Vertical software62% entry signalMarket screenExecution decidesdistribution

Higher-Ed Student Information & Learning Management

Prepared 2026-09-08

The buyer population — Universities

Base industry report for 611310 →
Establishments · CanadaA
237
with employees
Under 10 employeesA
14%
most common size: 500+

Of 237 Canadian establishments with employees, 14% have fewer than ten — an industry where large establishments carry real weight. Each of those is one potential account, before any filter for size or fit.

Entry signal — what decides who wins here

Execution decides
Structure decides One thing must be true Execution decides

The hurdles here are ones a better operator clears. That is not a promise of success — it is the absence of a structural reason you cannot win.

What you would have to beat

Get to the buyer. The product is reachable and the need is real; the channel is owned by someone else, and a route to it — a partner, a reseller, a trade relationship, a book of clients bought outright — is what has to be built.

How it was read
Binding constraintUNVERIFIEDdistribution — Executional — a better operator can move it.
Measured inputsUNVERIFIEDnot applied — This is a software market. The industry’s business counts describe its BUYERS, not the market being entered, so they are left out of the signal.
How many new establishments are still tradingA
Educational Services, US · opened 2020
83.5%
1 year
70.3%
3 years
58.2%
5 years
43.1%
10 years
opened 2015

Measured, not forecast: the share of US establishments opening in one year that were still active later. It counts good operators and bad ones together, which is exactly why it is the honest answer to “what are the odds”. It is for the whole sector rather than this market, and the ten-year figure comes from an older cohort because no younger one has reached ten years.

This is not a probability of success, and it is not a verdict on you. No survival probability is published per market, and inventing one would be worse than saying so. What the bar reads is how much of the outcome sits inside an operator's control: green means the hurdles are ones a better operator clears, red means the binding constraint is capital, an asset or a permission rather than execution. Someone arriving with an advantage this screen did not assume can win a market shown in red.

Companies named in this market · 4

The binding constraint — distribution

Procurement is committee-driven, RFP-gated and aligned to the academic year, with 12–24 month cycles and multi-year contracts. An SIS migration is treated with the same caution as a core banking replacement and happens about as often. Free, credible open source (Moodle) also caps the LMS price floor. Nothing is disclosed here. Every vendor named on this record is private, or sits inside a parent that does not break the line out, so no revenue floor can be built and the market size is genuinely unknown rather than estimated.

Angel-backed companies11
in the Canadian portfolio dataset
Province mixON 4, AB 2, QC 2, NL 1, BC 1, PE 1

Sectors joined: EdTech · Gaming/EdTech · Training/AI · EdTech AI · Arts Education · VR/AR Training

[UNVERIFIED] Sector-to-NAICS mapping is analyst judgment — see data/angel-sector-map.json. Counts are a per-record cross-reference and are not additive across records.

I

The incumbent

Who owns this market and who is coming for it. Fields a screen never reached say so rather than guessing.

Incumbent
Ellucian, Anthology, Instructure (Canvas)
Scale
The SIS and LMS incumbents across North American post-secondary
Challengers
Workday Student, Blackboard, D2L Brightspace (Canadian), Moodle-based hosting providers
Lock-in mechanism
Not assessed — screened before diligence
Price movement
Not assessed
Open-source alternatives
Moodle, Open edX, Canvas LMS (open-source core) — Moodle in particular is a genuine substitute with large institutional deployments
Is the buyer consolidating?
No
V

The field

Every vendor named on this record, and what each one discloses. Most disclose nothing, which is why the market is not sized.

Competitor set · 4 named · 0 disclose revenue

NameRevenueShareNote
EllucianC not disclosed — Private (Blackstone/Vista)
AnthologyC not disclosed — Private (Veritas)
Instructure (Canvas)C not disclosed — Private (KKR)
MoodleC not disclosed — Open source — the price floor

Nobody here publishes revenue. The market is not sized for that reason — an estimate built on nothing would only look like knowledge.

Evidence

Evidence. UNVERIFIED — screened on analyst judgment against the model in _method/screening-model.md. Incumbent names and positions are from general market knowledge and were not independently researched for this record. Verify before acting.

#

Where the industry talks

The associations, forums and events where people in this trade actually talk shop — where to listen before entering, and where the first customers are found. Each link was opened on the date shown.

