Aquiline Capital Partners LLC has formed Togetherwork, a new holding company for software businesses that focus on managing and collecting payments. No financial terms were disclosed. Also, Togetherwork has named Neil Platt as CEO.
NEW YORK, September 27, 2016 – Aquiline Capital Partners LLC, a New York-based private equity firm investing in financial services and financial technology companies, announced today the launch of Togetherwork, a new holding company for leading businesses developing software used to manage and collect payments from groups and organizations.
Building on the foundation of Aquiline portfolio company OmegaFi, the leader in management, payments and fundraising software for fraternities and sororities, Togetherwork aims to acquire software companies in adjacent verticals, creating a family of companies that provide similar technology and services to broader organizations such as sports leagues, summer camps, and cultural and educational institutions. In addition to retaining their own teams and identities while continuing to operate independently, all Togetherwork companies will benefit from the scalable payments infrastructure of OmegaFi and the significant resources of the larger holding entity.
“Togetherwork is in a unique position to leverage and expand upon the success and capabilities of OmegaFi as it brings together similar companies to create the unrivaled leader in group management and payments software, which is an attractive and under-recognized sector within financial technology,” said Vincenzo La Ruffa of Aquiline. “The launch of Togetherwork is an exciting development for our portfolio of fintech companies and we look forward supporting the company in building out this platform.”
Neil Platt, a veteran financial technology entrepreneur and industry executive, has been named Chief Executive Officer of Togetherwork. Mr. Platt previously served as General Manager of CashEdge, a payments technology firm acquired by fintech giant Fiserv (NASDAQ: FISV), where he went on to serve as a senior executive. Mr. Platt is a former McKinsey & Company consultant and serves on the Board of Directors of OmegaFi.
“We have seen hundreds of group management software companies that are comparable to OmegaFi but serve different target markets and we see an opportunity to extend the capabilities, expertise and scale of our platform to help these companies grow and become more successful,” said Mr. Platt. “We are excited to work with talented entrepreneurs and managers as they continue to grow their businesses. We will help them leverage the benefits of being part of a larger entity, from more efficient payments and back office processing, to faster software development and greater access to growth capital.”
In addition to Mr. Platt, Togetherwork’s Board of Directors will include OmegaFi Founder Todd Reaves, OmegaFi CEO Fred Maglione and Aquiline professionals Vincenzo La Ruffa, Scott Leach and Joe Pappalardo.
Togetherwork is the emerging leader in software and payments for groups and organizations of all kinds, helping them grow, become more efficient, increase revenues, and provide excellent service to their members and constituents. Togetherwork has over 140 employees nationwide. To learn more about us, please visit: www.togetherwork.com.
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York investing in middle-market businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology and services. Aquiline targets specialized businesses that have potential for improved performance and growth in conjunction with Aquiline’s equity ownership and active involvement. The firm consists of industry experts, many with operating experience, who use a hands-on approach to build value in portfolio companies. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit www.aquiline-llc.com.