Capillary Technologies announced that Sameer Garde, an independent director, will take over as the company's chief executive officer (CEO) on January 1, 2023.

Current CEO and cofounder Aneesh Reddy will transition to the role of vice chairman and managing director.

Previously, Garde was the India president for networking technology company Cisco. He had moved out of that role in 2021 to work in the social sector and had joined Wadhwani AI.

“It has been a great ride at Capillary over the last 14 years. During this time, we became one of the first SaaS companies to penetrate not only India but the wider Asian market,” said Reddy.

The change in leadership comes at a time when the multi-vertical consumer loyalty management space has grown rapidly and is now estimated to be over $10 billion. The company said with an impending public offering, Garde will help build Capillary into a company that delivers predictable growth profitably, while also exceeding customer and partner expectations.

“Capillary Technologies is a market leader in the loyalty and engagement space and has been acknowledged by leading industry analysts and Fortune 500 customers. I have now been involved with Capillary for nearly a year as an independent board member. I look forward to providing the guidance and vision for this new chapter in Capillary’s story,” said Garde.