New York-based private equity firm Aquiline Capital Partners has launched Togetherwork, a holding company for businesses developing software used to manage and collect payments from groups and organisations.
Building on the foundation of Aquiline portfolio company OmegaFi, a provider of 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 organisations 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 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 unrivalled leader in group management and payments software, which is an attractive and under-recognised sector within financial technology,” says 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. Platt previously served as general manager of CashEdge, a payments technology firm acquired by fintech giant Fiserv, where he went on to serve as a senior executive. 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,” says 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 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.
