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.

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