The founder of Portland software company CollegeNET has sued the business’ new majority owner for $350 million, alleging the private equity firm misled him before the sale and then fired him less than six months later when he objected to the way the new owner ran the company.

The investment firm, Colorado-based Rubicon Technology Partners, has not filed a reply to the litigation and did not respond Tuesday to a message seeking comment. In the world of mergers and acquisitions, it’s not unusual for business founders and entrepreneurs to object to the way new owners run their businesses. But in this case, the breakdown was especially quick.

CollegeNET, founded in 1977, provides software to help colleges schedule classes and other campus events. The lawsuit said the Portland company employs

See Full Page