IDS acquires White Clarke Group

Secured finance technology specialists IDS, has announced that it will acquire automotive and equipment finance specialist White Clarke Group.

The merger of the two companies will combine to create a multi-asset class secured finance technology powerhouse supporting banks, independents, OEM captives and specialty finance firms globally. Together, the combined company will serve more than 300 customers across North America, Europe and Asia Pacific and will be co-headquartered in Minneapolis, MN and Milton Keynes, UK.

David Hamilton, CEO of IDS said “Global business has entered a new long-term investment cycle driven by the rapid evolution of technology. 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, servitization, 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 said “Our industry is being disrupted by a global shift in consumption,” “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.”