To Our Customers:
I hope you are well, as we continue to face the global challenges of COVID-19. I have been amazed by the incredible, quick work you are doing to keep the world learning. It’s inspiring and humbling to see what our collective community can accomplish together in even the most difficult of situations.
While COVID-19 is of course at the forefront of the work we are doing at Instructure, we also have company change afoot. I am pleased to share that our deal with Thoma Bravo (TB) has officially closed. More than 64% of the outstanding shares were tendered and purchased by TB. If this process felt a little rocky to you along the way, you’re not alone. Thank you so much for sticking with us throughout the process. I am excited about what Instructure, and the entire Canvas Family, will be able to accomplish for the world of education with our new owners.
Some of you might be wondering, will we see dramatic changes in the business? The answer is simple: no. When TB started this process, they were excited about the involved, collaborative, and strong community that is the foundation of Canvas. To them and to us, this acquisition only strengthens opportunities for growth of our community. TB also continues to be impressed with the platform and products we currently offer to you, our mission-driven customers. This means you will continue to see significant effort and resources focused on making the Canvas platform awesome. This also means that our stance on privacy will not change--we do not, and we will not sell student data. Updates on our privacy activities will be coming soon, however, I wanted to reiterate this again at this moment of new ownership. The Canvas team, with our new owners, is as passionate as ever about solving problems faster and providing more innovative technology and experiences to you.
Also, as you know, our senior leadership team is leading the business together as an Office of the CEO. That model has worked great, but as I have shared, our CEO search is on! We have hired a firm with a strong understanding of the EdTech industry to help us find our next leader. In the meantime, an outside advisor, Charles Goodman is stepping in as interim CEO, working closely with our senior executive team. Charles has significant experience as a leader, CEO, and advisor to other major companies, including Frontline Education. We are grateful to have his guidance and counsel. And we promise to share updates on our CEO search as we have them.
Personally, it feels wonderful to be through the acquisition. I am excited about the leadership and support we will get from TB, so we can, as always, be deeply committed to your success. My door continues to be open, so don’t hesitate to reach out with any questions and feedback. In the meantime, I share my sincerest wishes that you, your families, and your communities stay safe in this uneasy time.