STG acquires Eka Software Solutions to strengthen CTRM capabilities

STG will merge Eka with the Quor Group, to provide a broad software suite that addresses customer needs across asset classes globally.

STG, has announced its strategic acquisition of Eka Software Solutions (“Eka”). Eka is a renowned global provider of commodity management solutions, particularly excelling in the soft ags and energies markets. With nearly two decades of experience, Eka has been at the forefront of delivering innovative commodities trade and risk management (CTRM) and supply chain solutions through its modern vertical SaaS platform.

The acquisition will see STG merging Eka with Quor Group (“Quor”), an existing portfolio company of STG that focuses on CTRM offerings within the metals sector. This merger signifies a significant advancement in the CTRM industry, as the combined entity will offer a comprehensive software suite catering to a wide range of customer needs across various asset classes on a global scale.

Eka’s innovative approach and state-of-the-art technology will complement Quor’s capabilities, enabling the combined company to assist customers in navigating the complexities of commodity markets. This is particularly crucial in light of increasing market volatility and the growing demand from customers to hedge their associated risk profiles. Together, Quor and Eka are well-positioned to meet these challenges, accelerate innovation, and establish new industry benchmarks.

William Chisholm, Managing Partner of STG, expressed his admiration for Eka’s product portfolio, stating, “The Eka platform’s breadth and depth are truly impressive. Their CTRM/ETRM and supply chain products have consistently delivered exceptional value to their customer base.” Ishan Manaktala, Operating Partner at STG, reaffirmed the firm’s commitment to supporting Quor and Eka through continued investments in innovation to provide unparalleled value to clients.

Manav Garg, founder and CEO of Eka, will continue to contribute significantly to the combined company’s vision and strategic direction as a Board Advisor. His extensive industry knowledge and leadership will be instrumental as Quor enters its next growth phase. Commenting on the merger, Garg stated, “The timing of this merger is impeccable. We are witnessing increased volatility across asset classes, heightened customer demand for risk hedging, and significant supply chain disruptions. The market is eager for solutions from Eka and Quor.”

Steve Hughes, CEO of Quor, echoed Garg’s sentiments, emphasizing the strategic synergies between the two companies. “Joining forces with Eka marks a pivotal moment for us and our customers. I look forward to collaborating with Manav and leveraging his decades of expertise to propel the CTRM industry into a new era of growth and success,” Hughes remarked.

Jefferies LLC served as the financial advisor, while DLA acted as the legal advisor to STG in this acquisition. Tree Line Capital Partners provided the necessary debt financing to facilitate the transaction.

In conclusion, STG’s acquisition of Eka Software Solutions is poised to redefine the landscape of the CTRM industry. By integrating Eka’s innovative solutions with Quor’s expertise, the combined entity is well-equipped to address the evolving needs of customers, drive innovation, and set new industry standards.