Thoma Bravo Exits Instructure After Achieving Transformational Growth and Innovation

SAN FRANCISCO and SALT LAKE CITY-Thoma Bravo, a leading software investment firm, today announced it has sold its majority ownership in Instructure Holdings, Inc. (NYSE: INST) ("Instructure"), a leading learning ecosystem, to investment funds managed by KKR, a global investment firm, and Dragoneer Investment Group, a growth-oriented investor, in a take-private, all-cash transaction that values Instructure at approximately $4.8 billion. Instructure's common stock has ceased trading and the company is no longer listed on the New York Stock Exchange.

A global provider of learning management, education-tech effectiveness and credentialing solutions, Instructure provides an ecosystem of products that enhance the lives and outcomes of students, professional learners and educators.

Thoma Bravo acquired Instructure via a take-private transaction in 2020, prepared it for the public markets, successfully listed the company in 2021, and then continued to work closely with management to drive further growth and innovation as majority owner. Over its more than four years of ownership, Thoma Bravo has transformed Instructure into a market-leading expansive education platform through the successful execution of seven strategic acquisitions, operational improvements, efficiency gains and a focused approach to innovation.

"It has been a privilege to work with Steve and the entire management team over the past four and a half years as we grew Instructure from a singularly-focused product set into a comprehensive educational platform that serves stakeholders across the global education sector," said Holden Spaht, a Managing Partner at Thoma Bravo. "Instructure is a strongly positioned business, and I look forward to following its next phase of growth."

Brian Jaffee, a Partner at Thoma Bravo, added, "We are extremely proud of the many accomplishments under our ownership, including making substantial investments in expanding the platform, instituting a world-class management team and implementing best-in-class operational practices across all functions. We wish the entire team luck as they continue to grow and serve their impressive global customer base."

About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with approximately US$160 billion in assets under management as of June 30, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo's deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in more than 490 companies representing approximately US$265 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo's website at thomabravo.com.

About Instructure
Instructure powers the delivery of education globally and provides learners with the rich credentials they need to create opportunities across their lifetimes. Today, the Instructure ecosystem of products enables educators and institutions to elevate student success, amplify the power of teaching, and inspire everyone to learn together. With our global network of learners, educators, partners and customers, we continue to deliver on our vision to be the platform that powers learning for a lifetime and turns that learning into opportunities. We encourage you to discover more at www.instructure.com.

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