Tamarack Consulting, Inc. Salesforce.com Product Division Spin-off FAQ

July 1, 2020

What is the nature of the spin-off?

How will the company be divided? As of July 1, 2020, Tamarack has separated into two independent entities: Tamarack Consulting, Inc. and Northteq, Inc. Daniel Nelson (and the back-office team) will retain the Tamarack name while former COO Kristian Dolan (and the front-end team) will exit with the Saleforce.com product business and form the Northteq company.

What prompted the spin-off?

The separation is Tamarack’s response to changes in the equipment finance industry. We believe the separation will allow each entity to better serve all our clients as well as take advantage of new technologies.

When will the spin-off be final?

July 1, 2020

How does the spin-off impact the business direction of Tamarack?

Tamarack is a technology company with a deep understanding of equipment finance. For more than two decades, Tamarack has been creating and implementing solutions that enable lessors to realize greater value from their operations. Going forward, the Tamarack team will continue to focus on helping Lessors improve both customer experience and operational performance through Portfolio Management integration, implementation and customization providing both professional services and automation products.

How will the spin-off impact current clients?

The separation is amicable and both companies will continue to support the other as well as continue to collaborate on client projects. There will be very little disruption to projects in progress or ongoing contracts. Contact information for team members will remain the same for up to six months. Clients will continue to receive invoices from Tamarack for services provided by Northteq for up to six months.

How does the spin-off position Tamarack for success?

Tamarack is extremely well positioned with brand, talent, customers and cash. The company will be immediately leveraging both our brand and intellectual property to increase sales of existing offerings. Recent new hires will drive our strategy and growth with new offerings and new go-to-market strategies.

What is Tamarack’s business strategy going forward?

Recognizing the value increased access to data provides to the equipment finance industry, our business strategy going forward focuses on increasing the integration of technology and development of products to both support and leverage Tamarack’s business operations enterprise services. We believe that by integrating the operational data from the equipment into the equipment finance value stream, Tamarack will help Lessors protect their investments with insightful information from operational data, drive value and improve performance. A key tool for achieving these goals is the integration and analysis of data through IoT devices and software.

Who is Tamarack's new leadership team?

The Tamarack leadership team will continue to be led by Daniel Nelson as CEO and CFO. Recently, Scott Nelson joined the team as Chief Digital Officer and will serve as digital strategy and product management lead. New hire Sid Overbey will lead corporate development and Chad Carlson will continue to lead the Professional Services group. Amy Mimick will serve as Office Manager and oversee HR and day-to-day office management.

How will the spin-off impact current Tamarack employees?

From a day-to-day experience there will be very little change. No loss of jobs is anticipated; employees will be split between the companies based on their area of expertise and work experience. Tamarack offices will move to a new location so those employees will relocate. Employee experiences will be managed by their respective owner's post spin-off.

Where will Tamarack be located?

Currently, all employees are working remotely due to the COVID-19 pandemic. When it is safe to return to an office environment, Tamarack will be headquartered in St. Paul, Minn.

What plans are there to expand Tamarack's staff?

In support of Tamarack’s growth strategy, the company will immediately begin creating a pipeline of developers and consultants to support the expanded customer engagements and new product development. We anticipate adding several new employees by end of the year.

How will the Tamarack brand change?

For more than 20 years, Tamarack has been dedicated to creating relationships and facilitating connections that support the continued development and success of the equipment financing industry. As the company enters its next phase, it was important that we updated our branding as well. Shortly after the spin-off, Tamarack will be unveiling a new brand identity as well as website.

How will the spin-off affect Tamarack’s involvement in the equipment finance industry?

The company (and in particular Daniel Nelson) will continue in leadership roles supporting the Equipment Finance industry. The company will remain actively involved in the National Equipment Finance Association (NEFA), Equipment Leasing and Finance Association (ELFA), American Association of Commercial Finance Brokers (AACFB) and the Certified Lease and Finance Professional (CLFP). Additionally, Tamarack will become more active in contributing articles, blogging and speaking at events going forward.

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