Global facilities management firm OCS Group has purchased a 15% stake in leased asset management firm The Asset Works.

OCS operates in 40 countries and employs more than 70,000 staff across 70 business divisions, but it was through its vehicle audit and asset verification division in the UK the company came into contact with The Asset Works.

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The deal was completed at the end of April for an undisclosed fee and gives OCS access to The Asset Works’ technology for tagging and tracking leased assets, including proprietary software.

Peter Goodliffe, business improvement director at OCS, joins The Asset Works board with immediate effect.

Goodliffe said: "The Asset Works team has developed a robust and highly credible solution for asset tracking and reporting which is already achieving significant momentum in the marketplace.

"OCS believes that the combination of technology and supporting services from The Asset Works can deliver significant value to our customers across several areas of our operations."

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Lindsay Town, chairman at The Asset Works , said OCS has "impressive scale" and a "great track record" as a long term investor and innovator.

"We aim to significantly enhance and expand our UK and international footprint based on this new relationship and bring new efficiencies and solutions to the asset verification sector based on the market reach and capabilities of OCS," he said.

The Asset Works recently launched a global asset price verification database which it hopes will protect the industry from inflated asset values.