Thursday 22 February 2018
Instructure have eye on overtaking Blackboard
Instructure, the owners of the Canvas LMS, have announced annual revenues of $158m. This is an impressive 43% increase on the previous year, but despite the growth, the company is still losing in the region of $50m a year.
The Canvas LMS continues to be rolled out across US institutions with a 4th Quarter contract with University of Wisconsin being highlighted in the results.
The Canvas LMS is also gaining contract wins across Europe where the University of Sussex, INSEAD in France and SUNET in Sweden were signed up in fourth quarter of the financial year.
Looking forward, the company are estimating revenue growth of approximately 30% for the year ahead, with CEO Josh Coates noting in his conference call that they have ambitions of overtaking Blackboard in the not to distant future.
The official announcement made no reference to the progress of Bridge or their recent acquisition of Practice, a video microlearning solution.
Despite all of this growth, there appears to be no word on when the Company will start turning a profit.