WestView Capital Partners Completes Growth Investment in RuffaloCODY
July 15th, 2009
Boston, MA
RuffaloCODY, the leading provider of strategic fundraising and enrollment management solutions and software for nonprofit organizations, announced today that North Bridge Growth Equity and WestView Capital Partners, private equity investors in technology and technology-enabled companies, have made an investment in the company. The partnership will assist RuffaloCODY as it continues to grow and expand its regional and international footprint in both existing and new vertical markets.
In addition, the Company is increasing its local presence, in anticipation of continued growth, by acquiring 6,000 square feet of office space located on Beverly Road in southwest Cedar Rapids. The main headquarters will remain on the Kirkwood Community College campus. To support its increasing client base, an estimated 40 full-time professional positions will be added - primarily in Cedar Rapids - in the next eighteen months.
“This partnership is both exciting and necessary for the future growth of RuffaloCODY,” stated Al Ruffalo, founder and CEO. “We enjoyed a successful relationship with our previous partners, AAVIN - a private equity firm based in Cedar Rapids, IA - and look forward to sharing new challenges and opportunities with the North Bridge and WestView teams. Their knowledge and experience will be a positive addition to the RuffaloCODY mission of providing our clients with the highest quality services and software products in the industry.”
“We are excited about the opportunity to invest in a market leader which has been a proven innovator in leveraging technology to deliver services to non-profits” said North Bridge Growth Equity Principal Russell Pyle. “We look forward to assisting Al Ruffalo and his team as they continue to grow their business in the coming years.”
“RuffaloCODY is exactly the kind of opportunity we look to invest in” commented Managing Partner Carlo von Schroeter of WestView Capital. “The company is led by a founding team which has built a capital efficient, profitable business that is attacking a large market.”
About RuffaloCODY:
Founded in 1991 and headquartered in Cedar Rapids, IA, RuffaloCODY employs more than 3,500 people throughout the United States and Canada. The Company is the leading provider of fundraising, membership and enrollment management services and software for institutions of higher education and high-affinity nonprofit organizations. Today, RuffaloCODY serves more than 600 organizations from 90+ locations in North America. For more information, please visit www.ruffalocody.com.
About WestView Capital Partners:
WestView Capital Partners is a private equity firm focused exclusively on lower middle market companies. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth, and consolidation transactions in a wide range of industries including software and business services. WestView targets companies with operating profits between $3 million and $15 million with investment sizes ranging from $5 million to $25 million. WestView is located in Boston, Massachusetts and more information is available at www.wvcapital.com.
About North Bridge Growth Equity:
North Bridge Growth Equity (NBGE) is a leading growth equity firm which invests in technology and technology-enabled companies characterized by strong revenue and profitability momentum, large and dynamic addressable markets, and proven management teams. NBGE targets investments in companies with $20 million to $200 million of revenue, and is currently investing from the $545 million North Bridge Growth Equity Fund I. NBGE is co-located and affiliated with North Bridge Venture Partners (NBVP), a bi-coastal leader in early stage venture capital investing, and together, NBGE and NBVP have $3.2 billion of committed capital under management. More information is available at www.nbge.com.