Hedge fund Sachem Head Capital Management has built a stake in Instructure Inc a...
) and plans to push the U.S. educational software company to explore alternatives, including selling itself, two people familiar with the matter said on Thursday.
New York-based Sachem Head, which has been buying Instructure’s shares over time, wants the Salt Lake City-based company to pursue a full sale process, the sources said. The exact size of Sachem Head’s position could not be determined. Instructure’s stock price jumped as much as 6% on the news of Sachem Head’s stake. It ended trading up 4.8% at $46.73, giving the company a market capitalization of $1.8 billion.
One investor in Instructure is hedge fund Praesidium Investment Management Company, whose portfolio manager Kevin Oram presented the company as one of his best ideas at the recent Sohn San Francisco Investment Conference, citing Canvas’ success.
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