United Way of America, the largest U.S. nonprofit, has teamed up with CreateHope to form Truist, a for-profit company designed to provide an integrated approach to planning, tracking and managing employee giving and volunteering.
The company is the result of the sale of assets from United Way's subsidiary, United eWay, to CreateHope.
The suite of products offered by Truist, with offices in New York City and Washington, D.C., already is used by over 1,000 customers in over 50 countries, representing a total of 3,000 programs, 1 million volunteers and $2.5 billion in charitable giving.
"This transaction brings together two of the most recognized, respected players in the philanthropic market," says Michael Korengold, president of Enhanced Capital Partners, a key shareholder in Truist.
"Perhaps more importantly," he says, "the combination gives the new company the critical mass -- the size, strength and financial backing -- to be a true innovator."United Way will be the largest shareholder in the new company.