Private equity firm Thoma Bravo has acquired learning management provider Instructure, which shifts the publicly traded education company into the status of a private entity.

The all-cash transaction values Instructure at an aggregate equity value of approximately $2 billion, according to a press release.

Instructure offers the prominent Canvas learning management system, and helps educate 30 million users through its learning management solutions, according to the company.

Thoma Bravo will partner with Instructure’s existing management team to drive continual growth with a focus on innovation and customer success tailored for modern learning, the press release said. The private equity firm plans to increase Instructure’s investment in educational technology innovation and expand internationally.

“Now more than ever, the technology platforms that Instructure provides are critical to supporting flexible and dynamic environments for learning,” said Holden Spaht, a managing partner at Thoma Bravo, in a statement. “We look to leverage our deep roots in software to grow Instructure and develop its products by providing the financial and operational resources it needs for this next chapter of growth.”

The acquisition completed with Thoma Bravo purchasing all outstanding Instructure shares for $49 per share, Instructure spokesperson Cory Edwards said in an email.

Thoma Bravo, a private equity firm, had originally offered $47.60 per share to acquire Instructure, but some shareholders expressed opposition believing the sale price to be too low.

Instructure is also searching for new leadership following the departure of CEO Dan Goldsmith who stepped down from his role and as a board member on March 6. Instructure’s search for a new CEO is ongoing, Edwards said.

The company first announced that it was exploring the sale of its business in November.

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See also:

• Instructure CEO to Step Down; Definitive Agreement for Company’s Acquisition Revised Again
• Instructure Board Approves $49-per-Share Acquisition Proposal by Thoma Bravo
• Instructure—Creator of Canvas LMS—Acquired by Private Equity Firm for $2 Billion in Cash
• Learning Management Provider Weighing Options—Including Sale