Ace Software approves 35.05% stakes in two UK energy firms

Ace Software Exports Limited approved on November 6, 2026 the acquisition of 35.05% post-issue stakes in UK businesses MUG and MUGC, with the MUGC transaction valued at Rs 9.846773802 crore. The investments combine cash subscriptions with preferential shares issued to seller Westbury Solutions Limited, subject to shareholder and stock-exchange approvals.

What is Ace Software acquiring in the UK?

Ace Software is acquiring 361 equity shares each in MyUtilityGenius Limited and MyUtilityGenius Commercial Limited, representing 35.05% of each target’s post-issue equity share capital. Each transaction comprises 331 shares, or 32.14%, bought from Westbury Solutions Limited and a subscription for 30 new shares, or 2.91%, in the relevant company.

MUG was incorporated in the United Kingdom on July 30, 2012, while MUGC was incorporated there on April 26, 2013. Both businesses operate in energy technology, utility comparison platforms and commercial energy procurement, using software platforms, data-driven services, tariff-pricing tools, risk-management support, customer-engagement services and analytics-led decision tools.

Ace Software said the investments are intended to diversify its portfolio into energy technology and services, and provide exposure to a technology-led energy-services platform in a developed overseas market. The company said the plan could support selective international expansion, strategic collaboration, knowledge transfer and future growth opportunities, subject to regulatory compliance and operational execution.

The proposed holdings are minority interests of 35.05%, rather than stated control acquisitions. Ace Software said neither deal is a related-party transaction and reported no interest by its promoters, promoter group or group companies in either target. It also said the transactions are on an arm’s-length basis after considering a valuation report by Den Valuation (OPC) Private Limited.

How much is Ace Software paying for the stakes?

Ace Software disclosed total consideration of Rs 1.897660898 crore for MUG and Rs 9.846773802 crore for MUGC, both calculated using a Reserve Bank of India reference rate of Rs 125.1333 per pound sterling as of June 30, 2026. MUGC accounts for the larger commitment because its stated price is £2,179.79 per share, compared with £420.09 per MUG share.

The 331 MUG shares being bought from Westbury Solutions have stated consideration of Rs 1.739960546 crore, while the 30 MUG subscription shares require Rs 15.7700352 lakh in cash. The 331 MUGC purchase shares carry stated consideration of Rs 9.028482350 crore, while its 30-share subscription requires Rs 81.8291452 lakh in cash.

Ace Software will settle the two purchased-share components through a preferential issue to Westbury Solutions rather than cash. The consideration shares for MUG total 72,820 at Rs 238 each, aggregating to Rs 1.733116 crore, while the MUGC consideration shares total 379,326 at the same price, aggregating to Rs 9.0279588 crore.

How will the preferential share issue change Ace Software’s ownership?

Ace Software plans to issue 452,146 fully paid equity shares to Westbury Solutions at Rs 238 each for non-cash consideration, with the combined preferential issue aggregating to Rs 10.7610748 crore. The issue price includes a face value of Rs 10 per share and a premium of Rs 228 per share.

Westbury Solutions would hold 452,146 Ace Software shares, representing 2.42% of Ace Software’s equity share capital after allotment, according to the filing. The seller is the sole proposed allottee, and the company said the Rs 238 issue price would not be below the floor price determined under Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

The preferential shares are linked specifically to the purchase of 331 MUG shares and 331 MUGC shares from Westbury Solutions. The separate subscriptions for 30 new shares in each UK target are cash payments, meaning Rs 97.5991804 lakh of the disclosed transaction consideration is cash across the two acquisitions.

The issuance requires shareholder approval through a special resolution and in-principle approval or permission from stock exchanges for allotment. Ace Software’s November 6, 2026 board decision therefore approves the structure but does not establish that the consideration shares have already been allotted.

Which UK target has the higher revenue and stronger recent trend?

MUG reported revenue of £696,123 in financial year 2025-26, based on provisional financial statements, compared with £554,332 in 2024-25 and £485,442 in 2023-24. Its latest revenue was £141,791 higher than the preceding year and £210,681 above the 2023-24 figure.

MUGC reported £756,391 revenue in financial year 2025-26, compared with £1,126,026 in 2024-25 and £956,369 in 2023-24. MUGC’s latest revenue remained £60,268 above MUG’s, but was £369,635 below its 2024-25 revenue and £199,978 below its 2023-24 revenue.

The disclosed revenue history shows that MUG increased revenue in each of the three reported financial years, while MUGC’s revenue declined in 2025-26 after rising in 2024-25. The filing does not disclose profitability, debt, cash flow, customer concentration or contract backlog for either company, so revenue alone does not show the financial returns of the proposed stakes.

When could the MUG and MUGC acquisitions be completed?

Ace Software said each acquisition will be completed within 15 days from the later of shareholder approval of the special resolution for the preferential issue and receipt of stock-exchange in-principle approval or permission for the allotment. The filing does not specify the date of the shareholder meeting or a fixed closing date for either acquisition.

The MUG and MUGC purchase-share acquisitions are also subject to regulatory or statutory approvals that may be required under applicable laws. The transaction agreements were executed on November 6, 2026 among Ace Software, the relevant UK target and Westbury Solutions, but completion remains conditional on the stated approval process.

The same board meeting also approved a scheme to amalgamate seven wholly owned subsidiaries with Ace Software under Sections 230 to 232 of the Companies Act, 2013. That scheme requires approvals from the National Company Law Tribunal, central government and other authorities as applicable, but the company said it would not change Ace Software’s issued share capital, voting rights, promoter shareholding or public shareholding.

Conclusion

Ace Software’s November 6, 2026 decisions combine two significant UK minority investments with a predominantly share-funded structure. MUGC represents the larger transaction at Rs 9.846773802 crore and has higher latest revenue than MUG, while MUG recorded revenue growth through 2025-26 and MUGC reported a year-on-year revenue decline.

The next items to watch are the special resolution for the 452,146-share preferential issue, the stock-exchange in-principle approval and the 15-day completion period that begins after the later of those conditions. Ace Software has also identified regulatory compliance and operational execution as conditions affecting its stated expectations of strategic collaboration and knowledge transfer.