Cloud platform Eka Software puts itself on the block

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Cloud platform Eka Software puts itself on the block
Cloud platform Eka Software puts itself on the block

The cloud platform, Eka, founded in 2001 by Manav Garg, provides a commodity management platform covering trading and position management, physical supply chain, enterprise risk management and compliance and analytics

An enterprise cloud platform for commodity and supply chain management, Eka Software, has put itself on the block.

Three people with knowledge of the development said, the cloud platform is in talks with global private equity firms such as PAG, TA Associates and Advent International for the same.

The company is being valued at $450 million.

“The final bids will come anytime soon, currently the due diligence is going on”, said one of the people.

In 2013, the cloud platform had raised $40 million from Silverlake Kraftwerk. Nexus Venture Partners had backed the company in 2009 with a $10 million cheque.

“The early backers of the company are looking to get an exit and the promoter too is exiting. It is a controlled transaction”, said another person.

The cloud platform, Eka, founded in 2001 by Manav Garg, provides a commodity management platform covering trading and position management, physical supply chain, enterprise risk management and compliance and analytics.

The company competes with the likes of OpenLink, FIS, Sapient, Accenture, Trayport, Allegro, ABB, Triple Point, SAP, and Amphora.

It services more than 100 customers globally including Unilever, Cargill and Cofco.

The cloud platform, in 2013, acquired EnCompass Technologies, a Canada-based provider of energy transaction and risk management software, and Matrix Group, an Australian software company specialising in configurable commodity bulk handling and management systems for the mining and grain industries.

In June 2021, Eka acqui-hired Bengaluru-based tech start-up Trxiea Platforms and Solutions, which specialises in the banking and finance area

For the financial year ending March 31, 2021, the cloud platform said it grew 60% in overall annual contract value, aided by the Covid-19 pandemic-induced demand for automation and digitisation and cloud-based solutions from enterprises.

To back seed-level companies in the Web3 and crypto segment, Garg, along with a group of Software as a Service (SaaS) founders including Freshworks’ Girish Mathrubootham, and former Matrix partners Shubham Gupta and Avinash Raghava, launched an $85 million fund in July 2021.

SaaS companies are gaining in traction among investors.

India’s SaaS industry could reach $1 trillion in value and create nearly half million new jobs by 2030. There are more than a thousand funded start-ups and 10 unicorns in the country’s SaaS sector, generating as much as $3 billion in annual subscription revenue, according to a report by SaaSBoomi.

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