Instructure Holdings (NYSE:INST) rose 6.4% in after hours trading Friday amid a report that private equity firm Thoma Bravo is exploring a sale of the education software provider.
Thoma Bravo, which has an 83% stake in the company, has retained JPMorgan to solicit interest from potential buyers that include other private equity firms, according to a Reuters report late Friday, which cited people familiar with the matter. The sources cautioned that no deal is certain.
Instructure (INST) has a market cap of about $3 billion.
Thoma Bravo, Instructure and JPMorgan didn’t immediately respond to Reuters requests for comment.
Thoma Bravo acquired Instructure (INST) in 2020 for about $2 billion, and the company returned to the capital markets about a year later through an IPO that was priced at $20 a share. The shares are little changed since the IPO in July 2022.
A potential Instructure (INST) sale comes after a report earlier this month Bain Capital is in talks to take the education-software provider PowerSchool Holdings (PWSC) private. The deal may value PowerSchool at $6 billion, A deal may value PowerSchool in the $20s per share.