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Brendan Gleeson
Software company White Clarke Group has been acquired by US-headquartered IDS in a deal that creates a secured finance technology powerhouse co-headquartered in Minneapolis and Milton Keynes.
White Clarke Group was founded in 1992 and employs 600 staff. It was purchased from Five Arrows Principal Investments, which backed the business in 2016.
White Clark chief executive Brendan Gleeson 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.
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Automotive finance provider White Clarke Group has been acquired by US-based IDS to form a single entity claiming to serve a $7 trillion secured finance end market.
IDS has announced its signing of an agreement to acquire the Milton Keynes-based automotive retail, fleet, wholesale and asset finance operation in a deal expected to be completed by the end of Q2.
White Clarke Group chief executive, Brendan Gleeson, 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.
IDS and White Clarke Group Join Forces to Create a Secured Finance Technology Powerhouse benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
IDS Acquires White Clarke Group To Create “Secured Finance Powerhouse”
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.