Instructure, the Utah-based educational technology company, went public on the New York Stock Exchange on Friday. After pricing at $16, shares were up 8 percent by early afternoon trading.
Instructure, which is not yet profitable, builds educational software for both K-12 education and corporate learning. The Blackboard competitor says it has over 10 million users of its products in over 25 countries.
We are seeing a “huge renaissance” in educational technology, CEO Josh Coates told TechCrunch. “The industry in general has been underserved by technology.”
In addition to Blackboard, Instructure’s Canvas software competes with Desire2Learn and Moodle. Its Bridge service competes with offerings from Cornerstone OnDemand, Saba Software and SumTotal Systems.
Founded in 2008, Instructure raised about $80 million in capital from OpenView Venture Partners, Epic Ventures, Bessemer Venture Partners and Insight Venture Partners. OpenView and Epic held the largest stakes, with 22.5 percent and 21.8 percent prior to the IPO.
Utah’s technology community has seen a resurgence in recent years. Other pre-IPO companies include Pluralsight and Qualtrics.
“I’ve seen incredible growth in the ecosystem in Utah,” said Coates. There are “half a dozen really exciting technology companies in Utah right now that are getting ready to access public markets.”