STG Acquires Eka to Merge with Portfolio Company for Expanded CTRM Offerings

• ByStartupStory     |    April 9, 2024

Symphony Technology Group (STG), a US-based private equity firm, has announced the acquisition of Eka Software Solutions (Eka), a renowned global provider of commodity management solutions. With nearly two decades of experience, Eka has been at the forefront of delivering commodities trade and risk management (CTRM) solutions as well as supply chain services.

“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,” remarked William Chisholm, Managing Partner of STG, emphasizing the value Eka brings to the table.

The acquisition marks a strategic move by STG to merge Eka with the Quor Group, an existing portfolio company specializing in CTRM offerings within the metals ecosystem. This consolidation aims to provide customers of both entities with a comprehensive suite of solutions to navigate the complexities of commodity markets, amidst increasing end-market volatility and the growing imperative for risk management.

“We are committed to supporting Quor and Eka through further investments in innovation with the ultimate goal of continuing to provide exceptional value to their clients,” stated Ishan Manaktala, Operating Partner at STG, underscoring the firm’s dedication to driving growth and innovation within the merged entity.

As part of the merger, Manav Garg, Founder and CEO of Eka, will assume a crucial role as a Board advisor, steering the vision and strategic trajectory of the combined entity. “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,” noted Garg, highlighting the significance of the merger in addressing evolving market demands.

STG, renowned for its focus on investing in software and software-enabled technology services companies, disclosed the completion of STG VII’s final closing in March last year, securing total capital commitments of $4.2 billion. With nearly $10 billion raised across its private equity investment funds and over 100 completed investments, STG brings a wealth of experience and expertise to the table.

For the Eka transaction, Jefferies LLC served as the financial advisor, while DLA acted as the legal advisor for STG. Debt financing to support the acquisition was facilitated by Tree Line Capital Partners.

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