EdCast Raises $35 Million in Funding to Expand Its Platform

IBL News | New York

EdCast, a Mountain View, California – headquartered provider of corporate learning software and content, announced yesterday the close of funding round of $35 million in Series D.

Avathon Capital, formerly known as Sterling Partners’ Education Opportunity Fund, led the round. National Grid Partners, State Street Global Advisors, and REV Venture Partners participated, as well.

Founded in 2013, EdCast uses the Open edX – based software as a part of its corporate training platform.

EdCast claims to host two million paid users, including employees from Hewlett Packard and the World Economic Forum.

According to a statement released on Thursday, “EdCast will use this latest funding round to continue expanding its Knowledge Cloud, Content Marketplace, and MyGuide product offerings.”

Other start-ups with a corporate learning focus have raised significant amounts of funding this year. OpenSesame obtained $28 million, while 360Learning raised $41 million and GO1, $25 million.

A Second Shareholder Announces It Will Vote Against Instructure’s Proposed Deal

IBL News | New York

After Rivulet Capital, a second large shareholder announced this Thursday that it will vote against Instructure’s plan to sell itself to private equity firm Thoma Bravo, citing a rushed process and potential conflicts of interest.

The New York-based Praesidium Investment Management, which owns 7.5% of Instructure, became the second big investor to speak out against the $2 billion deal. They believe that the proposed transaction significantly undervalues the company behind Canvas -the leading LMS in higher education in the U.S- with a market share of 38%.

This move might endanger the success of the transaction.

“Due to our growing concerns over the potentially flawed and conflicted process and the resulting bid that we feel undervalues the Company, Praesidium believes the proposed deal is not in the best interests of shareholders and intends to vote against the deal as it is currently presented,” Praesidium’s two founders wrote on a letter to Instructure’s board on Thursday.

“We have heard deeply concerning reports that CEO Dan Goldsmith has expressed to shareholders his unwillingness to work for certain potential acquirers, which means he may have put his own interest ahead of Instructure shareholders.”

Praesidium hedge fund also voiced concern over potential conflicts of interest involving Instructure’s Chief Executive and said board member Kevin Thompson had “significant dealings with Thoma Bravo” in his role as president and CEO of SolarWinds Inc.

Three weeks ago, Kevin Oram, Praesidium’s Co-Founder and Managing Partner, said that selling Bridge –Instructure’s unprofitable employee development platform– would unlock the value of Canvas, which he estimated to be worth $2.5 billion.

This is the full text of Praesidium’s letter to the Instructure Board of Directors:

Praesidium Investment Management Company, LLC (“Praesidium,” “the firm” or “we”), on behalf of its clients, owns approximately 2.9 million shares of Instructure, Inc. (the “Company” or “Instructure”), representing approximately 7.5% of the Company’s outstanding shares.

As a significant shareholder of the Company, we are writing this letter to express our serious concerns with the proposed sale of Instructure to affiliates of a fund managed by Thoma Bravo, LLC (“Thoma Bravo”) for $47.60 per share in cash pursuant to an Agreement and Plan of Merger that was approved by you, the members of the Instructure Board of Directors (the “Board”), which we believe significantly undervalues the Company.  Not only does the proposed offer represent a more than 10% discount to Instructure’s closing share price of $52.96 on December 3, 2019, the day before the deal was announced, but we have many reasons to believe the Board did not undertake a full and fair sales process to ensure that shareholders receive maximum value for their investment.  We believe the process was rushed, lacks transparency and is potentially riddled with conflicts of interest, among other concerns.

We take our fiduciary duty to our clients extremely seriously and we are expressing our concerns to you (and publicly) in hope of illuminating and ultimately rectifying what we believe is a possible injustice to them and other shareholders.

