IDS to buy White Clarke Group for undisclosed sum

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DS, a US-based provider of equipment finance, asset-based lending and factoring, has agreed to acquire White Clarke Group, a UK-based provider of asset finance software and services. The financial terms of the deal have not been disclosed.

In a statement, IDS said the fusion of the two companies would combine to create a multi-asset class secured finance technology powerhouse supporting banks, independents, OEM captives and specialist finance firms globally.

Together, the combined company will serve more than 300 customers across North America, Europe and the Asia Pacific and will be co-headquartered in Minneapolis, MN and Milton Keynes, UK, the statement said.

David Hamilton, chief executive 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 technological 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 chief executive 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."