IDS, a US-based global provider of in-the-cloud software for the equipment finance and automotive sectors has added four new customers in Q1 2021.
They include two start-up equipment finance operations; Metropolitan Capital, a universal bank expanding into asset-based lending (ABL); and a top-five US bank, as yet unnamed.
IDS also said it is on track to complete 14 go-lives by the end of the first half of 2021, representing a 40% increase over 2020.
David Hamilton, the chief executive of IDS, said: “Our strategic vision is to provide solutions that support the growth aspirations of any size secured finance firm.
“We are excited to work with some of the most innovative companies in the market, ranging from start-up operations to one of the largest financial firms in the world.
“Providing best-in-class functionality in an easy-to-use pay-for-what-you-use platform is at the heart of our technology investment. I firmly believe that this value, coupled with our dedication to building long-standing partnerships, is central to our continued success.”
A key driver of IDS’ growth is the continued investment in IDScloud, the company’s flagship software-as-a-service (SaaS) platform.
IDS is projected to double the amount of net asset value (NAV) running on the system from Q1 2020 with this innovative pricing model.
IDScloud customers include banks, independents/speciality finance and captive finance organisations across North America, Europe, the Middle East, Africa (EMEA) and Australia.
On 7 April, IDS announced it had agreed to acquire White Clarke Group, a UK-based provider of asset finance software and services. The financial terms of the deal were not disclosed.
In a statement, IDS said the fusion of the two companies would combine to create a multi-asset class secured finance technology powerhouse supporting banks, independents, OEM captives and specialist finance firms globally.
Together, the combined company will serve more than 300 customers across North America, Europe and the Asia Pacific and will be co-headquartered in Minneapolis, MN and Milton Keynes, UK, the statement said.