As you are aware, Praesidium has been an investor in Instructure and has been constructively engaged with the Company and the Board for almost a year. Prior to and during this period, the Praesidium team spent countless hours analyzing Instructure’s financials, its competitive positioning and the broader education market.  Our original and ongoing work has led us to believe, and we continue to believe, that the Company’s education business is a unique and valuable asset.  Canvas’ technology is best-in-class resulting in high competitive win rates and near-perfect customer retention.  This has allowed Canvas to garner close to 38% share in the US higher education market. The continued runway in the US and abroad should allow Canvas to grow in the mid-teens for the next few years.  In addition, Canvas’ positioning as a trusted partner presents a tremendous opportunity to create an unrivalled education platform with the opportunity to expand into adjacent areas organically and roll-up smaller companies in what is a currently fragmented market. As we have presented to you in the past, this dominant position in a single vertical should allow for the business to be run very profitably and generate significant free cash flow.  Based on our detailed analysis of vertical software companies, which we shared with you, we believe that Canvas should be able to generate EBITDA margins of over 40%.  However, the profit potential of the highly valuable Canvas business is being completely obscured by massive losses being incurred by Bridge.  We estimate that in 2019 Bridge will only generate $25 million in revenue while sustaining over $70 million in adjusted free cash flow losses.  As we showed you, selling or divesting Bridge would allow the Company to eliminate these losses and effectively unlock the value of Canvas.

Praesidium repeatedly expressed these views to the Board and we were pleased with the announcements the Company made during its third-quarter earnings call on October 28th. Specifically, the Company shared that for the first time it would provide investors with the much-needed clarity of its financials and plans for Instructure’s two distinct businesses during its upcoming December 3rd analyst day. The Company also disclosed that it was engaged in a strategic review of the Bridge business.

We were further encouraged following the Company’s November 14th announcement that it had commenced a review process to explore all strategic alternatives, encompassing both Canvas and Bridge. Based on these public announcements, it was our impression that the Company was evaluating the option of selling Bridge and Canvas to separate sets of buyers as one potential path to maximize shareholder value.

Importantly, following these announcements, we stressed again to the Board that a broad and rigorous process was necessary to maximize shareholder value. In particular, being very concerned about potential conflicts of interest, we advocated in writing for a committee of only independent Board members to run the strategic review process.

Then, on November 26th, only 12 days after the Company’s announcement that it had commenced the review process, the Company approached Praesidium to urgently sign an NDA. After signing this NDA, we learned that Thoma Bravo had been the selected winner of what the Board claimed was a full review process.

The numerous conversations we had with the Board since November 26th have led us to seriously question the independence, transparency, robustness and timeframe of the sales process, which ultimately resulted in a bid that we believe significantly undervalues the Company.

Potential Conflicts of Interest

Praesidium was informed by the Company that the “core team” running the sales process consisted of Chief Executive Officer and director Dan Goldsmith, Executive Chairman (and former CEO) Josh Coates, Chief Legal Officer Matt Kaminer (who is not even a member of the Board) and director Kevin Thompson. Dan Goldsmith and Matt Kaminar, as senior executives of the Company, are clearly not independent, and seem well positioned to benefit from a sale to a firm like Thoma Bravo that tends to keep management in place. Josh Coates, who held the position of CEO less than one year ago, is also not independent according to Institutional Shareholder Services’ (“ISS”) proxy voting guidelines. In addition, the Company has refused to answer whether or not Josh (or any other director for that matter) will roll his equity in the Company under the proposed deal, and we believe any potential discussions between Josh and Thoma Bravo regarding this issue would further conflict him.

Importantly, Kevin Thompson, the only director on the “core team” running the sales process who would be considered independent by ISS, also has a potential conflict. He has had significant dealings with Thoma Bravo in his role as President and CEO of SolarWinds, Inc. In October 2015, Kevin worked with Thoma Bravo to take SolarWinds private. Furthermore, Thoma Bravo continues to own over a third of SolarWinds and three Thoma Bravo executives currently serve on SolarWinds’ Board.

It is also notable that Lloyd “Buzz” Waterhouse, the Company’s Lead Independent Director, and the director who has spent by far the most time canvassing shareholder views, was absent from both this “core team” and the official strategic review committee.

Perhaps even more alarming, we have heard deeply concerning reports that CEO Dan Goldsmith has expressed to shareholders his unwillingness to work for certain potential acquirers, which means he may have put his own interests ahead of Instructure shareholders. This is not the first time we have seen this type of behavior from Dan. He hired his own sister as Chief Strategy Officer and may have additional motivation to enrich and protect her as well.

Clearly, the composition of this team is highly inappropriate and considerably undermines the integrity and fairness of the sales process. Each member of the “core team” had a potential conflict of interest in running this process that the Board should have recognized. We believe these conflicting relationships represent a severe misalignment of interests with Instructure shareholders and interfered with the team’s ability to objectively oversee the review process. By its own admission, the Board rejected at least one bid for Instructure in the past year at a price higher than the $47.60 offered by Thoma Bravo. If the Board were truly interested in running a full and fair process to obtain the best price for the benefit of the Company and its shareholders, it should have formed an independent committee of the Board tasked with overseeing this process.

