Learning Management Systems (LMS) - Deal Debriefs

🚀 LMS M&A: Scaling, Consolidating, and Expanding

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In our last post, we explored major shifts in the LMS market, where investment and M&A activity are heating up as companies seek global expansion, consolidation, and deeper market penetration. But not all deals are the same - some target scalability, others market dominance, and some a strategic reset.

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👇 This week, we break down key acquisitions shaping the sector.
📉 Instructure & KKR – With 38% of the North American market but just 8% in EMEA, Instructure is using KKR’s $4.8BN acquisition to replicate its US success in Europe, aiming to displace legacy incumbents and freemium models, with a core focus on the UK, Nordics, and Benelux.
📉 SumTotal & Cornerstone OnDemand – Skillsoft divested SumTotal to refocus on core offerings, while Cornerstone is doubling down on consolidation, integrating legacy platforms like Saba, Lumesse, and Halogen to strengthen its high-consequence industry footprint.
📉 Kahoot! & Goldman Sachs AM – After raising $584M and peaking at a $6B valuation, Kahoot! faced post-pandemic market corrections that hit high-growth edtech firms, leading to increased investor scrutiny. The $1.7B public-to-private buyout by Goldman Sachs allows Kahoot! to pursue long-term growth away from public market pressures.

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🔎 What this means for Investors & EdTech Leaders:

The LMS landscape is evolving rapidly. Traditional compliance-based systems are becoming back-office features, while skills-based platforms are emerging as the new front-runners. Investors and operators are racing to define the next phase of scalable learning solutions.Who’s building the winning model?

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👉 Open or download the PDF to read the full report.

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