US-based equity firm STG announced its acquisition of Eka Software Solutions. It will merge Eka with its portfolio company, the Quor Group, to offer a comprehensive software suite. Eka, based in Bengaluru, specializes in commodities trade and risk management (CTRM) and supply chain solutions, particularly in soft agricultural and energy markets. Meanwhile, Quor focuses on CTRM offerings within the metals ecosystem.
“The combination of Eka and Quor is a material step forward for the CTRM industry, providing a broad software suite that addresses a spectrum of customer needs across asset classes globally,” the company said.
“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, the founder and CEO of Eka, will retain a crucial role as a Board Advisor in steering the vision and strategic direction of the merged company. His industry expertise and leadership will be instrumental as Quor moves forward into its next expansion phase.
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.”
Jefferies LLC served as the financial advisor, and DLA acted as the legal advisor to STG during the acquisition process. Additionally, Tree Line Capital Partners offered debt financing to facilitate the acquisition.
