SAND Technology Inc. announced the sale of ClarityBlue, its U.K.-based customer analytics consulting and systems integration subsidiary, in a management buyout led by ClarityBlue's president, Duncan Painter. In addition to capital provided by management, the buyout of ClarityBlue is being supported by ECI Partners LLP and Barclays Bank plc.
The total consideration is £9 million (over CAD$20 million), subject to year-end adjustments and foreign currency fluctuations. Under the agreement, ClarityBlue will continue to be a major reseller of the SAND Analytic Server and other SAND software products as core components to its Customer Analytics systems integration business model. Duncan Painter will serve as an ongoing consultant to SAND.
The Company also announced the appointment of Tim Daniels as president of its new subsidiary, SAND Technology U.K. Mr. Daniels is the former vice president, Europe, Middle East and Africa (EMEA) for ACTA Technology.
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