SARORAS Private Capital has made a “significant” investment in Ninth Wave. No financial terms were disclosed. Based in New York, Ninth Wave is a enabler of secure data connectivity between financial institutions and third-party applications.
NEW YORK–(BUSINESS WIRE)–Ninth Wave, the leading enabler of secure data connectivity between financial institutions and third-party applications including aggregators, fintechs, accounting solutions, tax prep software and other consumer and business solutions, today closed on a significant minority investment from SARORAS Private Capital, a private equity firm.
Ninth Wave will use proceeds from the primary capital investment to accelerate the company’s growth through further development of its flagship SaaS solution, the Ninth Wave Platform, new sales and marketing initiatives and the expansion of its leadership team. SARORAS focuses primarily on investments in growing middle market technology and business services companies and looks to partner with management teams to build industry-leading businesses. Firm executives cited Ninth Wave’s management team, industry leading reputation, and best-in-class technology solution as key factors driving its investment.
“We have been continually focused on advancing our technology, team and strategic partnerships with companies and individuals that help us provide the highest level of services and counsel,” said George Anderson, Founder and CEO of Ninth Wave. “SARORAS is the perfect partner for us and pairs an expertise in our industry with the experience and proven playbook to scale our business.”
“Ninth Wave is the clear leader in the rapidly growing data connectivity ecosystem,” said Sanjay Swani, Managing Partner of SARORAS. “We are excited to partner with the company to capitalize on its tremendous market opportunity.”
“With its combination of superior technology, blue-chip reference clients, and forward-looking vision, Ninth Wave has all the building blocks we look for in a great business,” said SARORAS Partner Will Eisenbeis.
The SARORAS team will work closely with Ninth Wave’s management as part of the partnership. Swani and Eisenbeis will join Ninth Wave’s Board of Directors, while Partner Conner Mulvee will join the Company’s management team.
About Ninth Wave
Ninth Wave is the leading enabler of secure data connectivity between financial institutions and third-party applications including aggregators, fintechs, accounting solutions, tax prep software and other consumer and business solutions. The Company’s SaaS solution, the Ninth Wave Platform, provides financial institutions with a single, secure, scalable gateway that enables consumer and commercial customers to access their data on their terms.
The Company’s technology has been deployed for over a decade at the world’s leading financial institutions, and current clients include three of the top five US banks and nine of the top ten US wealth managers. Ninth Wave, based in New York’s Financial District, was spun out from its former parent company, Enterprise Engineering, Inc. (EEI), in 2019. For more information, please visit ninth-wave.com.
About SARORAS Private Capital
SARORAS provides private equity capital to growing middle market companies in the technology and business services sectors. The firm is based in New York City and was founded in 2018. For more information, please visit saroras.com.