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Instructure

Instructure Holdings, Inc. is an American company founded in 2008 and headquartered in , . It specializes in developing cloud-based platforms for , assessment, and credentialing, with its flagship product, , a leading (LMS) used by millions of educators and learners globally. The company's mission is to build industry-leading edtech solutions that empower teachers and learners at every stage of their educational journey. Instructure's core offerings include Canvas LMS, which facilitates course creation, content delivery, and student engagement across K-12, , and corporate training environments; Mastery, a platform for streamlined and grading; and Parchment, a solution for issuing and verifying digital transcripts and certificates. Additional tools like support LMS adoption and optimization, while the recently launched Canvas Career provides AI-powered, skills-first learning experiences to help organizations develop future-ready workforces. Instructure also hosts a large of educators, fostering collaboration and innovation in edtech. Since its inception, Instructure has grown significantly, reaching a $1 billion market capitalization in 2017 and serving users in over 100 countries. In 2024, the company was acquired by private equity firm in a deal completed in November, transitioning to private ownership. More recently, in July 2025, Instructure announced a global partnership with to embed advanced AI technologies directly into , enabling dynamic content generation, personalized assignments, and enhanced learning experiences. This initiative, along with NSF-funded projects for AI testing in education, underscores Instructure's commitment to integrating responsibly to transform and learning.

History

Founding and Early Development

Instructure was founded in 2008 in by computer science graduate students Brian Whitmer and Devlin Daley. The duo's initiative stemmed from frustrations with the limitations of existing learning management systems (LMS), particularly Blackboard's , which they encountered during their studies and found clunky, unintuitive, and overly complex for both educators and students. Motivated by a project under adjunct professor Josh Coates to identify and improve poor , Whitmer and Daley envisioned a more accessible, flexible platform that would streamline interactions and make content readily available with minimal clicks. The company's initial focus centered on developing an open-source, user-friendly LMS hosted in the to address these shortcomings and compete with established players like and . Early development involved gathering feedback from beta testers at 17 universities in and , refining the product for broader usability. Seed funding came from Josh Coates, who provided $750,000 as an angel investor after declining interest from venture capitalists skeptical of the edtech space; he joined the board in 2008 and assumed the role of CEO in October 2010, steering the startup from a small team to a more structured operation amid initial challenges like legal disputes from competitors. Canvas, Instructure's flagship LMS, was launched in late 2010 following the beta phase and officially released in 2011 under the AGPLv3 to encourage widespread adoption and community contributions. A pivotal early milestone came in December 2010 when the Education Network selected to replace across Utah's public colleges, universities, and K-12 schools, serving over 500,000 users and marking Instructure's first major contract. By 2012, the platform had gained traction with initial clients in both K-12 and higher education sectors, signing over 100 institutions in 2011 alone, and emphasized features like mobile accessibility—highlighted by the release of a free app in December 2011—and seamless integrations to support diverse educational environments.

Initial Public Offering and Growth

Following its early development, Instructure experienced significant scaling from to 2015, expanding its customer base from approximately 100 institutions in to over 300 colleges and universities by early , and surpassing 1,400 customers across , K-12, and corporate sectors by mid-2015. This growth was driven by enhancements to the platform, including the launch of mobile apps for in late 2011 and in early , which enabled users to access courses, submit assignments, and engage in discussions on the go. Additionally, robust integrations were introduced and expanded during this period, allowing seamless connectivity with third-party tools for data analytics, , and custom extensions, which further accelerated adoption. By 2014, these advancements contributed to reaching over 12 million users worldwide. Instructure's international expansion gained momentum during the mid-2010s, with customers in over 25 countries by , supported by Canvas's localization efforts that included translations into multiple non-English languages through crowdsourced contributions. To address growing European operations, the company achieved compliance with the General Data Protection Regulation (GDPR) upon its enforcement on May 25, 2018, by implementing data processing addendums, EU-based data centers in Ireland and , and enhanced privacy controls for user data. This compliance facilitated deeper penetration into non-English markets, including localized interfaces and regulatory-aligned features for institutions in the and beyond. In November 2015, Instructure completed its (IPO), pricing 4.4 million shares at $16 per share and raising approximately $70 million in gross proceeds. The shares began trading on the under the ticker symbol "INST" on November 13, 2015, led by underwriters including and . In preparation for its second public offering following privatization in 2020, Instructure filed a registration statement with the U.S. Securities and Exchange Commission in June 2021, aiming to list on the under the "INST." The IPO priced on July 21, 2021, at $20 per share for 12.5 million shares, raising $250 million in gross proceeds before underwriting discounts, with shares beginning to trade on July 22, 2021. The offering was led by underwriters including , , and . Post-IPO, Instructure reported fiscal year 2021 revenue of $405.4 million, a 34% increase from the prior year, reflecting accelerated user adoption and platform enhancements. The company deepened partnerships with prestigious institutions, such as adopting for online coursework in 2014 and integrating it for course management, which bolstered its reputation in . Building on its 2015 launch of for corporate learning, Instructure expanded into the corporate training market post-IPO, offering scalable LMS solutions for employee upskilling and compliance training to businesses and nonprofits.

