SALT
LAKE CITY, July 1, 2024 /PRNewswire/ -- Instructure
Holdings, Inc. (NYSE: INST) ("Instructure") announced today it
has completed the acquisition of Scribbles, a leading provider of
credentialing and records management to K-12 school districts
across the United States, from
Alamar Partners. This acquisition expands Instructure's
credentialing network further into K-12 while also bringing
significant support for district transfer and student
mobility.
"Scribbles joins Parchment as a key element of the Instructure
ecosystem, bringing enhanced capabilities for credential
validation, transfer and storage to the world's largest
credentialing network," said Steve
Daly, CEO of Instructure. "By providing enrollment and
student transfer solutions, we'll also help parents, schools and
districts seamlessly navigate the pathways that learners and their
parents choose."
Based in Charlotte, N.C., the
Scribbles team has approximately 35 employees. The terms of the
transaction were not disclosed.
About Instructure
Instructure (NYSE: INST) 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.
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 Scribbles, 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 Scribbles; 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:
Matthew
Wells
SVP of Investor Relations
Instructure
investors@instructure.com
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SOURCE Instructure Holdings, Inc.
