Instructure

Education software (Canvas) · taken private by Thoma Bravo

Entry value$2BMar 24, 2020 · equity value Exit value$2.77BJul 22, 2021 · IPO price × shares Multiple1.39×exit ÷ entry, see below Years private1.3Mar 24, 2020 → Jul 22, 2021

Thoma Bravo took Instructure, the maker of the Canvas learning platform, private in March 2020 and listed it again on the NYSE sixteen months later, at about 1.4 times the take-private price. While private it brought in a new chief executive and finance chief, bought Certica and dropped legacy projects. In November 2024 KKR and Dragoneer took it private again, buying out Thoma Bravo.

THE CYCLE · THOMA BRAVO

Instructure | private 1.3 years, out at 1.39×

in$2B→out$2.77B·1.39×·thenprivate again NOV '24

private public private again · every tag links its source

What happened, step by step

Thoma Bravo completed its all-cash acquisition of Instructure at an aggregate equity value of about $2 billion, after raising its offer to $49.00 a share.Take-private · Mar 24, 2020
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Management Appointed a new chief executive, Steve Daly, and a new finance chief, Dale Bowen.While private · 2020
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M&A Bought Certica Holdings.While private · Dec 22, 2020
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Focus A strategic realignment stopped spending on legacy analytics initiatives, to focus on building strengths in adjacent areas of learning analytics.While private · 2020
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Debt Carried $778.1M of debt before the IPO, about $550.0M after using the proceeds.While private · Mar 31, 2021
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Instructure Holdings priced its IPO of 12.5 million shares at $20.00 and began trading on the NYSE as INST on July 22, 2021.Back to market · Jul 22, 2021
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Thoma Bravo kept about 88.1% of the common stock after the IPO.After · Jul 22, 2021
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Agreed to be taken private again by KKR for $23.60 a share, a 16% premium to the unaffected price, buying Thoma Bravo's majority stake too.After · Jul 25, 2024
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KKR and Dragoneer completed the take-private at $23.60 a share, an enterprise value of about $4.8 billion; the stock left the NYSE.After · Nov 13, 2024
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The multiple, read every way

IPO price × shares $2.0B take-private against $2.77B at the IPO price (138.5M shares × $20): about 1.4× in sixteen months.1.39×
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Thoma Bravo's final exit KKR's 2024 price, about $4.8B, is an enterprise value: it counts debt, while the $2B of 2020 is equity, and the company also bought businesses while public. So the 2.4× it suggests overstates the gain on a like-for-like basis.2.40×
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The IPO value is equity at the offering price; the company also carried about $550M of debt after the IPO. KKR's 2024 price is an enterprise value, which includes debt.

Exit value worked out as 138.5M shares outstanding after the offering × $20.

The systems angle

The pitch was product and platform, not AI: none of the deal announcements in 2020, 2021 or 2024 mentions AI.

“We look to leverage our deep roots in software to grow Instructure and develop its products”Holden Spaht, Thoma Bravo · at the 2020 take-private · Mar 24, 2020
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“Instructure has evolved into a true platform technology provider”Brian Jaffee, Thoma Bravo · on selling to KKR · Jul 25, 2024
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“continue to innovate and enhance Canvas and the Instructure Learning Ecosystem”Steve Daly, Instructure CEO · at the KKR closing · Nov 13, 2024
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Sources (5)

thomabravo.com /press-releases/thoma-bravo-completes-acquisition-of-instructure
sec.gov /Archives/edgar/data/1841804/000119312521223022/d47346d424b4.htm
thomabravo.com /press-releases/instructure-announces-pricing-of-initial-public-offeri
thomabravo.com /press-releases/instructure-to-be-acquired-by-kkr-for-4.8-billion
sec.gov /Archives/edgar/data/1841804/000119312524257230/d878225dex991.htm

How this is researched

Researched by hand from primary sources: the companies' and buyers' press releases, SEC filings (prospectuses and 8-Ks) and credible press. Each source logo links the page that states the row; anything we couldn't source is left out. The multiple is exit value over entry value as the sources state them; the readings above say where the two are not like for like. Updated Oct 12, 2026.