AssociationCanadaA
CUCCIO (Canadian University Council of Chief Information Officers)
cuccio.net · 65 members (2026-09)

Home page states 65 member institutions serving over 95% of Canada's university students; runs CANHEIT

Checked 2026-09-22
AssociationCanadaA
ARUCC (Association of Registrars of the Universities and Colleges of Canada)
arucc.ca · 182 members (2026-09)

Registrars, the SIS owners; home page says 'approximately 182 member institutions'

Checked 2026-09-22
EventCanadaA
CANHEIT 2027
cuccio.net

Canadian Higher Education IT conference; June 21-24, 2027 at UBC, Vancouver, per CUCCIO event page (the old canheit.ca domain has expired)

Checked 2026-09-22
AssociationUSC
EDUCAUSE
educause.edu

Higher-ed IT association; Annual Conference Sept 29-Oct 2, 2026, Denver, per search results; site blocked automated access

Checked 2026-09-22
ForumInternationalA
Instructure Community
community.instructure.com

Canvas LMS user forum; home page shows site totals of 207,732 posts and 22,069 questions answered; weekly highlights posted Sept 2026

Checked 2026-09-22
ForumInternationalA
Moodle.org community forums
moodle.org

Support and development forums of the open-source LMS, by language

Checked 2026-09-22
PublicationUSA
Inside Higher Ed
insidehighered.com

Daily higher-education news including Tech & Innovation and Student Success sections

Checked 2026-09-22
PublicationUSA
Campus Technology
campustechnology.com

Higher-ed IT magazine and newsletter; articles dated Aug-Sept 2026

Checked 2026-09-22

AACRAO (US registrars) blocked automated access and is not listed; ARUCC covers the Canadian registrar audience.

↔

The businesses it sells to

Operating-business records filed along the same branch of NAICS — the customers of this software, screened as businesses in their own right.

No operating-business record has been written along this branch yet. The base industry report says what the subsector typically runs on.

Other software on this branch

Vertical softwareScreenedsame industry
Alumni Relations & Advancement SoftwareOne thing must be true
binding constraint: incumbent vulnerability
Incumbent Blackbaud (Raiser's Edge NXT, Blackbaud CRM) and Ellucian (CRM Advance, Banner/Colleague Advancement) for the advancement CRM

Alumni software sits between two records that are already on the atlas. The higher-ed SIS/LMS record (611310) covers the system that knows who graduated; the nonprofit-fundraising record (8132) covers the donor CRM that books the gift. Advancement is where they meet: the university's development office runs a nonprofit-style donor CRM, but its prospects are its own alumni, fed from the SIS. So the market splits into two layers. The system of record is the advancement CRM, and it is held by Blackbaud and Ellucian. Blackbaud sells Raiser's Edge NXT and Blackbaud CRM to universities and private schools out of the same $1.14B-revenue business recorded on 8132 [A, via that record]; Ellucian sells CRM Advance (Microsoft Dynamics/Power BI based) and its Banner and Colleague advancement modules alongside the SIS it already runs [C, vendor]. Salesforce Education Cloud is the third option. Gift history, pledges, endowment and scholarship accounting and decades of constituent records live here, and a switch is an SIS-scale project. The engagement layer — alumni community, directory, mentoring, events, giving days, video, donor signals — is where the startups went, and it has already been rolled up. Gravyty (K1 Investment Management) is Graduway's alumni community merged in December 2021 with Gravyty's AI fundraising tools, after K1 put about $60M into Graduway in 2019 and $21M into Gravyty in 2020 [B]; it now claims 2,750+ institutions [C]. EverTrue was combined with ThankView under a Rubicon Technology Partners majority investment in October 2021 and has since added Pledgemine, Fundriver and DonorSearch [B/C]. Anthology's alumni products (Encompass, the old iModules; Advance; Raise) went to Encoura in February 2026 after Anthology broke itself up [B/C]. Hivebrite, the best-funded independent (€18.5M Series A 2019, €35M Series B 2023 led by Quadrille Capital with Insight Partners [B]), is not an alumni company any more: only about 20% of its revenue comes from education [B, Maddyness]. Hivebrite was not acquired by EverTrue — it remains independent and itself bought Orbiit in 2024. Almabase is the counter-example: bootstrapped after about $500K of early angel and 500 Startups money, it sells an alumni engagement and giving layer that syncs to Raiser's Edge, Blackbaud CRM, Salesforce and Ellucian [C]. PeopleGrove ($1.8M seed and $4.7M Series A, both led by Reach Capital [B]) went toward student career mentoring and has merged with CORE's clinical-placement software. The wedge is narrow and occupied. Every engagement vendor already sells 'works on top of your Raiser's Edge', the buyer is a committee-led, academic-year procurement office (the distribution problem on the SIS record), and general-purpose donation tools like Givebutter ($50M from BVP Forge, 2024 [B]) set the floor for giving pages. Incumbent vulnerability decides it: the CRM layer is not vulnerable, and the layer above it is owned by three PE-backed roll-ups and a profitable bootstrapper.

NAICS 61131011 vendors namedOpen →