Growth equity company invests in RuffaloCODY

Growth equity investor Summit Partners made an investment in RuffaloCODY, the enrollment and fundraising management service that will allow it to expand its national and international presence. Lazard Middle Market advised in the transaction.

RuffaloCODY officials did not give any specifics of the investment, but did say the investment will be used to extend service offerings in existing and new markets.

“Summit's experience working with high-growth organizations like RuffaloCODY will help accelerate our cutting-edge development and innovation,” said Duane Jasper, president and CEO, in a press release.

Len Ferrington, a principal with Summit Partners, and C.J. Fitzgerald, managing director of Summit, will both join the RuffaloCODY board.

In December, the company announced plans to move into a new 88,000-square-foot-facility near the Kirkwood Community College campus early next year. The new facility will house all Cedar Rapids operations and provide space for the anticipated growth from 500 to 800 full-time staff over the next few years.

In 2009, RuffaloCODY announced that North Bridge Growth Equity and WestView Capital Partners made an investment in the company, which helped double its business. At that time, it also acquired 6,000 square feet of office space on Beverly Road in southwest Cedar Rapids to support its growing client base.

RuffalCODY provides technology enabled fundraising and enrollment management services to more than 900 higher education institutions and nonprofit organizations.