Ownership Changes and Acquisitions

In December 2019, Instructure announced its acquisition by private equity firm for an enterprise value of approximately $2 billion, with the transaction completing in March 2020 and resulting in the company being taken private and delisted from the . In July 2024, Instructure, still under Thoma Bravo's ownership, agreed to be acquired by investment funds managed by and Dragoneer Investment Group in an all-cash deal valued at $4.8 billion, or $23.60 per share, marking its second ; the transaction closed on November 13, 2024, once again delisting from the NYSE. Throughout this period, Instructure pursued an active acquisition strategy to broaden its offerings, completing a total of 10 acquisitions by 2025. Key deals included the 2017 acquisition of , a video microlearning platform for practice management; Portfolium in 2018, which provided e-portfolio capabilities for showcasing achievements; MasteryConnect in 2019, enhancing tools for K-12 educators; in February 2024 for $835 million, expanding digital credentialing services; and Scribbles Software in July 2024 for $81.8 million, adding solutions for K-12 districts. These acquisitions were integrated into Instructure's Canvas ecosystem as a central hub, enabling seamless enhancements to learning workflows and significantly expanding the company's reach to over 4,000 K-12 districts and 2,500 institutions by 2025.

Products and Services

Canvas Learning Management System

is Instructure's flagship (LMS), designed to facilitate course management, student engagement, and instructional delivery across educational settings. Launched publicly in 2011 following a in 2010, has evolved into a versatile platform that supports online, hybrid, and in-person learning environments. Its modular architecture allows educators to build and organize courses using intuitive tools, emphasizing ease of use and customization to meet diverse pedagogical needs. At its core, operates as a cloud-based software-as-a-service () model, enabling seamless scalability from K-12 classrooms to institutions and beyond. Key features of Canvas include a modular design that integrates courses, quizzes, assignments, and grading tools into a cohesive . Instructors can create structured modules to content, while quizzes support both graded and ungraded formats with options for timing and self-pacing to assess understanding. Assignments facilitate submission management and rubric-based grading, streamlining feedback processes. The platform adheres to (LTI) standards, allowing integrations with over 600 educational technology partners, such as , to enhance functionality without disrupting workflows. Additionally, Canvas incorporates open-source elements, with its codebase available under the AGPLv3 license on , enabling developers and institutions to customize and extend the system for specific requirements. Since its inception, Canvas has undergone significant evolution to incorporate emerging technologies and user demands. In 2016, Instructure introduced Canvas Studio—initially branded as —a integrated directly into the LMS to support multimedia content creation and sharing. Mobile app enhancements followed, with availability in 2011 and support added in 2013, allowing users to access courses on the go. More recently, in July 2025, Instructure announced a global partnership with to embed AI capabilities within Canvas, enabling features like LLM-enabled assignments and paths that adapt to individual student needs. On the same date, Instructure launched Canvas Career in beta, an AI-powered, skills-first learning experience designed for organizations to map course content to job skills and build future-ready workforces, with general availability expected in January 2026. These updates have bolstered Canvas's role as a dynamic platform for modern . Canvas serves millions of users worldwide, powering learning for over 8,000 institutions and supporting peak concurrent usage of up to 6 million individuals. Its adoption spans K-12, , and professional training, with a focus on exemplified by achieving full WCAG 2.2 compliance across its product suite in 2025. Technically, the model ensures high scalability, handling large-scale deployments through robust cloud infrastructure. Built-in dashboards provide educators with insights into student performance, engagement metrics, and course effectiveness, aiding data-driven instructional decisions.

