District-based Interfolio, which makes software for college and university faculty members, is set to be acquired by Insight Venture Partners.
Interfolio did not disclose terms, but a source familiar with the deal said the price was set at more than $110 million. The company will maintain its headquarters in D.C. and senior executives, including CEO Andrew Rosen.
The acquisition 鈥� which Rosen referred to in a statement as an investment 鈥� will close by the end of the year, according to Interfolio. Rosen said the deal will not change the company鈥檚 day-to-day operations.
鈥淭he new investment from Insight validates the central role of faculty, and the mission and values of the traditional colleges and universities we serve at a time when the narrative from Silicon Valley tends to fixate on the disruption of higher education as we know it,鈥� Rosen said in a statement.
Rosen declined to disclose the company鈥檚 revenue. Interfolio鈥檚 faculty information system is in use by more than鈥�
