Many are unaware that one of the biggest roles in this industry, are those played by Private Equity (including Growth Equity) and VC (Venture Capital) firms. From the learning system and learning technology standpoint (and yes, I see a difference) the PE or VC firm is the one to go to when you seek capital or seek to be acquired. They are the ones that many vendors still today, hear from, to gauge whether or not said vendor is interested in being acquired or receiving funding.
In the learning system and learning technology space, the Growth Equity firms lead the pack due to the number of early-stage companies who have the high growth potential. However, recent buys such as Cornerstone for example, came from a PE firm. Another big-time player in the learning technology/system space is Vista Equity, a PE, who at one-time in the 2009-time frame owned SumTotal. In 2021, they invested in Schoox.