NowVertical Group Announces Appointment of Sandeep Mendiratta as CEO

Elevates Business Unit Leadership and Moves to Align All Key Stakeholders Across the Company

Top-Level Reorganization to Drive Tangible Integration Benefits, Reposition the Company, and Accelerate Global Growth

TORONTO, Jan. 15, 2024 (GLOBE NEWSWIRE) --  NowVertical Group Inc. (“NowVertical” or the “Company”) (TSX-V: NOW) (OTCQB: NOWVF), a leading data analytics and AI solutions company, today announced the appointment of Sandeep Mendiratta as Chief Executive Officer of the Company. Mr. Mendiratta’s appointment is a critical step in the strategic reorganization of NowVertical designed to fast-track the integration of its global asset base and propel the company into its next phase of growth.

Mr. Mendiratta joined NowVertical in January 2023 as the former CEO of Acrotrend during the Acrotrend acquisition. He has a proven track record of scaling businesses, is a seasoned expert in the data analytics industry, and is a well-respected leader within the Company.

To support Mr. Mendiratta, the Company is also pleased to announce that Santiago Trógolo, former CEO of CoreBI, acquired by NowVertical in February 2022, will be promoted to EVP LATAM, and Mostafa Hashem, former CEO of Smartlytics, acquired by NowVertical in January 2023, will be promoted to EVP Product and Technology. Each of Mr. Mendiratta, and Mr. Hashem, have meaningful shareholdings in NowVertical and are directly aligned with other shareholders.

Over the last three years, NowVertical's strategic acquisitions have positioned the Company as a powerhouse in data science, advanced AI solutions, and pragmatic data consultancy. This evolution has empowered NowVertical to offer comprehensive data management services to top-tier global clients spanning diverse industries and regions.

However, over the past six months, NowVertical’s board of directors (the “Board”) determined that the Company had not maximized the expected benefit from the integration of the Company’s acquisitions, nor was it effectively positioning those business units or their respective leadership teams for success.

The Board also determined that the current course of growth, and the Company’s spending across the enterprise, was unsustainable without substantial dilution to shareholders on potentially punitive terms amid poor market conditions.

In order to preserve shareholder value and put NowVertical on a course for sustainable long-term organic and inorganic growth, the Board led several critical initiatives including: