(Bloomberg) -- Francisco Partners and KKR & Co. have expressed interest in acquiring educational software provider Instructure Holdings Inc., people with knowledge of the matter said.

Instructure has been working with an adviser as it considers a potential sale, said the people, who asked not to be identified because the information is private.

The deliberations by the buyout firms might not lead to offers, or Salt Lake City-based Instructure could opt to remain public, the people said. Other potential buyers could also emerge, they added.

Shares in Instructure have fallen 7% in New York trading over the past 12 months, giving the company a market value of about $3.4 billion. Private equity firm Thoma Bravo holds more than 80% of the stock, according to data compiled by Bloomberg. Reuters reported earlier that Thoma Bravo was exploring a sale of Instructure.

Representatives for Thoma Bravo, Francisco Partners and KKR declined to comment. A spokesperson for Instructure didn’t immediately respond to a request for comment.

Founded in 2008, Instructure provides software to help schools and teachers with planning learning schedules and monitoring student performance. 

A take-private of the company would be the second involving an education software provider in quick succession. Bain Capital agreed last month to buy PowerSchool Holdings Inc. in a $5.6 billion deal.

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