Investments
5Portfolio Exits
1Partners & Customers
3
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Latest Ace Limited News
Feb 25, 2020
Share Perhaps the only thing developing quicker than the Australian Communication Exchange's wind-up processes is Paul Fletcher's determination to have its books examined. On Monday, the communications minister formally wrote to his party room colleague Zed Seselja, the Assistant Finance Minister whose portfolio includes charities, asking him to request the Australian Charities and Not-for-profits Commission investigate the organisation that received $130 million in funding over five-and-a-half years to provide the national relay service, and most notably, the CapTel telephone captioning system used by around 1000 deaf Australians. As we revealed last week, the charity was in 2017 contracting an associate of its CEO Sandy Gilliland to conduct expensive consultancy work , shortly after the same associate had contracted Gilliland for $29,000 of professional services work. Gilliland said last week that lawyers and his board signed off on ACE's arrangements, while the second payment had nothing to do with his work for ACE. Writing to Seselja on Monday, Fletcher said he would like the Commission to consider whether ACE or its associated entities had "used its funds or assets for non-charitable purposes, such as for the private benefit of its members, directors or staff", as well as whether its responsible officers had "complied with the duty to disclose perceived or actual conflicts of interest and not to misuse their position". The decision on whether to investigate ultimately rests with the commissioner of the ACNC, Keating government minister turned Institute of Public Affairs senior fellow Gary Johns. Advertisement In his letter, Fletcher claims the ACNC has "previously investigated ACE and had a number of concerns" regarding its compliance with charities legislation. The ACNC operates under secrecy provisions that prevent it from disclosing or confirming investigations that do not result in enforcement actions: none have ever been taken against ACE. On the very same day the letter was sent, Gilliland, ACE's company secretary and liquidators met to wind up the company, in the presence of a single other member, ex-CFO and former director Paul Kennedy (who objected to the validity of the meeting and noted the absence of ACE's current directors). According to the minutes, quorum was achieved through Gilliland's holding of 33 proxies. Motions were passed to wind up the company, and instructing the liquidators to seek ASIC's consent to destroy its books, within legislative requirements. In the case of voluntary windups, the only such pre-requisite is ASIC's approval of proceedings. Share
Ace Limited Investments
5 Investments
Ace Limited has made 5 investments. Their latest investment was in Chegg as part of their Series F - II on May 5, 2012.

Ace Limited Investments Activity

Date | Round | Company | Amount | New? | Co-Investors | Sources |
---|---|---|---|---|---|---|
5/21/2012 | Series F - II | Chegg | $2.4M | No | ||
3/11/2012 | Series F | |||||
10/12/2011 | Series D | |||||
9/28/2010 | Series E | |||||
11/17/2009 | Series D |
Date | 5/21/2012 | 3/11/2012 | 10/12/2011 | 9/28/2010 | 11/17/2009 |
---|---|---|---|---|---|
Round | Series F - II | Series F | Series D | Series E | Series D |
Company | Chegg | ||||
Amount | $2.4M | ||||
New? | No | ||||
Co-Investors | |||||
Sources |
Ace Limited Portfolio Exits
1 Portfolio Exit
Ace Limited has 1 portfolio exit. Their latest portfolio exit was Chegg on November 13, 2013.
Ace Limited Acquisitions
5 Acquisitions
Ace Limited acquired 5 companies. Their latest acquisition was Fianzas Monterrey on April 03, 2013.
Date | Investment Stage | Companies | Valuation Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model. | Total Funding | Note | Sources |
---|---|---|---|---|---|---|
4/3/2013 | Acquired Unit | 2 | ||||
10/19/2012 | ||||||
6/13/2012 | ||||||
4/8/2011 | ||||||
2/24/2011 |
Date | 4/3/2013 | 10/19/2012 | 6/13/2012 | 4/8/2011 | 2/24/2011 |
---|---|---|---|---|---|
Investment Stage | |||||
Companies | |||||
Valuation | |||||
Total Funding | |||||
Note | Acquired Unit | ||||
Sources | 2 |
Ace Limited Partners & Customers
3 Partners and customers
Ace Limited has 3 strategic partners and customers. Ace Limited recently partnered with Bentley Systems on December 12, 2018.
Date | Type | Business Partner | Country | News Snippet | Sources |
---|---|---|---|---|---|
12/7/2018 | Partner | United States | Bentley Systems and ACE Enterprise Ready to Work Together. ACE Enterprise and Bentley Systems has been technology partner for years and Bentley Systems use the ACE Enterprise Platform for the Bentley AssetWise connector that is certified for both SAP ERP and SAP HANA . | 1 | |
11/6/2012 | Vendor | ||||
Vendor |
Date | 12/7/2018 | 11/6/2012 | |
---|---|---|---|
Type | Partner | Vendor | Vendor |
Business Partner | |||
Country | United States | ||
News Snippet | Bentley Systems and ACE Enterprise Ready to Work Together. ACE Enterprise and Bentley Systems has been technology partner for years and Bentley Systems use the ACE Enterprise Platform for the Bentley AssetWise connector that is certified for both SAP ERP and SAP HANA . | ||
Sources | 1 |
Ace Limited Team
2 Team Members
Ace Limited has 2 team members, including current Chief Executive Officer, Ace Christian.
Name | Work History | Title | Status |
---|---|---|---|
Ace Christian | Chief Executive Officer | Current | |
Name | Ace Christian | |
---|---|---|
Work History | ||
Title | Chief Executive Officer | |
Status | Current |