STG, a prominent US-based private equity firm specializing in software and software-enabled technology services companies, has announced the strategic acquisition of Eka Software Solutions (“Eka”), a renowned global provider of commodity management solutions, particularly focusing on soft ags and energy markets. With nearly two decades of experience, Eka has established itself as a leader in commodities trade and risk management (“CTRM”) and supply chain solutions, consistently delivering innovation while cultivating a robust and modern vertical SaaS platform.
STG’s acquisition involves merging Eka with the Quor Group (“Quor”), an existing portfolio company of STG known for its expertise in CTRM offerings within the metals ecosystem. This amalgamation of Eka and Quor represents a significant advancement for the CTRM industry, offering a comprehensive software suite that caters to a wide range of customer requirements across various asset classes on a global scale.
By leveraging Eka’s innovative approach and state-of-the-art technology, the combined entity with Quor aims to equip customers with extensive capabilities to navigate the complexities of commodity markets. This includes addressing challenges such as heightened end-market volatility and the increasing need for customers to hedge their associated risk profiles. Together, Quor and Eka are well-positioned to meet the evolving needs of customers, drive innovation, and establish new industry standards.
“We have been extremely impressed by the breadth and depth of the products that make up the Eka platform. Their CTRM / ETRM and supply chain products have consistently delivered for their impressive customer base” said William Chisholm, Managing Partner of STG. “We are committed to supporting Quor and Eka through further investments in innovation with the ultimate goal of continuing to provide exceptional value to their clients,” added Ishan Manaktala, Operating Partner at STG.
Manav Garg, founder and CEO of Eka, will continue to play a pivotal role in guiding the vision and strategic direction of the combined company as a Board Advisor. His industry insight and leadership will be invaluable as Quor embarks on its next phase of growth. Manav comments, “the merger could not happen at a more opportune time – we have seen increased volatility across asset classes, greater desire of customers to hedge their risk, and substantial supply chain disruption; all of which leaves the market yearning for solutions from Eka and Quor.”
Steve Hughes, CEO of Quor, commented on the strategic synergies, stating, “I believe joining forces with Eka is a game-changer for us and our customers. I am keen to partner with Manav and his decades of knowledge to drive the CTRM industry forward into a new era of growth and success.”
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