(Photo by Pixabay user StockSnap, used under a Creative Commons license)
Interfolio, a Farragut North–based edtech company that makes decision support software for college and university faculty members, is set to be acquired by New York-based venture capital and private equity firm Insight Venture Partners in a nine figure deal, the Washington Business Journal reported. Interfolio will keep its D.C. headquarters and senior executives, including CEO Andrew Rosen.
The Washington Business Journal reported that a source close to the deal said the price of the acquisition was set at more than $110 million. Rosen said in a statement to WBJ that the acquisition will close by year end and that the edtech company will continue to operate as it already does day-to-day.
“The 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,” Rosen said in a statement.
Founded in 1999 by then-Georgetown University senior Steve Goldenberg, Interfolio curates an informational management system for university faculty members to track their activity, report progress and improve classroom processes, among other tasks.
Interfolio’s faculty information system is in use by more than 300 universities and colleges in the U.S. and internationally. In 2016, the edtech company raised a $13 million Series A funding round led by Quad Venture Partners, Middleland Capital and Blue Venture Investors according to Crunchbase, which ended up being its largest funding round. Interfolio raised roughly $2 million prior to the Series A in two seed funding rounds in 2008 and 2013.
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