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Instructure, the publicly traded company behind the learning management system Canvas, is going private.
The company announced a few weeks ago that it was exploring a number of strategic options, including a possible sale. Yesterday the company agreed to be acquired by private equity and investment firm Thoma Bravo for approximately $2 billion.
“Instructure believes the opportunity to become a private company will provide additional flexibility and position us to invest more strategically to drive innovation for our customers,” said Dan Goldsmith, CEO of Instructure, in a press release. Instructure’s management team will continue in their current roles.
Brian Jaffee, a principal at Thoma Bravo, indicated that the future is bright for the Canvas LMS, which he said has an “exciting scale and future growth potential.” But no mention was made of Bridge, Instructure’s business employee development software, which has been losing money.
Phil Hill, a partner at MindWires Consulting and publisher of Phil on Ed Tech, described the announcement as “big news for the LMS market.” He noted the press release “explicitly mentions future growth that will or could include M&A -- Instructure buying other companies.”