Assessment and Learning Tools

Instructure's assessment and learning tools emphasize standards-based evaluation and personalized instruction, particularly for K-12 and environments, by providing specialized platforms that complement broader learning management systems. These tools focus on formative assessments, progress monitoring, and data visualization to support educators in identifying learning gaps and enhancing student outcomes without encompassing full course delivery functionalities. Mastery by Instructure (formerly MasteryConnect) serves as a core K-12 solution, enabling educators to create standards-aligned formative and assessments in both item-based and document-based formats, which can be administered online or offline. It facilitates real-time progress tracking through mastery trackers that align student performance to specific standards, allowing teachers to monitor individual and class-level proficiency and adjust instruction accordingly. The platform includes an extensive item bank for customizable quizzes and tests, promoting data-driven to predict state outcomes and boost overall student growth. In 2025, updates introduced AI-driven features such as automated item generation and alignment to standards, alongside streamlined item management for efficient creation, and support for multilingual content including assessments. Mastery is widely utilized by educators in U.S. districts, underscoring its scale in providing actionable insights for . Portfolium, an e-portfolio platform integrated with , allows students to build digital showcases of their work, projects, and competencies to demonstrate career readiness and . Users can curate artifacts from , embed , and connect achievements to employer networks, fostering skills like and professional storytelling. As of late 2025, Portfolium remains operational but is transitioning toward full replacement by the native Portfolio tool by June 30, 2026, ensuring seamless continuity in e-portfolio functionality. Additional tools enhance these capabilities: by Instructure provides analytics for teacher efficacy, offering real-time insights into instructional practices and edtech engagement to optimize support and adoption across K-12 settings. Videri delivers data visualization for results, integrating sources like MasteryConnect and information systems to generate watchlists, charts, and longitudinal reports accessible on mobile devices for educators. These enhancements in 2025, such as AI-assisted reassessment in Mastery, emphasize efficient, insight-oriented tools that integrate briefly with for holistic learning support.

Credentialing and Analytics Solutions

Instructure's credentialing solutions center on , a digital platform acquired in February 2024 for approximately $795 million, which enables the secure issuance and management of academic credentials including transcripts, digital badges, and micro-credentials. This acquisition expanded Instructure's capabilities to serve K-12 and institutions by facilitating verifiable, shareable records that support pathways. Parchment's network processes millions of credentials annually, allowing learners to request, send, and receive documents electronically while ensuring compliance with standards like FERPA for data privacy. Complementing credentialing, Instructure offers tools such as the Canvas Program Assessment feature, which enables institutions to evaluate learning outcomes for purposes by student work to program-level rubrics and generating reports. For custom reporting, Canvas Data provides access to raw institutional data exports, allowing administrators to build tailored on engagement, retention, and performance metrics. Pathways, integrated within Canvas Credentials, supports career by creating visual, stackable roadmaps that align skills to professional goals, helping users track progress across educational and workforce transitions. In the analytics domain, Instructure's Mastery suite includes formerly known as CASE Benchmarks—now rebranded as Mastery View Predictive Assessments—which deliver standards-aligned benchmark tests to forecast student performance on standardized exams like state assessments and the . The Mastery Item Bank, with over 100,000 vetted items, powers these assessments and custom tests, enabling educators to align content to specific standards for reliable outcome predictions. In 2025, Instructure integrated AI-driven features through Intelligent Insights, which analyzes data to provide on student outcomes, such as early alerts for at-risk learners, enhancing institutional decision-making. These solutions position Instructure beyond traditional K-12 and higher education into corporate training via Canvas for Business, a variant of the LMS adapted for workforce development, credentialing, and analytics to support employee upskilling and compliance tracking.

Corporate Affairs

Leadership and Governance

Steve Daly has served as Chief Executive Officer of Instructure since October 2021, overseeing the company's global operations and leading initiatives in artificial intelligence to enhance educational technologies. With over 25 years in software and technology, Daly previously spent 13 years as CEO of LANDESK/Ivanti, where he scaled operations in IT management and security solutions, bringing expertise in edtech growth to Instructure's expansion in learning platforms. The executive team includes key leaders supporting strategic and operational functions. Matt Kaminer, appointed Chief People & Legal Officer in 2015, manages compliance, , and legal affairs, ensuring adherence to regulatory standards in education technology. Melissa Loble, named Chief Academic Officer in 2023, focuses on product and academic strategy, driving thought leadership to integrate educational best practices into Instructure's offerings. Michael Lysaght serves as , spearheading innovation in tools with more than 25 years of experience in consumer technology product development. Following the 2024 acquisition by investment funds managed by and Dragoneer Investment Group, completed in November 2024, Instructure transitioned to private ownership. This supports the leadership's strategic decisions, including the July 2025 global with to embed AI learning experiences in the platform, aimed at transforming personalized education. Additionally, under this guidance, Instructure earned recognition on the 2025 GSV 150 list in April 2025 for its transformational growth in and workforce skills.