Rushed Process

It also seems quite clear to us that the Company’s sales process was unnecessarily and perhaps even intentionally rushed. A wholesome process, which properly engages both strategic and financial buyers, takes time and patience, neither of which we believe were afforded in this sales process given that less than two weeks transpired between the announced commencement of a full strategic review process on November 14th through November 26th, the day the Company reached out to us to discuss our views on a deal with Thoma Bravo.

The Company recently filed an 8-K (described in more detail below) in which it claims to have “conducted a comprehensive and deliberate process, lasting eleven months” (emphasis added). We believe this is inconsistent with certain public statements made and actions taken by the Company over the past year, which cast doubt on the validity of such claims. On November 14th, the Company stated in a press release that “[t]he previously scheduled financial analyst day on December 3 has been canceled to allow management and the board to explore these strategic alternatives for the company.” However, if the Company felt the need to cancel the analyst day in order to focus on running a process, why would it have even scheduled an analyst day in the first place if it was actually engaged in a process since January? Casting additional doubt on the validity of the Company’s claimed timeline, Praesidium has learned that multiple interested firms were rebuffed by the Company during this purported review period, including three large, reputable private equity firms. Praesidium understands these firms reached out to the Company only to be turned away under the guise that no process was being conducted by Instructure at that time.

Praesidium also understands that the strategic review committee did not engage a number of large potential acquirers until just a few days before abruptly announcing the results of the review process and agreement with Thoma Bravo. This was nowhere near enough time for these firms to even begin their due diligence on the Company, let alone submit competitive bids, putting them at a severe disadvantage to Thoma Bravo and other buyers that were apparently more preferred by the Board.

Perhaps most egregiously, the announced go-shop period for the deal was ultimately significantly shorter than what was being verbally communicated to Praesidium in the days leading up to the announced agreement. By shortening the go-shop period to a mere 35 days during the busy holiday season, including over Christmas and New Year’s, the Board has further diminished the opportunity for other potential bidders to participate in the process, which in turn diminishes the likelihood of obtaining a superior price for shareholders.

Lack of Transparency and Inconsistent Disclosure

The Company continued its track record of obscuring relevant information from its owners throughout this entire process and continues to do so to the detriment of the Company and its shareholders. Instructure cancelled its analyst day, previously announced for December 3rd, depriving shareholders of the opportunity to evaluate the go-forward plan against any resulting bid. Inexplicably, this would have been the first time shareholders were able to see the details of the two businesses they own broken out separately. Even after executing an NDA with the Company, the Board denied Praesidium any concrete financial information or plan.

In addition, the Board’s description of the deal timeline during discussions with Praesidium explicitly left out any interaction with Thoma Bravo prior to the formal sale process. This directly contradicts Dan Goldsmith’s comments on the day of the announced deal, according to a Bloomberg article, that “Instructure has been in discussions with Thoma Bravo since January”. We find this to be an inexcusable omission that could serve no other purpose than to obfuscate the truth.

It is therefore not surprising that the Company’s recent 8-K, which attempts to provide additional information and clarity regarding the sales process and timeline, likewise seems to contradict prior statements made to Praesidium and the investing public at large. The Company claims, for example, that it considered possible transactions involving the Company in January of 2019 (shortly after Dan became CEO) and announced the review process in November of 2019 in order to make it “publicly known” following media rumors, yet the November 14th press release announcing the review process noted that the Company had “commenced” (i.e. began, initiated) a review process in response to interest received from multiple third parties and that the Company had hired J.P. Morgan as its financial advisor (when, according to the 8-K, these events purportedly occurred in early January). The timeline recently disclosed in the 8-K also seems questionable given the previously announced strategic review of the Bridge business in late October. If the Company began exploring alternatives as early as January, then why announce a strategic review of parts of the Company’s business in late October only to announce a review process for the entire company just a few weeks later? Rather than clarify the sales process and timeline, the Company’s recent 8-K disclosure has raised additional questions and causes us to question the genuineness of the Company’s current and/or prior disclosure regarding its strategic plans for the Company.

These concerning issues, along with the Board’s multiple attempts to pressure Praesidium with exploding deadlines to sign an NDA and voting agreement in connection with the proposed deal, have led us to believe that the Board’s real motive for reaching out to us in November was to try to coerce us into backing the deal with either a voting agreement or public statement as opposed to allowing us to make an informed decision on the deal, which would require time and detailed information.

