2023 brought growth and transition for Tamarack. Throughout the year, we laid the groundwork for the continued success of both our professional services business and our growing suite of Data and AI SaaS products. The success of our industry-specific strategy demonstrates that there is continued willingness for investment and growth in the equipment finance sector.
Professional services performance
The Professional Services team delivered its best quarter in Q4 of 2023, realizing a 300% increase in year-over-year bookings. That momentum is carrying forward into 2024 with a 400% increase over the same year-to-date period, a tribute to Tamarack’s deep industry knowledge and experience and to the value of its professional services offerings for equipment finance companies.
Product growth
Tamarack realized 400% percent growth in product customers with a large portion of that new growth coming from expansions within our current customer base. Our products, designed specifically to offer business intelligence, customer service and AI Automation solutions for equipment finance organizations, contribute to Tamarack’s unique position as a dedicated industry partner in the equipment finance industry.
Customer success
We gained significant moment in 2023 with product implementations for TrailView™ and DataConsole™ – with a number of customers seeing significant results and performance improvement within a few months. Oakmont Capital Services enhanced their operations with a set of AI Predictors to help with their evaluation and automation of leasing decisions, and North Star Leasing implemented TrailView to assist with customer service requests and to leverage the back-end administrative portal for their customer teams. Oakmont was also recognized, alongside Tamarack and LeasePath, as winner of the ELFA Ops and Tech Excellence Award, and the representatives from those companies presented a case study at the ELFA conference in the fall.
Industry partnerships
Tamarack formed a new partnership and collaborated with Bob Rinaldi, of Rinaldi Advisory Services (RAS), on the development and launch of Executive Advisory Insight Reports (ExecutiveAIR™). The reports combine Tamarack’s business intelligence and AI product suite with RAS’s analysis tools to provide equipment finance executives with real-time data analysis that delivers actionable executive-level insights. Tamarack announced a new strategic partnership with TomorrowZone to help evangelize the use of technology within the equipment finance industry.
We strengthened our collaboration with LeasePath with a number of implementations completed or in progress. Tamarack also joined the Salesforce Consulting Partner program to provide the tools, training and marketplace resources to help customers improve and enhance their use of the Salesforce platform with equipment finance implementations.
Thought leadership
Tamarack released a number of whitepapers aimed at guiding the equipment finance industry on how they can harness the potential of AI for effective risk management and decision-making. Tamarack as an organization and its leadership team were very active supporting the industry and its various associations through committee involvement, published articles (and blog posts) and webinar participation.
Over the year, we also celebrated Tim Appleget, Theresa Eichten, Kevin Gjersvig, Greg Henderson and Aaron Jackson earning their Certified Lease & Finance Professional (CLFP) designations from the CLFP Foundation.
Coming in 2024
Tamarack will continue to expand our product suite in 2024 including the integration of new data sources, additional AI prediction solutions and business intelligence capabilities that increase our customers’ abilities to analyze and improve portfolio performance. The company is actively looking to add to its sales and leadership teams to capitalize on the industry momentum and investments in technology. Market trends indicate that bigger banks and financial institutions are providing less capital to the equipment finance market, so independent and captive financing companies have an opportunity to meet the increasing customer demand for operating expense and subscription-service based equipment finance. Tamarack will continue to lead and support industry growth in 2024.
Connect with Tamarack
If you have a technology or software need, email discover@tamarack.ai or give us a call at (888) 952-8268. If we haven’t spoken recently, give us an opportunity to update you on what’s new at Tamarack and help you share in this year’s momentum.