Buyout shops KKR & Co. (KKR) and Francisco Partners are competing to acquire education software provider Instructure (NYSE:INST).

The private equity firms are through to the final round of bidding and are preparing binding offers for next week, according to a Reuters report on Wednesday, which cited people familiar with the matter.

There's no certainty that PE firm Thoma Bravo, which holds an 83% stake in Instructure (INST), will agree to sell it, and other bidders may emerge, according to the report.

The news comes after Reuters first reported in May that Thoma Bravo was exploring a sale of the education software provider.

Thoma Bravo acquired Instructure (INST) in 2020 for about $2 billion, and the company returned to the capital markets about a year later through an IPO that was priced at $20 a share.