Headquarters and Workforce

Instructure's headquarters has been located in , , since its founding in 2008, with the primary address at 6330 South 3000 East, Suite 700. The company maintains additional offices to support its operations, including locations in , ; , ; and , , facilitating international expansion and regional support. In 2025, Instructure established an hub in the to enhance its presence in the region. As of 2025, Instructure employs over 1,800 people worldwide, an increase from 1,466 in , reflecting growth in its edtech operations. The workforce comprises diverse roles, with significant portions dedicated to , , and education specialists who contribute to product development, , and instructional support. Company culture emphasizes core values such as openness, relationships, equality, ownership, and simplicity, fostering an that supports in education technology. Post-COVID, Instructure has adopted a flexible remote-hybrid work model to accommodate its global team, enabling collaboration across time zones while maintaining productivity. The company promotes through initiatives like partnerships with student groups for belonging programs and sessions at events focused on inclusive learning experiences. Training programs align with these efforts, emphasizing equality and for employees. Instructure also supports internal engagement through annual events like InstructureCon 2025, held July 22-24 in Spokane, Washington, where staff and educators collaborate on edtech advancements. Instructure's global reach extends to users in more than 100 countries, serving approximately 200 million learners through localized teams that ensure with regional regulations and cultural adaptations. These teams, including dedicated EMEA operations, underscore the company's commitment to worldwide educational .

Financial Performance

Revenue and Market Position

Instructure's revenue has shown steady growth, reaching $475.2 million in 2022 and increasing to $530.2 million in 2023, primarily driven by its subscription-based model that accounted for approximately 92% of in 2023. For 2024, the company guided between $655 million and $665 million, with actual trailing twelve-month of $634.44 million as of September 2024, reflecting a 28.34% year-over-year increase in the most recent quarter. Pre-privatization analyst projections estimated 2025 to average $742.1 million, surpassing $600 million and supported by over 90% recurring streams; following the November 2024 acquisition, detailed public financial projections are not available. Revenue breakdown in 2023 highlighted as the largest segment at about 55% of annual recurring (ARR), followed by K-12 at 21%, non-traditional (including corporate) at 11%, and other areas like assessments and international LMS at the remainder. In the edtech market, Instructure holds a leading position in the learning management system (LMS) sector, with capturing approximately 50% in North American by enrollment as of year-end 2024 and around 33% in K-12. The company serves over 30 million active users globally and more than 4,000 K-12 school districts, alongside 2,500 institutions. Its recognition on the 2025 GSV 150 list underscores its status among the most transformational growth companies in , evaluated on criteria including revenue scale, user reach, and impact. Key growth drivers include a robust subscription model with a 93% gross revenue retention rate and 103% net retention rate in 2023, enabling consistent expansion from existing customers. Following its in November 2024, Instructure announced a target of $1 billion in annual recurring revenue by 2028. Acquisitions have significantly bolstered revenue, notably the 2024 purchase of , which added approximately $115 million in annual revenue through credentialing solutions. This strategy, combined with international expansion and , positions Instructure to target a $52 billion . In the competitive landscape, Instructure differentiates from rivals like and through superior , modern interface, and seamless integration, contributing to its market leadership. The introduction of features in 2025, including a partnership with for embedded generative tools like automated creation and summarization, is expected to further enhance and boost market share in the evolving edtech space.

