US-based equity firm STG on Monday said it has acquired Eka Software Solutions and will merge the latter with its portfolio company, the Quor Group, to provide a broad software suite. Bengaluru-based Eka provides commodities trade and risk management (CTRM) and supply chain solutions with a specialty in the soft agricultural and energies markets, whereas Quor specialises in 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 in a statement.
Eka Founder and CEO, Manav Garg, will continue as a board advisor of the combined entity, it added.
“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,” Garg said.
Source: Economic Times