Indian financial services provider Financial Technologies has acquired a significant equity stake in UK-based Audit Control & Expert Global (ACE), a global credit support organisation providing collateral control, field audits, inspection, monitoring and financial structuring services in the commodity trade and finance sector.

Indian financial services provider Financial Technologies has acquired a significant equity stake in UK-based Audit Control & Expert Global Group (ACE), a global credit support organisation providing collateral control, field audits, inspection, monitoring and financial structuring services in the commodity trade and finance sector. The terms of the deal remain undisclosed.

The transaction will strengthen Financial Technologies’ portfolio of technology IP-based services for global financial markets. It will also boost ACE’s ability to provide a technologically advanced credit support service to banks and commodity companies.

Financial Technologies director Dewang Neralla said: “ACE’s Enhanced Credit Commodity Control technology is a robust technology for banks to mitigate performance risks and secure transactions in credit finance for commodities.”

Andre Soumah, ACE chairman, added: “By opening up opportunities to work with Financial Technologies’ major warehousing and collateral management venture, it gives ACE access to the huge Indian import-export trade, where collateral management services are in its infancy.”

ACE has offices in 26 countries with operations in Africa, Europe and the Far East that offer collateral management and other credit support services across 2,000 warehouses for more than 50 companies.