The amount of the minority investment was undisclosed but the company said it is “significant.” Ninth Wave said it will use the funds to accelerate the growth of the Ninth Wave Platform, form new sales and marketing initiatives, and expand its leadership team.
“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.”
SARORAS, which typically invests in middle market technology and business services companies, said that Ninth Wave’s management team, reputation, and technology were the top factors for its investment.
Ninth Wave positions itself as the financial data supply chain, offering a SaaS solution that delivers financial data through a universal standard that satisfies open banking requirements. In addition to data access and data aggregation tools, Ninth Wave also provides tax services that streamline and simplify tax reporting.
Last year, Ninth Wave was spun out from its parent company, Enterprise Engineering, Inc. (EEI). Anderson debuted the newly-formed company at FinovateFall 2018 in New York. The Ninth Wave platform offers access to more than $8 trillion in AUM for eight of the top 10 wealth managers. Since launching last year, Ninth Wave has analyzed more than 10 billion transactions.