Eka Software: Boosting Profit for Commodity Market
Date: Tuesday , November 03, 2009
Commodity markets are known for their complexity, and a high degree of risk and uncertainty. Buyers, traders, and producers have to deal with complicated supply chains that involve complex contracts, pricing structures, and financial derivative instruments. The right IT system to handle all these can provide substantial differentiation and competitive advantage to firms that deploy it.
This is where Eka Software Solutions comes in as a specialist solution provider that not only addresses supply chain and contract administration needs, but also provides comprehensive functionality to handle derivatives and the resultant complexities. “Traditional software and ERPs don’t have the capability to properly deal with these requirements,” says Manav Garg, CEO and Founder, Eka Software Solutions.
Founded in 2004, the Bangalore based company is one of the leading providers of commodity trade and risk management software for managing physical trading, position, P&L, risk, logistics, and finance operation for agriculture and metal markets. “I strongly believe that IT is an enabler in every field. The market needed a combination of physical and financial software that could handle these more effectively. I wanted to harness the power of technology to ease these pain points and solve the problems of those engaged in the trading of commodities,” says Garg.
For instance, Eka’s Commodity Trade and Risk Management (CTRM) solution integrates the entire lifecycle of both physical and financial contracts, providing instant and realtime visibility across operations. Now Eka boasts of some of the largest names in the commodities business, including AWB, CHS, Louis Dreyfus, and Noble Group as its customers.
With a growing employee base of over 200, there has been no looking back for Eka. Besides recently opening its offices in Europe and North America, it also received $10 million funding from Nexus Venture Partners. Given the 100 percent year-on-year growth rate that it has been achieving, it is putting its strategies in place to become the leading software vendor from India catering to the global 500 commodity trading organizations.