Asset-based financing solutions provider DLL formed a new Global Business Unit (GBU), Direct Solutions, to lead the organization’s innovative approach around usage-based consumption products and further develop a customer direct business model to complement the company’s global vendor finance business.

Steve Riggs, a long-time industry veteran with over 35 years of experience in equipment finance and part of the DLL leadership team since 2004, has been named president of the new division.

In addition to further development of consumption-based models such as pay-per-use and managed solutions, the GBU will be charged with exploring future growth sectors for DLL. The activities of the GBU will span potential entry into new industry verticals, equipment markets and customer segments, with a focus on direct business, that can be deployed across the vast global network of DLL. In addition, the GBU will focus on strategic acquisitions for DLL that complement DLL’s strategy, particularly those acquisitions that bring expanded product and service capabilities or specialized knowledge to DLL.

The company envisions the Direct Solutions GBU becoming a significant and material part of DLL’s global portfolio.

“Being a pioneer means that we must be willing and able to do things differently—to be disruptive in a deliberate and meaningful way that allows new ideas to be tested and flourish,” said Tom Meredith, DLL chief commercial officer. “Forming a new GBU reflects this approach and Steve brings a wealth of experience and energy to his new role. I am confident the Direct Solutions GBU will achieve success under his leadership.”

“Our industry continues to evolve, and the pace of change is accelerating. Buying habits are shifting and placing new requirements on the financial services sector,” said Riggs. “Businesses want the flexibility to pay for their equipment and technology as they use it, rather than owning the assets outright. I’m excited to develop a business that is focused on getting in front of these trends and delivering innovative solutions and incremental value to our customers.”