Eka Software acqui-hires tech startup Trxiea Platforms
The acqui-hire of Trxiea by Eka Software is expected to expand its cloud based software solution offering by getting into the treasury management space
Eka Software Solutions, the cloud-based software solutions provider for enterprises, has acqui-hired Bengaluru-based tech startup Trxiea Platforms and Solutions, which specialises in the banking and finance area. This acquisition expands Eka Software Solutions' portfolio into the treasury management segment.
Eka Software has also beefed up its treasury management solutions with the recent hiring of Devanshu Bhatt, former India Head of ION’s Corporate Treasury Group, who will now head the division.
The co-founders of Trixea - Renju Balu and Trib Kharkwal, will now be part of the treasury management solutions team at Eka Software.
Eka’s cloud platform already offers solutions for e-sourcing, financial management, supply chain, sustainability, trading and risk management. The addition of the treasury capability will round out the offering further, providing a foundation for clients to accelerate their digital journey.
Commenting on these developments, Eka Software founder and CEO Manav Garg said,
“We have a clear vision of building a robust treasury solution that joins the dots across the organisation, so that CFOs can operate from one single, trusted source of truth, rather than trying to piece together information from disparate systems and departments.”
According to Manav, despite the corporate treasury function being the epicentre of any organisation, they generally operate on legacy and outdated technology systems which has kept pace with the current digital environment.
The strategic initiatives are part of Eka’s ongoing efforts to expand its state-of-the-art cloud platform into a comprehensive multi-solution platform for global enterprises.
Earlier this year, Eka reported it grew 60 percent in overall annual contract value. It also invests 30 percent of its annual revenue in its cloud platform to be aligned with the market trends and future technologies.
Eka Software has close to 500 employees and has more than 100 customers globally, especially in the developed markets of North America and Europe.
Edited by Anju Narayanan