Unfortunately, we were given neither time nor the information we requested and as such, we did not sign a voting agreement or otherwise publicly support the deal. And in fact, due to our growing concerns over the potentially flawed and conflicted process and the resulting bid that we feel undervalues the Company, Praesidium believes the proposed deal is not in the best interests of shareholders and intends to vote against the deal as it is currently presented.

We strongly encourage the Board to consider all available avenues for achieving a better outcome for the Company and its shareholders. To that end, we implore the Board to form a new and truly independent strategic review committee to ensure going forward that any decisions made and/or actions taken in connection with the proposed deal are made with the best interests of shareholders in mind at all times. This committee’s first priority should be seeking to extend and open the sales process further, including but not limited to requesting and/or negotiating an extension of the go-shop period.

It is incumbent upon the Board to promote and protect the best interests of its shareholders and we reserve the right to take any actions that we deem necessary to hold this Board accountable if shareholders’ interests are not appropriately represented in the boardroom.

Sincerely,

Praesidium Investment Management Company, LLC

Kevin Oram
Peter Uddo
Managing Partner
Managing Partner

 

– IBL News: News about Instructure

Moody’s Forecasts Moderate Growth Revenue at Public and Private Universities

IBL News | New York

Moody’s credit rating agency yesterday predicted that net tuition revenue will increase by 2.3% for private colleges and universities and by 1% for public schools in the 2020 fiscal year. Growth in state appropriations, gift revenue, and research grants and contracts will be in line to come in at 3 percent.

In its report, the agency forecasted that large comprehensive universities can expect operating revenue to increase 3.5% to 4.5% during the year, compared to a 2% to 3% bump at small public and private institutions.

Overall, the outlook improved from negative to stable on the entire sector for this year. “Strong aggregate cash and investment growth in fiscal years 2017 and 2018, endowment support for operations will grow in the 3% to 5% range for most universities over the outlook period.”

However, several factors could disrupt the stable outlook, Moody’s warns, including the potential for a market downturn that reduces donations or hurts investments, and policy changes that decrease international student enrollment.

Moody’s said the business climate will remain difficult for some institutions in the coming 12 to 18 months, but it is not expected to deteriorate materially.

Across the nation, enrollment and finances on many campuses have been stressed in recent years for various reasons — among them declines in high school graduate numbers and pressure to discount tuition, particularly among small private colleges.

Coursera for Business Claims 100% Year-Over-Year Customer Growth

IBL News | New York

Coursera announced yesterday that its enterprise business saw a 100% year-over-year customer growth.

“In 2019, large organizations including Mastercard, Southwest Airlines, Adobe, and the NYC Department of Small Business Services initiated or continued partnerships with Coursera for Business to equip employees with the skills of the future,” Coursera said in a press release.

Coursera for Business claims a clientele of over 2,000 companies and governments worldwide, including around 60 companies in the Fortune 500.

Coursera enterprise’s offer is based on providing curated access to its course catalog for organizations interested in upskilling their workforce. Course content includes certificate programs from 200 top universities and industry leaders.

The most popular courses are the following seven:

  • AI for Everyone –Deeplearning.ai
  • Neural Networks & Deep Learning – Deeplearning.ai
  • Marketing in a Digital World – University of Illinois
  • Becoming a Principled and Persuasive Negotiator – Yale University
  • High-Performance Collaboration – Northwestern University
  • Design Thinking for Innovation – University of Virginia
  • Learning How to Learn – UC San Diego

 

More news stories about Coursera for Business at IBL News

Khan Academy Launches a Personalized Teaching Tool for Math in K-12

IBL News | New York

Khan Academy has launched a tool intended to help school districts’ teachers to differentiate instruction and meet the diverse learning needs of each student.

This resource, called MAP Accelerator, it uses scores to automatically generate a personalized, mastery-based learning plan for every math student in grades 3 through 8. As a result of it, teachers remain as instructional decision-makers, seeing where students are in their learning journey and pinpointing where students need help.

Aligned to Common Core State Standards, this learning system includes practice exercises with worked solutions, quizzes, unit tests, instructional videos, and articles.

For the deployment, oft this technology, the nonprofit organization Khan Academy partnered with NWEA, the creator of MAP Growth.