Stock History

Instructure's stock history reflects a pattern of public listings interspersed with private equity takeovers, beginning with its initial privatization in 2020. Prior to that, the company had been publicly traded on the (NYSE) since its original IPO in 2013. In December 2019, announced its intent to acquire Instructure, initially offering $47.60 per share, which represented an 18% premium to the unaffected closing price at the time. Following shareholder pushback and a failed initial vote, raised its offer to $49 per share in February 2020, valuing the equity at approximately $2 billion. The deal closed in March 2020, with the tender offer completed and remaining shares converted in a merger, leading to delisting from the NYSE in December 2020. In July 2021, under Thoma Bravo's ownership, Instructure returned to public markets through a second IPO on the NYSE under the "INST." The company priced 12.5 million shares at $20 per , raising $250 million in gross proceeds before underwriting discounts. The shares began trading on July 22, 2021. Post-IPO, the stock experienced initial gains, reaching a high closing of $25.22 in October 2021 amid optimism in the edtech sector. However, broader market conditions, including economic pressures and sector-specific challenges, led to volatility; the stock dipped to a low of $16.06 in May 2022 before recovering to a peak of $28.35 in July 2023. By late 2023, shares were trading around $24, reflecting a general decline from earlier highs. In July 2024, Instructure announced its second privatization, agreeing to be acquired by investment funds managed by , with participation from Dragoneer Investment Group, for $23.60 per share in an all-cash deal valued at approximately $4.8 billion including debt. This price represented a 16% premium over the unaffected closing price of $20.27 on May 17, 2024, the last trading day before acquisition rumors emerged. , which held about 84% of the shares, sold its majority stake in the transaction. The deal received shareholder approval and closed on November 13, 2024, delisting Instructure from the NYSE once again. As of 2025, the company remains privately held, supported by and Dragoneer to drive long-term growth in its learning ecosystem without the pressures of public markets.

Legal and Ethical Issues

Data Privacy Concerns

In March 2025, a titled Hernandez-Silva et al. v. Instructure, Inc. was filed in the U.S. District Court for the Central District of (Case No. 2:25-cv-02711), alleging that Instructure illegally collected, shared, and monetized from millions of K-12 students through its without . The complaint claimed violations of the (COPPA) and various state privacy laws, asserting that Instructure used student information for commercial purposes, including and sales to third parties. The case was dismissed on August 14, 2025, with individual claims dismissed with prejudice and class claims without prejudice, due to the plaintiffs' failure to provide sufficient specificity in their allegations. Earlier data privacy concerns emerged in 2020 amid Instructure's acquisition by private equity firm for approximately $2 billion, raising worries among students and educators about potential changes to data protection contracts and the handling of sensitive educational information. Stakeholders expressed fears over transparency in how student data would be managed post-acquisition, particularly regarding compliance with regulations in and K-12 settings. In 2021, the (EFF) criticized the reliability of proctoring tools integrated with platforms like , highlighting instances where log data from these systems led to unfounded cheating accusations and invasive of students during remote exams. The EFF argued that such tools often produced false positives and lacked protections, exacerbating risks in . In response to these issues, Instructure has maintained commitments to compliance with the Family Educational Rights and Privacy Act (FERPA), emphasizing transparent data practices and role-based access controls to prevent unauthorized viewing of student information. Company officials stated during the 2020 acquisition process that no alterations would be made to existing data protection contracts, ensuring continuity in privacy safeguards. In 2025, as part of its global partnership with to integrate features into , Instructure introduced specific AI privacy guidelines, prioritizing educational integrity and data protection by limiting AI processing to anonymized or user-controlled inputs. These guidelines include an Privacy Notice outlining how AI tools handle in compliance with applicable laws. These privacy concerns underscore broader risks in the edtech sector, particularly for Instructure's platform, which serves millions of K-12 users and handles vast amounts of sensitive student data across U.S. schools. The 2025 lawsuit and prior criticisms highlight ongoing challenges in balancing with robust data protections, prompting increased scrutiny of how edtech companies like Instructure manage biometric, behavioral, and academic information to avoid violations of and privacy standards.

Other Litigation

In 2021, Instructure initiated a lawsuit against Canvas Technologies, Inc., a diversity-focused job , claiming that the defendant's use of the "Canvas" name and (canvas.com) violated Instructure's federally registered trademarks for its . The suit, filed in the U.S. District Court for the District of (Case No. 2:21-cv-00454), argued that the branding caused consumer confusion and diluted Instructure's established mark in the education technology sector. In January 2022, the granted Instructure's motion for a preliminary , ordering Canvas Technologies to immediately cease using the "" mark, rebrand its services, and transfer the canvas.com domain to Instructure to prevent ongoing harm. Canvas Technologies was found in later that year for non-compliance with the , leading to additional sanctions. The parties reached a in May 2022, under which Canvas Technologies (by then rebranded as part of Untapped Group) agreed to the domain transfer and permanent cessation of the infringing use, resolving the dispute without further litigation. This case highlighted Instructure's efforts to protect its core branding amid the growth of edtech competitors. Beyond this matter, Instructure's litigation history remains limited, with no major public contractual or operational disputes reported as of 2025. The company's standard user agreements and service contracts frequently incorporate mandatory binding clauses, administered by bodies such as the , to facilitate private resolution of potential conflicts and reduce exposure to court proceedings.

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