UK-based software company White Clarke Group has been acquired by US-headquartered IDS in a deal that creates a “secured finance technology powerhouse”.
The terms of the deal – which is expected to close before the end of Q2 2021 – have not been disclosed.
Together, the combined company will serve more than 300 customers across North America, Europe and Asia Pacific and will be co-headquartered in Minneapolis and Milton Keynes.
“Global business has entered a new long-term investment cycle driven by the rapid evolution of technology,” said David Hamilton, CEO of IDS. “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 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.”
Founded in 1992, White Clarke Group provides a range of full lifecycle loan origination and contract management software for the automotive, consumer and equipment finance sectors.
It employs 600 staff across its offices in the UK, mainland Europe, North America and Asia Pacific, and its clients include eight of the top 10 global automotive captives.
IDS is acquiring White Clarke Group from Five Arrows Principal Investments, which originally invested in the business in 2016 and will remain a shareholder in the combined company.
“Our industry is being disrupted by a global shift in consumption,” said Brendan Gleeson, Group CEO of White Clarke Group.
“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.”