Exclusive: D.C. software firm to sell in nine-figure deal

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 — which Rosen referred to in a statement as an investment — will close by the end of the year, according to Interfolio. Rosen said the deal will not change the company’s day-to-day operations.

“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.

Rosen declined to disclose the company’s revenue. Interfolio’s faculty information system is in use by more than…

Read the full story from the Washington Business Journal.