |
Deal filings since 2016
- 2024-03-06 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
- 2023-12-19 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
- 2021-11-22 Form 8-K, Item 1.01: Entry into a Material Definitive Agreement
Read from Duolingo’s annual reports (10-K for 2025, 10-K for 2024, 10-K for 2023) and the financial data it files with the SEC, as of 2026-02-27. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.