A farmer in Kansas, U.S. cultivates a hundred tons of wheat and accumulates the same in his various warehouses. However,if he cannot manage the price list of the commodity, the inventory value can depreciate as the price of wheat fluctuates on a daily basis. In such a scenario, what farmers and a host of other participants in commodity related industries such as metals, oil, power and manufacturing requires a Commodity Management (CM) platform. While most software vendors have been unable to cope with the complex contracts, pricing structures and financial derivative instruments that are needed to manage these commodity supply chains, Eka has stood out as the software solutions provider that has developed an advanced, analytic-driven, end-to-end Commodity Management platform. Established in 2004 by Manav Garg, CEO, Eka Software today helps commodity and related companies manage the challenges of volatile markets and 24x7 global operations more effectively and efficiently by utilizing over a decade of experience in the commodity management space.

Manav Garg, an MBA holder from the Indian Institute of Foreign Trade, realized the need for a software solution that could handle the complexities of physical commodity risk management during his daily routines as a coffee trader in Singapore. Quickly comprehending the market deficiencies in traditional trading and risk management software, Manav pounced on the market opportunity. By combining his skill set in agriculture trading and his passion for technology, Eka Software Solutions was formed.

Commodity Management 2.0
With commodity prices fluctuating at a rapid rate, the individuals who run energy, agriculture and metal companies struggle to determine the correct prices to sell product, manage risk and deliver bottom-line results. Here, Eka steps in and supports these companies with Commodity Management software that helps mitigate risks and efficiently moves physical goods across the entire commodity supply chain. The company calls it the ‘smart’ Commodity Management that begins upstream, be it the farm gate, mine or oil well, and then supports the process through to the end customer point.

With a majority of current Commodity Management players in the space offering first-generation solutions, the Eka team developed a second-generation software platform, “Commodity Management 2.0,”which is analytics-driven to assist companies in making fact-based decisions in addition to managing transactions. “The previous systems in Commodity Management were all about typical ERP systems: capture contracts, end-to-end logistics, risk calculations and building reports. Now we are moving towards optimization and predictive analysis. We deliver more data analysis to customers so that they can get more insights and make better decisions,” says Garg.

Today Eka Software is a 340+ member team with offices that span Asia, Australia, Europe, USA and Canada. Much of Eka’s dramatic success can be attributed to the company’s extensive efforts todrive innovation. Eka Software reinvests 20 percent of its revenue in its Research and Development (R&D) every year, one of the highest rates in the industry. To future proof a client’s investment, Eka launches a new major version of its software platform annually, with additional minor releases throughout the year that automatically update each client’s installation.

Expanding Horizons through Acquisitions and Innovations
With a laser focus on quality, innovation and customer success, Eka has grown to a point where it is recognized as the leader in providing second-generation, analytics-driven, smart Commodity Management solutions. Eka’s employees are rooted in deep technical knowledge and commodity markets expertise. With the company’s market leading best-of-breed solution and world-class employees, Eka attracted a private equity investment from Silver Lake, the world’s leading technology investor.

Eka Software continues to expand its Commodity Management platform to new horizons; the company recently acquired Encompass, a premier provider of a fully integrated, multi-commodity and FX transaction energy trading and risk management system from Canada, then quickly followed with the acquisition of Australia based Matrix Group, an automated commodity handling software vendor. Through these acquisitions, Eka has strengthened its hold over the Commodity Management market. Being the lone provider of web-based software in the Commodity Management field, the company has developed a strategic plan to delve deep and exploit the benefits of big data and analytics throughout its offerings. Judging by its veteran management team, past success and future plans, Eka Software Solutions looks set to consolidate its stand as the market leader in software for the global commodity markets.