IDS Group, a secured finance software provider, has announced it the successful acquisition of White Clarke Group, a provider of retail, fleet, wholesale and asset finance software solutions for the automotive and equipment finance markets.
The combination creates a multi-asset class secured finance technology powerhouse to support banks, independents, OEM captive and independent finance firms globally.
David Hamilton (pictured above), chief executive officer of IDS, explained: "Bringing our two companies together as one accelerates our ability to innovate at scale and better serve our combined global customer base with a comprehensive portfolio of market-leading secured finance solutions. Together, we provide the industry's most talented and experienced team of secured finance experts to ensure our customers' success globally." IDS first announced the White Clarke Group acquisition in April 2021, following news in February 2021, when the company acquired William Stucky and Associates to obtain its asset-based lending and factoring software. Shortly after this acquisition, IDS successfully completed an implementation of the new software for Metropolitan Capital.
The fast-paced world of technology – from smart manufacturing to the internet of things to sustainable energy – is bringing about emerging technologies, new funding models and exciting new economic growth opportunities.
Hamilton added: "These opportunities will increasingly require access to capital from secured finance firms. Drawing from our combined strengths, IDS is now more agile and better positioned to capitalize on these market trends and innovate at the pace of change as we support the accelerated growth of digital transformation, service-centric business models and mobility in our industry."
Following the acquisition, IDS’ rapidly expanding product portfolio covers multiple market segments, including:
- Automotive Finance – Covering retail, fleet and wholesale, the Customer and Acquisition & Lifecycle Management System (CALMS) includes point-of-sale, loan origination, loan servicing, and floor-planning capabilities;
- Equipment / Asset Finance – An end-to-end platform that streamlines the leasing and loan origination and portfolio management process runs more than $350 billion (£247 billion) of net asset value on its full lifecycle solution;
- Working Capital – Covering asset-based lending and factoring, this solution provides the ability to manage flexible working capital finance offerings with real-time credit monitoring and availability. This solution manages around $50 billion (£35 billion) in factoring volume annually.
IDS acquired White Clarke Group from Five Arrows Principal Investments, which will remain a shareholder in the combined company. As private companies, the financial terms of the deal were not disclosed. The combined company will be operated through its co-headquarters in the US and UK, serving more than 300 customers across North America, Europe and Asia Pacific.
Bolstering senior management
Alongside the news of the White Clarke Group acquisition, IDS recently announced the appointment of Bill Noel (pictured above) as chief product officer to drive the delivery of its secured finance product portfolio.
Based in Texas, Noel will lead the company’s product portfolio and offer management initiatives, as well as being responsible for its product market, pricing and program management for its customers across the globe.
At the time, Hamilton said: "IDS is experiencing unprecedented growth in both new customers and the expansion into adjacent markets through our recent acquisitions. As the company evolves it was critical to establish an executive product leader to ensure we realize the full potential of our expanding portfolio.
“Bill brings to IDS strong portfolio and product management experience that will help drive our ambitious growth objectives and ensure that we continue to deliver exceptional value to our customers through our integrated offerings."