United eWay, CreateHope combine to form new for-profit company
United Way and CreateHope Inc. have combined their community involvement services to form Truist, a new for-profit company offering an integrated, strategic approach to planning, tracking and management of global employee and community involvement initiatives.
The company's suite is used by more than 1,000 customers across more than 50 countries and represents 3,000 programs, 1 million volunteers and $2.5 billion in charitable contributions.
"This is a dynamic and exciting time in the field of global philanthropy," said Bob Meagher, CEO of Truist, in a statement. "The impacts of demographic change and technology have resulted in market demand for integration and automation of the philanthropic supply chain. Whether for an individual donor, a corporation or a nonprofit organization, there's a real need for connection — to information, resources and results. By virtue of its legacy of expertise in serving each constituency, Truist has the unique opportunity to optimize the logistics of giving."
United Way is the largest shareholder in the new company, which results from a sale of assets from United Way's subsidiary United eWay to CreateHope.
The combination of the two companies “gives the new company the critical mass — the size, strength and financial backing — to be a true innovator,” said Michael Korengold, president of Enhanced Capital Partners, a key shareholder in the new company, in a statement.