Canvas Learning Management System vendor Instructure has announced revenue growth of 21% for its first quarter ending 31 March 2022.
Steve Daly, chief executive officer at the US-based edtech firm, said that Canvas continues to displace legacy learning management system (LMS) solutions worldwide.
Although Instructure made a $3.7 million loss for the quarter overall, revenues were up 21% to $113.5m (£90.4m) year on year — or 26% if the figure was adjusted for its $50m sale of the Bridge LMS.
“Our Instructure Learning Platform strategy gained further traction during the quarter, with especially strong growth across our assessments portfolio,” Daly said.
“In April, we announced the acquisition of Concentric Sky, whose Badgr technology serves as the default micro-credentialling tool within Canvas LMS.”
Badgr’s stackable digital credentialling technology enables learners to demonstrate to potential employers their skills and achievements from over 25,000 organisations in 160 countries, the company said.
Rebranded as Canvas Badges and Canvas Credentials, the Badgr offerings are expected to advance Instructure’s strategy to address a “non-traditional online market opportunity” that could be worth a total $5 billion.
Among assorted wins in the K-12 and higher education categories worldwide, all 23 California State University institutions use Infrastructure, including Canvas LMS as well as Instructure Learning Platform offerings such as Studio, Impact and Pathways, the company said.
Instructure forecasts full-year 2022 revenues to reach $460.9m to $464.9m.
In the UK, Instructure is targeting schools, including higher and further education, through channel partners — with a stated aim of “making teaching and learning easier for everyone”.
The cloud-native Canvas platform integrates with popular education applications to help institutions create a tailored online learning environment, according to Instructure.
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