STG acquires Eka to merge with portfolio company for expanded CTRM offerings

US-based private equity firm Symphony Technology Group (STG) has acquired Eka Software Solutions (Eka), a global provider of commodity management solutions.

Eka has been providing commodities trade and risk management (CTRM) as well as supply chain solutions for nearly two decades.

“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,” William Chisholm, Managing Partner of STG, said.

The California-headquartered PE firm said that it will merge Eka with the Quor Group, an existing STG portfolio company that specialises in CTRM offerings within the metals ecosystem.

Together Eka and Quor will provide the combined entity’s customers with a broad ability to navigate the complexities of the commodity markets, including increasing end-market volatility and customers’ desire to hedge their corresponding risk profile, as per a statement.

“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,” Ishan Manaktala, Operating Partner at STG, remarked.

Eka Founder and CEO Manav Garg will have a crucial role in steering the vision and strategic trajectory of the merged entity as a Board advisor.

“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,” Garg noted.

STG specialises in investing in software and software-enabled technology services companies. In March last year, it disclosed the completion of STG VII’s final closing, securing total capital commitments of $4.2 billion. It has raised nearly $10 billion across its private equity investment funds and has completed more than 100 investments, including both platform and add-on investments.

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