Global provider of asset finance software solutions IDS has been acquired by the software focused private equity firm Thoma Bravo.

The US-based company has taken over majority ownership of IDS from the current investor SV Investment Partners.

Thoma Bravo will partner with the current IDS management team on strategic growth plans and product development.

The new partnership aims to accelerate growth plans at the software provider which includes the expansion of cloud-based services and its other core products.

IDS provides solutions that streamline the asset financing lifecycle for loan and leasing portfolios including its flagship product InfoLease.

The solution is available as a service on a cloud-based SaaS under a pay-for-what-you-use consumption model reflecting the market’s growing interest in servitisation.

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Chief executive of IDS David Hamilton said: “Thoma Bravo provides the resources and operational expertise needed to continue our cloud momentum, accelerate our product vision and support our ability to better serve a global customer base.

“Thoma Bravo has a proven track record of investing in building software companies like IDS to achieve exceptional results. We are excited about the opportunity to partner with the team at Thoma Bravo to bring new levels of innovation to our customers.”

The acquisition of IDS is Thoma Bravo’s latest in the finance sector following investments in Ellie Mae, the cloud-based platform provider for the mortgage finance industry, and consumer lending platform MeridianLink.

A.J Rohde, a partner at Thoma Bravo said: “We are major believers in the global asset finance market and the value that the IDS market-lending suite of products can bring to the bank, OEM and speciality lending customers.”

“Having known David Hamilton for many years, we see a terrific partnership opportunity to work with David and his deep-domain leadership team to scale IDS in the coming years, both domestically and abroad.”

IDS is headquartered in Minneapolis, US and has offices in the UK, Australia, Singapore and India.