Tamarack Consulting, Inc, a leader in providing independent software solutions in the equipment finance and commercial lending industry, has announced the spin-off of its Origination Systems/Salesforce.com products division to Northteq, Inc.
As a result of the spin-off the two companies will operate as independent entities. Tamarack will continue to focus on Portfolio Management Systems and Services while Northteq will focus on portals, apps and origination solutions on the Salesforce platform. Company founder and CEO Daniel Nelson will retain leadership of Tamarack and former COO Kristian Dolan will lead the newly formed Northteq.
“When I started Tamarack in 2001 and Kristian started E2E Systems in 2005 we each saw an opportunity to help lessors simplify their operations and improve performance. It was also what brought us together in 2013,” said Nelson. “Now, we’ve reached a point where separating is necessary so that both aspects of the business can adapt to changes in the equipment finance industry. We believe this will enable each of us to better serve our customers as well as take advantage of new technologies.”
A strong relationship will remain between the two companies. For the foreseeable future, the two companies will continue to support the other as well as collaborate on customer projects. Under the terms of the spin-off, each entity will continue fulfillment of existing client engagements for their respective service offering. Tamarack will continue to offer all present Tamarack Portfolio Management products and services as well as new products and services as they are developed.
“We appreciate the relationships we built together at Tamarack. With Northteq, we are excited to focus our efforts on providing an amazing origination experience for our clients and our client’s customers.” said Dolan. “In the short term, our clients and partners will see minimal to no impact with this change. Northteq is maintaining the same employees, products, practices, office, insurance, and security policies it had under Tamarack.”
There will be no interruption in service offering and there will be no loss of jobs. Employees will be split between the companies based on their area of expertise and work experience.
Headquartered in Minneapolis, MN, Tamarack was recognized in the Inc. 5000 fastest growing companies in 2016, 2017, 2018 and 2019 and as one of Minneapolis/St. Paul Business Journal’s Fast50.
Northteq, also headquartered in Minneapolis, is about enabling their clients to achieve a fully integrated, automated origination solutions. They partner with several fintech and lending service providers to bring the latest technologies to the equipment finance and commercial lending industries. They build partner and customer portals to give their client’s customer’s an amazing customer experience.