IBL News | new York
Instructure, owner of Canvas LMS, announced last week that it has acquired long-time partner EesySoft, for an undisclosed amount. The purchase took place the same week that Instructure quietly announced it was preparing to go public again, just 15 months after the investment firm. Thomas bravo made the company private.
This June 28, 2021, Instructure Holdings Inc. has filed an Initial Public Offering with the SEC. The S-1 case came after a year-and-a-half restructuring of the company quietly, without the oversight of regulators and common market shareholders.
During this period, Instructure sold Bridge corporate LMS in February 2021, made an undisclosed number of sales and marketing layoffs, and transferred part of its software development to Budapest, Hungary, where operating costs are significantly lower.
Significantly, Instructure did not post the IPO announcement on its regular PR channels, nor on its Twitter account. The EdTech community’s attention to the 2U-edX transaction helped Instructure’s IPO application go unnoticed last week.
Instructure described the restructuring in its S-1 in these terms:
âWe implemented a strategic expense reduction plan that allowed us to focus on creating customer value supported by recurring revenue, sustainable growth and better loyalty, with fewer resources than at the time. of the Take-Private transaction. We have simplified our organizational design, moved some of our development efforts to Budapest, closed and consolidated facilities internationally and in the United States, and aligned the organization with our sole focus in the service of education.
The number of shares to offer and the price range have not yet been determined.
Instructure will be listed on The New York stock exchange (NYSE) under the ticker symbol “INST”, the exact same one it had.
In the first three months of 2021, Instructure achieved revenue of $ 94.0 million and a net loss of $ 33.1 million, according to the filing. Of the society long-term debt is $ 778 million.
Impact by infrastructure
The acquired company EesySoft will be renamed âImpact by Instructureâ, with solutions to help institutions adopt new tools and assess their impact on student engagement and outcomes.
Steve daly, CEO of Instructure, explained that “Blended learning is here to stay” and âDistricts and schools are under increased pressure to measure return on investmentâ.
EesySoft is a 40-person company based in Amsterdam, founded in 2010 by the CEO Michel Visser and CTO Jan Henrick Ejme [in the picture above].
The start-up offers a guided user experience for educational technology platforms such as Canvas LMS, improving the teaching and online learning experience for the student. It also offers help for institutions to add their own assets or integrate third party assets.