Secured finance technology firm IDS has agreed to acquire White Clarke Group, a provider of retail, fleet, wholesale and asset finance solutions for the automotive finance market.

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. The two companies support banks, independents, OEM captives and speciality finance firms.

“Global business has entered a new long-term investment cycle driven by the rapid evolution of technology,” said David Hamilton, chief executive of IDS. “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, added: “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.”

In the automotive finance space, IDS and White Clarke Group will cover the retail, fleet and wholesale sectors. The CALMS retail finance platform includes point-of-sale, loan origination, loan servicing and floorplanning capabilities, serving eight of the top 10 auto manufacturers.