CFS is quoted on the London Stock Exchange and consequently the transaction is subject to the approval of CFS shareholders, which is expected in late October. The new global software and services operating company will be known as International Decision Systems (IDS). The holding company for the enlarged Group will be re-named IDS Group plc and will retain CFS’s London Stock Exchange listing.
CFS’s leasing, full-service leasing, and wholesale finance systems are well-known, and many of the world. s leading automotive finance companies use CFS products. DSI is a leader in lease and portfolio management software with many of the world. s largest equipment lessors as its customers. The synergy of the two companies’ vehicle and equipment expertise combined with their customer and market focus will make IDS an authoritative, global market leader in leasing and wholesale finance software and services.
Following completion of the transaction Mr. Al Stein, Executive Chairman of CFS Group plc, will become Executive Chairman of the enlarged Group and Jim Meinen, President of DSI will become CEO. IDS will have sales and support offices in Basingstoke and Hursley (England), Minneapolis and Boston (US), Sydney (Australia) and Singapore.
According to Jim Meinen, president of DSI and proposed CEO of IDS Group plc in Minneapolis, . The combined strength of our highly skilled global workforce, the strength of a public company and our extensive geographic presence creates a financial software development powerhouse. IDS will leverage e-business technologies to offer innovative products and services for expanding global markets..
Alfred Stein, Executive Chairman of CFS Group plc said:
This is excellent news for CFS. The enlarged group will provide greater opportunities for our customers and employees. I am particularly delighted that Jim Meinen has agreed to become our Chief Executive Officer and believe that he will be a key figure in driving forward the new IDS Group. I extend a warm welcome to Jim and his team.
