Q3 2024 Education Industry Trends

Q3 2024 Key Highlights

The largest transaction in Q3 2024 was KKR’s announced acquisition of Instructure for $4.7 billion. Instructure is an education technology company dedicated to elevating student success, amplifying the power of teaching, and inspiring everyone to learn together.

There were 77 financially sponsored transactions in 1st 3 Quarters of 2024, with an aggregate value of $13.97 billion, representing 31 percent of the total volume and 68 percent of the total value, respectively.

Q3 2024 Key Trends

Total transaction volume in Q3 of 2024 increased 15 percent over Q2 of 2024, from 68 to 78.

Total transaction value in Q3 of 2024 decreased 8 percent over Q2 of 2024, from $9.3 billion to $8.6 billion.

Based on volume, the most active market segment that Berkery Noyes tracked in 2024 was K-12 Media and Tech with 68 transactions.

Multiples & Value Trends

The median revenue multiple from 2023 through the 1st 3 Quarters of 2024 increased slightly from 1.6x to 1.8x.

Top Ten Deals Through Q3 2024

The top ten deals by value have seen three new additions since our half year report: the previously mentioned announced acquisition of Instructure by KKR, The CBORD Group’s announced acqusition of Transact Campus, a leader in innovative payment, campus ID, and commerce solutions for a connected campus, for $1.6 billion, and Perdoceo Education Corporation’s announced acquisition of University of St. Augustine for Health Sciences, a graduate institution, for $144 million.

These three deals, with an aggregate value of $6.5 billion, represented 75 percent transaction value in Q3 2024.