Ace Engitech Limited, previously known as Prem Somani Financial Services Limited, was incorporated on September 25, 1991, and rebranded on April 27, 2022. Initially focused on financial services, the company's strategy shifted to IT technologies and web designing following the cancellation of its Non-Banking Finance Company (NBFC) license by the Reserve Bank of India in 2018. This license revocation was due to the company's inability to meet the required Net Owned Funds of Rs 2 Crore as per the revised regulatory framework for NBFCs.
In the fiscal year 2021-22, Zyden Technologies Private Limited acquired approximately 25.62% of the company's equity, gaining a controlling stake and positioning itself as the new promoter. This acquisition aligned with the Securities and Exchange Board of India's regulations on substantial acquisitions and takeovers, marking a significant shift in the company's management and strategic direction towards the technology sector.
