That test LMS became the LMS for a few major airlines and a large fortune 50 company (uplifted through a few software shifts). It lasted for more than a decade before being replaced by an "Enterprise" solution, I think it was Blackboard (took 2 years to get it setup right, and people in the know still don't like it.
Blackboard has a lot of useful features built up over the years, and they're not all bugs.
People need a reason to change the software they use; when it means retraining a district full of teachers then the reason needs to be good.
Sometimes, unfortunately, you can get away with a worse product and better marketing!
The problem is that the market is next to impossible to get into. They're like Photoshop - they've got an army of people trained in using their super complex UI. It's the de facto standard in the market; they've built a massive moat which will be extremely hard to get past.