Leawood-based iModules Software Inc., which develops software to help educational institutions and nonprofits communicate with alumni and members, has been sold to a New York investment firm.
Leeds Equity Partners LLC completed the acquisition earlier this month. The purchase price was not disclosed.
IModules, which was founded in 2002, has boosted its hiring about 45 percent over the past two years and has 125 employees.
The company, at 5101 College Blvd., has more than 800 clients with more than 100 million constituents.
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Robert Bernstein, senior managing director and co-founder of Leeds Equity Partners, said in a statement: “IModules has built a successful … business because they understand the intricacies of the educational advancement market.”
Leeds Equity Partners invests in the education, training and information service industries. The company, founded in 1993, has raised and managed more than $1.1 billion through five equity funds.
No management changes were made at iModules after the sale, but Bernstein and three other Leeds executives have joined the software company’s board.
Tom Palmer, iModules’ co-founder and executive chairman, remains on the board along with Fred Weiss, the company’s president.
“We now have in place institutional sponsorship with deep knowledge and resources to support iModules’ continued growth,” Palmer said in a statement.