Finance technology firm IDS has acquired asset finance solutions business White Clarke Group.
The combined business will offer a range of asset finance solutions, including automotive finance, equipment finance and working capital solutions.
It will support banks, independents, OEM captives and specialty finance firms globally, serving more than 300 customers across North America, Europe and Asia Pacific. The company will be co-headquartered in Minneapolis, MN and Milton Keynes, UK.
David Hamilton, CEO of IDS, said: “Smart factories, connected-assets (IoT), green-energy, and many other technology innovations will bring about exciting new economic growth opportunities which will require access to capital from secured finance firms.
“With a comprehensive and flexible technology foundation, these finance providers will be able to support new funding models accelerating the move to digital, servitisation, and mobility.
“Supporting this fast-changing market need is the motivation for bringing our two great companies together creating an unmatched range of secured finance solutions and the ability to support customers globally.”
Brendan Gleeson, group CEO of White Clarke Group, added: “Consumers and businesses want utility and outcomes, not ownership. This has created an opportunity for financing firms to tap into emerging technologies including digital and AI to create new business models like subscription and car sharing.
“As these trends accelerate, these firms will need the support of a global technology vendor that can deliver innovation at scale. Combining our companies provides the ability to innovate at the pace of change while delivering exceptional value to our combined customer base.”
White Clarke Group was established in 1992 and specialises in providing technology and software solutions to the automotive and asset finance markets. Its Customer Acquisition & Lifecycle Management System (CALMS) product range supports the complete lifecycle of auto and asset finance, leasing, and loan origination from point-of-sale through credit approval, contract management and customer support.