Instructure Completes the Acquisition of Scribbles, Expanding K-12 Credentialing and Records Management Capabilities on its Learning Platform
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.
