US-Based STG Acquires Eka Software, Merges It With Portfolio Company Quor

The US-based private equity firm Symphony Technology Group (STG) has acquired Bengaluru-based commodities trade and risk management (CTRM) software company Eka Software Solutions. 

The acquisition will see the SaaS company getting merged into STG’s portfolio company Quor Group. 

In a statement, STG said that the combination of Eka with the UK-based company will provide the combined user base an ability to navigate the complexities of the commodity markets, including increasing end-market volatility and customers’ desire to hedge their corresponding risk profile. 

Eka was founded by Manav Garg in 2004 and provides a commodity management platform covering trading and position management, physical supply chain, enterprise risk management, among others. It had raised $65 Mn in total funding till date from investors like Nexus Venture Partners, SilverLake and GP Group. 

The company claims to be active in over 50 countries and counts the likes of the UK-based Rio Tinto, the US-based Cargill, Canada-based BroadGrain, and Australian CBH Group among its clients.

Eka’s founder and CEO Garg will act as a board advisor of the merged entity.

“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,” he said on the acquisition.  

On the other hand, CTRM company Quor group was a part of 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. STG rebranded Brady Commodities to Quor Group subsequently. 

STG appointed Steve Hughes as Quor’s CEO in 2023 to helm its operations and global expansion plans. “I believe joining forces with Eka is a game-changer for us and our customers. I am keen to partner with Manav and his decades of knowledge to drive the CTRM industry forward into a new era of growth and success,” Hughes said. 

It is pertinent to note that Garg is also a founder of venture capital fund Together Fund.

The development comes at a time when the number of mergers and acquisitions in the Indian startup ecosystem slumped to 123 deals in 2023 from over 200 in the previous year due to the ongoing funding winter. However, a majority of investors surveyed by Inc42 believe that 2024 will see an acceleration in M&As.