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Instructure acquires MasteryConnect

SALT LAKE CITY — April 17, 2019 — Instructure, Inc. (NYSE: INST) today announced it has signed an agreement to acquire MasteryConnect, a longtime partner and innovator in the design and delivery of formative and interim assessment that supports personalized and mastery-based learning. Through this acquisition, Instructure will accelerate the shift occurring at the state level as they replace high-stakes, end-of-year testing with innovative assessment models. This new approach uses formative data to provide actionable insights for teachers and students.

"Today's educators are trying to move away from archaic, end-of-year testing and looking for more intuitive evaluation models," said Dan Goldsmith, CEO of Instructure. "Together, Canvas and MasteryConnect will place valuable data in the hands of our teachers, not once, but throughout the year so they can focus on activities that increase student learning."

MasteryConnect is designed to quickly identify student levels of understanding, target areas for personalized growth, and give teachers the data they need to direct each student's learning. MasteryConnect has worked with Dr. Jonathan Templin, Professor and E .F. Lindquist Chair in the Educational Measurement and Statistics program at the University of Iowa, to create statistical models that provide reliable student data around mastery of standards through shorter formative evaluations. These models pin-point what students know, letting schools redefine assessment, integrating it more closely with curriculum and instruction.

Teachers in more than 14,000 U.S. school districts use MasteryConnect including Charlotte-Mecklenburg Schools (NC), Oklahoma City Public Schools (OK), and Alpine School District (UT), with many districts nationwide already using both MasteryConnect and Canvas together.

"At Hall County Schools, we consider Canvas and MasteryConnect valuable tools for teaching and learning since they provide teachers the information they need to create a dynamic and engaging blended learning environment," said Gregory Odell, e-Learning Specialist at Hall County Schools in Georgia. "Our students benefit from both products, and we will benefit overall from these companies coming together to help K-12 students learn and grow."

MasteryConnect was founded in 2009 and is headquartered in Salt Lake City. Its solution will continue to be sold as a standalone offering. In addition, for customers interested in combining assessment with learning, MasteryConnect will be further integrated with Canvas LMS, helping districts scale personalized learning, increase student achievement, and support professional learning. MasteryConnect and Instructure have been partners in education since 2016.

"This acquisition brings together many years of partnership and synergies with Instructure," said Mick Hewitt, Co-founder and CEO of MasteryConnect, who will join Instructure as General Manager of MasteryConnect. "It highlights the alignment of our shared mission to transform learning while expanding our reach both domestically and globally."

The acquisition is expected to close within the next seven days and is subject to satisfaction of customary closing conditions, including approval by MasteryConnect stockholders.

ABOUT INSTRUCTURE

Instructure, Inc. is the leading software-as-a-service (SaaS) technology company that helps people grow from their first day of school to their last day of work. Its software solutions include Canvas, the learning management platform that simplifies teaching and elevates learning, and Bridge, the employee development and engagement solution for people-focused companies. To date, Instructure has connected millions of educators and learners at more than 4,000 educational institutions and corporations throughout the world. Learn more about Canvas for higher ed and K–12 and Bridge for companies at www.Instructure.com.

ABOUT MASTERYCONNECT

MasteryConnect is a K-12 assessment and curriculum platform supporting educators as they drive student growth through formative and benchmark assessment, curriculum planning, and collaboration. We enable teachers to identify levels of understanding in the moment through a variety of assessments, so they can immediately target interventions and evaluate their own practice. For more information, visit masteryconnect.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 Instructure's potential acquisition of MasteryConnect and Instructure's growth and future application releases. These statements are not guarantees of future performance, but are based on management's expectations as of the date of this press release and are 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 risks associated with new application introductions and Instructure's ability to develop and deliver innovative applications and features, Instructure's ability to successfully implement and achieve cost synergies and otherwise integrate MasteryConnect following closing, and other risks and uncertainties detailed in Instructure's filings with the Securities and Exchange Commission, including, without limitation, its Form 10-K and other reports on Forms 8-K and 10-Q, all of which can be obtained on the SEC website at www.sec.gov. Instructure assumes no obligation to update or revise publicly any forward-looking statements contained in this release, except as required by law.

CONTACTS:

Keaton Godfrey
Director, Investor Relations
Instructure
(866) 574-3127

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