Office Access Connectivity Engine (ACE) is a new version of the Jet database engine and is available in Microsoft Access 2007 and later.
Excerpt from Wikipedia (2014-07-25):
With version 2007 onwards, Access includes an Office-specific version of Jet, initially called the Office Access Connectivity Engine (ACE), but which is now called the Access Database Engine. This engine was fully backward-compatible with previous versions of the Jet engine, so it read and wrote (.mdb) files from earlier Access versions. It introduced a new default file format, (.accdb), that brought several improvements to Access, including complex data types such as multivalue fields, the attachment data type and history tracking in memo fields.