Aquiline Capital Partners, a New York private equity firm focused on investing in financial services and financial technology companies, announced Tuesday the creation of a new holding company that will acquire businesses focused on developing software used to manage and collect payments from groups and organizations.
Called Togetherwork, the new arm aims to create a family of companies that provide similar technology and services to broader organizations such as sports leagues, summer camps and cultural and educational institutions. The new platform will be anchored by one of Aquiline's current portfolio companies, OmegaFi, which makes payments and fundraising software for fraternities and sororities.
"All Togetherwork companies will benefit from the scalable payments infrastructure of OmegaFi and the significant resources of the larger holding entity," the company said in a press release.
Neil Platt has been named Togetherwork's CEO. Platt previously was general manager of CashEdge, a payments technology firm acquired by Fiserv, and is a former McKinsey consultant. He serves on the OmegaFi board of directors.
"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," Platt said in the press release.