Expands Instructure's market-leading teaching
and learning ecosystem by providing learners with a lifelong record
of their journey
SALT
LAKE CITY, Feb. 1, 2024 /PRNewswire/
-- Instructure Holdings, Inc. (Instructure) (NYSE: INST), the
leading learning ecosystem and maker of Canvas, announced today it
has completed the acquisition of Parchment, the world's largest
credential management platform and network. Parchment has over
13,000 customers and has exchanged more than 165 million
credentials over two decades. This acquisition is expected to
significantly expand Instructure's existing customer base and
unlock exciting new growth opportunities.
"The addition of Parchment to the Instructure ecosystem enables
our customers to offer flexible lifelong learning experiences to
meet the needs of the ever-growing sector of non-traditional
learners," said Steve Daly, CEO of
Instructure. "By providing a verifiable and comprehensive digital
passport of achievement records and outcomes for learners, we'll be
able to help our customers navigate skill mastery, transfer
credits, provide proof of prior learning, and much more."
The acquisition of Parchment adds another key element to the
Instructure ecosystem, which we believe will provide a seamless way
for learners to demonstrate skill mastery throughout their
journey.
About Instructure
Instructure (NYSE: INST) is an
education technology company dedicated to elevating student
success, amplifying the power of teaching, and inspiring everyone
to learn together. Today the Instructure Learning Ecosystem,
comprised of its flagship product Canvas LMS and several products
serving K-12 and higher education, supports tens of millions of
educators and learners around the world. Learn more at
www.instructure.com.
Forward-looking Statements
This press release contains
"forward-looking" statements, which are subject to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including statements regarding expectations and benefits of the
acquisition of Parchment, the combined company's growth, customer
demand and application adoption, and business strategy.
These statements are not guarantees of future performance, but
are based on management's expectations as of the date of this press
release and assumptions that are inherently subject to
uncertainties, risks and changes in circumstances that are
difficult to predict. Forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results, performance or achievements to be materially
different from any future results, performance or achievements.
Important factors that could cause actual results to differ
materially from those expressed or implied by these forward-looking
statements include the following: the ability to timely and
successfully achieve the anticipated benefits and potential
synergies of the acquisition of Parchment; the impact of the
announcement of the closing of the transaction on our business,
employees and suppliers, and on our investors and common stock;
risks associated with the continued economic uncertainty, including
high inflation, labor shortages, high interest rates, foreign
currency exchange volatility, and reduced spending by customers;
failure to continue our recent growth rates; the impact of the
Israel-Hamas war on the macroeconomic and geopolitical environment
and on our business; risks associated with future stimulus packages
approved by the U.S. federal government; our ability to acquire new
customers and successfully retain existing customers; the effects
of increased usage of, or interruptions or performance problems
associated with, our learning platform; the impact on our business
and prospects from pandemics; our history of losses and expectation
that we will not be profitable for the foreseeable future; the
impact of adverse general and industry-specific economic and market
conditions; failure to manage our growth effectively; and changes
in the spending policies or budget priorities for government
funding of Higher Education and K-12 institutions.
These and other important risk factors are described more fully
in the Company's most recent Annual Report on Form 10-K and
subsequent Quarterly Report on Form 10-Q and other documents filed
with the Securities and Exchange Commission and could cause actual
results to vary from expectations. All information provided in this
press release is as of the date hereof, and Instructure undertakes
no duty to update this information except as required by law.
Media Contact:
Brian
Watkins
Corporate Communications
Instructure
(801) 658-7525
brian.watkins@instructure.com
Investor Contact:
April
Scee
Managing Director
ICR, Inc.
917-497-8992
investors@instructure.com
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SOURCE Instructure