Four months ago it developed a pilot for 180,000 students and thousands of teachers in with five school districts: Clark County School District in Las Vegas, Nevada, Jefferson County School District in Louisville, Kentucky, and Madera Unified School District, Pajaro Valley Unified School District, and Glendale Unified School District in California.

“We think MAP Accelerator equips teachers to unlock student potential like never before,” Sal Khan, Founder and CEO of Khan Academy, stated in a blog post.

A New Catholic Polytechnic University Will Focus on the Integration of Science and Faith

IBL News | New York

An innovative science- and tech-focused four-year Catholic university is now forming as an in-person undergraduate an online graduate college in Los Angeles County.

Dr. Jennifer Nolan, a cognitive scientist, and college instructor is launching the initiative as a 501c3 nonprofit institution. She is now assembling an administrative team and working towards becoming a degree-granting, licensed institution.

The newly formed Catholic Polytechnic (CPU) will begin with a few select online certification courses.

“We will combine a deep quest for scientific, tech, engineering and business expertise with the enduring truths of the Catholic faith,” Jennifer Nolan explained to IBL News.

“Our goal is to become recommended by the Cardinal Newman Society ‘Guide to Choosing a Catholic College’, to have all professors take the Oath of Fidelity to the Magisterium, and to abide by Ex Corde Ecclesiae.”

Sacraments, Masses, and Adoration will be hallmarks of student life.

Courses and programs in the works at CPU will revolve around Business, Sciences, Engineering, Math, and Bioethics, and may  include:

  • Introduction to Computer Programming
  • Server-side Web Programming
  • Data Structure and Algorithms
  • Computer Architecture
  • Cyber Security
  • Philosophy of Science
  • Electromagnetism
  • Electrical Engineering Applications: Sensors, embedded and IoT

“Based on the empirical science of learning and the Minerva model, course content will be delivered using novel methods of instruction, with emphasis on hands-on learning, debate, creative thinking, and writing skills,” Nolan said.

The primary goal will be job placement in business and polytechnic careers. The aim would be to place at least 95% of Catholic Polytechnic graduates in business, science or tech career-driven jobs or graduate schools.

”By training STEM innovators with knowledge of business and theology, we hope Catholic Polytechnic University will help bolster the Catholic Church and provide great careers for Catholics nationwide.”

Several donors have expressed interest in helping the school achieve its goals, the Catholic Business Journal reported.

The date of the launching has not been determined yet.

In Los Angeles County there are 4.4 million Catholics.

Analysis: Over 30M Adults With College Education But No Degree: Certificate Programs to the Rescue

Mikel Amigot | New York 

Over 30 million adults in the U.S. have a college education but no degree. This is mostly as a result of the fact that one-third of all first-time, full-time college students fail to graduate from four-year programs.

Sooner rather than later, these individuals will need to fill that gap by upgrading their skills and obtaining certificates. Professional education will help them advance their careers, within and outside their existing companies.

Graduate extension programs and executive education in postsecondary education should be in high demand.

Now, large employers are tapping into that demand, as well.

For example, corporations such as Starbucks, Walmart, Chipotle, JetBlue and Uber offer their employees compelling ways to earn full degrees or certificates; some of them, for free or at a steep discount.

Certificate programs might also be a solution to address the college dropout rate and flip the script. Earning a job-ready certificate within the first semester or year of college, provides students with a promising path to market.

Such credentials have grown significantly in recent years, although a number of them have limited value in the labor market.

Last year, Credential Engine reported that nearly 67,000 programs in the United States grant credentials.

With a certificate-first approach, top corporations should create credential-programs in their areas of expertise in order to educate external audiences at scale.

Employee education is one of the next big frontiers.

With 30 Million Users and $1.5 Billion Valuation, Doulingo Plans to Go Public in 2021

Language-learning app Doulingo’s CEO stated on CNBC that they are expecting to IPO its company in 2021, following with a long-term plan, along with the desire to make some acquisitions and aspirations to symbolize Pittsburgh’s rebirth. [See the interviews below].

Luis von Ahn, Duolingo CEO and Co-Founder made these statements after announcing, this Wednesday, it had raised $30 million in a Series F round of funding from Alphabet’s investment arm CapitalG.

This amount takes Duolingo’s total raised to $138 million, giving it a valuation of $1.5 billion and reaching unicorn status. Existing investors include Kleiner Perkins Caufield Byers, Union Square Ventures, New Enterprise Associates, Drive Capital, Ashton Kutcher, and Tim Ferriss.

