Financial Technologies India Ltd has acquired a 90% stake in UK-based ACE Group for a $22.5 million. The company informed the BSE that the acquisition is subject to fulfillment of certain representations and warranties by the sellers. ACE Group is a credit support organization providing third party asset management, quality assurance and inspection services.
Financial technologies is the promoter of 9 exchanges, which includes India's Multi-Commodity Exchange. Some other exchanges promoted by it are DGCX (Dubai Gold and Commodities Exchange) , an international commodity derivatives market in the Middle East and IBS Forex, an inter-bank foreign exchange platform.
ACE Group has offices in 26 countries across the globe and has provided collateral management and other credit support services across 2,000 different warehouses in more than 50 countries. The acquisition will help Financial Technologies in its vertical expansion in credit markets, especially across the commodity markets across.
With the acquisition , Financial Technologies can now enable international financial institutions to effectively monitor and control their assets throughout the value chain, including trade flows into and out of the various continents.