Instructure Holdings Inc ( INST ) shares are moving higher Monday following reports suggesting Thoma Bravo is exploring a sale of the education technology company.

What Happened: On Friday, Reuters reported that private equity firm Thoma Bravo is exploring a sale of Instructure Holdings ( INST ). Thoma Bravo owns 83% of the education software provider.

Instructure Holdings ( INST ) shares jumped in early trading Monday and have continued to trend higher. Instructure Holdings ( INST ) had a market cap of $2.96 billion as of Friday’s close, per Benzinga Pro.

People familiar with the matter reportedly said Thoma Bravo has tapped JP Morgan Chase & Co to get a feel for the level of interest of potential buyers, including buyout firms.

Instructure ( INST ) provides software to schools, colleges and universities, featuring its flagship learning management system Canvas. The Salt Lake City-based company has over 8,000 customers in more than 100 countries.

Thoma Bravo took Instructure ( INST ) private in 2020 for $2 billion. The private equity firm then returned Instructure ( INST ) to public markets a year later via an initial public offering at $20 per share. Instructure ( INST ) shares have traded relatively flat since that time, underperforming the S&P 500 by a wide margin.

Instructure ( INST ) reported financial results for the first quarter near the beginning of the month. The company delivered revenue growth of 20.7% on a year-over-year basis, but missed earnings estimates for the quarter. As of March 31, Instructure ( INST ) had $89.3 million in cash and cash equivalents and $1.173 billion in debt.

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INST Price Action: Instructure ( INST ) shares were up 8.78% at $22.05 at the time of publication, according to Benzinga Pro.