Duolingo, the most downloaded educational app, has remained focused on its mission of enabling anyone to learn languages for free –though they do offer a $7 per month premium service that removes ads and delivers offline access. It offers 91 courses across 30 languages, featuring 3-minute, bite-sized lessons, and gamified exercises.

“Duolingo has been adding users and revenue at an impressive pace, continuing to solidify their position as the number one way to learn a language globally,” Laela Sturdy, CapitalG general partner, said in a press release. Duolingo claims 30 million active users, whom are actively learning languages on its platform.

Founded in Pittsburgh in 2011, the fast-growing app will mostly use the new funding from Google parent Alphabet to double its employee base with a plan to reach 300 by the end of 2021.

In addition, it will develop new initiatives such as podcasts for Spanish and French learners, events to connect language learners in person around the world, and the Duolingo English Test, a $49 English proficiency test for international students. The company is also looking at investments in machine learning and AI to “offer a more personalized, adaptive experience for learners,” said von Ahn.

A Large Investor Opposes Instructure’s Plan to Sell for $2 Billion

IBL News | New York

Instructure’s plan to sell to private equity firm, Thoma Bravo, for $2 billion faced its first problems yesterday.

New York-based Rivulet Capital, a large investor which owns 5.23% of Instructure, called the deal “too cheap” and “too hurried”, announcing that it will resist the transaction and vote against.

On a regulatory filing, Rivulet Capital cited the circumstances surrounding the transaction, including the “rushed, 3-week strategic alternatives’ process over the Thanksgiving holiday.”

The shareholder noted that the 35-day go-shop period stretches across the Christmas and New Year’s holidays.

Rivulet is also concerned about Instructure’s governance and potential conflicts of interest.

Two weeks ago, Kevin Oram, Praesidium’s Co-Founder and Managing Partner, said that selling Bridge –Instructure’s unprofitable employee development platform– would unlock the value of Canvas, which he estimated to be worth $2.5 billion.

An Equity Investment Firm Buys Instructure for $2 Billion, Taking It Private

Mikel Amigot | New York

Instructure (NYSE: INST), the company behind Canvas LMS, yesterday announced that it agreed to be acquired by the private equity investment firm Thoma Bravo, LCC, in an all-cash deal for about $2 billion –unless a better offer comes along within 35 days.

The transaction is expected to close in the first quarter of 2020. Upon completion of the acquisition, Instructure will become entirely owned by Thoma Bravo.

As part of the terms of the agreement, stockholders will receive $47.60 in cash per share, which is a discount of about 10% to Instructure’s closing price of $52.96 on Tuesday. Shares of the company were down to about 10% at $47.85 in premarket trading.

The price per share represents an 18% premium to the company’s 3-month volume-weighted average price as of October 27, 2019–the day prior to the company’s third-quarter earnings call, at which it announced a strategic review for its Bridge business.

While pushing for a sale, New York-based Sachem Head Capital Management and other activist firms, have been buying Instructure’s shares over time. The exact size of their position could not be determined.

The Instructure management team, led by CEO Dan Goldsmith, will continue to lead the Company in their current roles, and the company’s headquarters will remain in Salt Lake City, Utah.

“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 Goldsmith. “We have chosen this path very deliberately; we are confident that making the change from public to private will best serve the needs of Instructure and all of you moving forward,” he announced in a letter to customers.

Brian Jaffee, a Principal at Thoma Bravo said, “We believe Canvas is a highly unique vertical market SaaS leader with exciting scale and future growth potential. We look forward to building on the strong momentum in the business and accelerating growth and product investment both organically and through M&A.”

The deal includes a 35-day “go-shop” period expiring on January 8, 2020, which permits the Instructure’s Board of Directors and advisors to consider alternative acquisition proposals.

J.P. Morgan Securities LLC is serving as the exclusive financial advisor to Instructure and Cooley LLP is serving as the legal advisor. Kirkland & Ellis is serving as the legal advisor to Thoma Bravo.

At least four firms – Halper Sadeh LLP, Rowley Law PLLC, Bragar Eagel & Squire, P.C., and Rigrodsky & Long, P.A. –announced separately yesterday that they were investigating potential legal claims against the board of directors at Instructure, regarding the possible breaches of fiduciary duties-among and other violations of law related to the company’s sale.

 

Past news stories about Instructure at IBL News

 

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