US-based PE firm STG acquires Bengaluru-based SaaS firm Eka Software Solutions

US-based equity firm STG has acquired Bengaluru-based Eka Software Solutions and will integrate it with one of its portfolio companies, the Quor Group. 

The merger aims to create a comprehensive software suite for the Commodities Trade and Risk Management (CTRM) and supply chain sectors. Both companies bring specialized expertise to the table, with Eka focusing on the soft agricultural and energy markets and Quor on the metals industry.

What does Eka Software Solutions do?

Founded in 2004 by Manav Garg, Eka Software Solutions provides commodities trade and risk management (CTRM) and supply chain solutions through a modern vertical SaaS platform.

The firm has raised funding from notable investors, including Nexus Venture Partners and Silver Lake. It claims to have a client base across 50 countries, servicing more than 100 global enterprises, including Petronas, RioTinto, Cargill and GrainCorp, among others. 

Post-acquisition, Eka Software's Founder and CEO, Manav Garg, will continue to play a vital role in the newly formed entity as a board advisor.

Who is Manav Garg?

Manav Garg is a successful entrepreneur and investor who started his career as a commodities trader. He noticed problems with the old ways of trading and managing risks, which led him to create Eka in 2004.

He is considered a pioneer and influential figure in India's SaaS community because of his early involvement and contributions to its growth. He also co-founded SaaSBoomi, a community aimed at supporting Indian SaaS founders.

In addition to his work with SaaSBoomi, Manav, along with Freshworks founder Girish Mathrubootham, established the Together Fund in 2021. The fund, which started with $85 million, was created to support Indian SaaS startups that aim to serve global markets. 

In 2023, they introduced a second, larger fund of $150 million focused on investing in startups at the intersection of SaaS and Artificial Intelligence. So far, The fund has invested in over 15 startups.

Leadership comments 

According to Manav Garg, the timing for this merger couldn't be better, given the current market conditions. "The merger could not happen at a more opportune time—we have seen increased volatility across asset classes, a greater desire of customers to hedge their risk, and substantial supply chain disruption, all of which leave the market yearning for solutions from Eka and Quor," he explained.

The merger aims to address these critical issues by providing a robust solution suite capable of handling the complexities of today's market.

What did STG say?

“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, STG.

Quor Group was part of the software company Brady Technologies. In July 2022, Brady Technologies sold its commodities business to STG to completely focus on energy trading and credit risk markets. Subsequently, STG rebranded Brady Commodities to Quor Group.