Instructure (INST), a learning management software company, opened higher in its trading debut on the New York Stock Exchange Friday. Instructure will compete against industry-leader Blackboard, and already has secured high-profile companies and universities as customers including Tesla (TSLA) and Harvard University. ‘We were the first learning management system technology to be in the cloud. That means we continuously innovate,’ said Josh Coates, Instructure’s CEO. ‘We’re on Amazon (AMZN) Web Services so we’ve got this global infrastructure in place. It’s a very different approach to software than a lot of the old vendors have.’ Instructure’s share offering priced at $16, the low end of its expected range, but by midday the stock was trading above $17 a share. Instructure has experienced 96% customer growth year-over-year. ‘K-12 school districts are starting to use more and more software because it’s cloud-based, they can access it. All the universities are flipping over to cloud infrastructure now,’ explained Instructure CEO Josh Coates, who added that more corporations are also using cloud-based training for employees. TheStreet’s Rhonda Schaffler reports.
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