PE firm STG acquires Eka Software; to be merged with Quor Group

US-based private equity firm STG has announced that it will be acquiring Eka Software Solutions. This acquisition is expected to help STG, which is focused on software and software-enabled tech services companies, in supporting its commodities trade and risk management (CTRM) and supply chain solutions.

Eka will be merged with STG portfolio company Quor Group which specialises in CTRM in the metals ecosystem. This joint group will address customer needs across asset classes globally. Eka will provide expertise in commodity markets, and the two entities jointly are expected to accelerate innovation. Jefferies LLC was the financial advisor and Tree Line Capital Partners provided debt financing to support the acquisition.

“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,” said Manav Garg, founder and CEO of Eka. Garg will be the board advisor for the combined company.

To be sure, Eka Software Solutions put itself on the block in 2022, an earlier Economic Times report said. At the time, private equity firms such as PAG, TA Associates, and Advent International were in talks with the company, then valued at $450 million. 

In 2021, Eka aqui-hired Trxiea Platforms and Solutions, a Bengaluru-based fintech company. Before that in 2013, Eka bought  Canada-based provider of energy transaction and risk management software EnCompass Technologies, along with Australian software company Matrix Group.

Notably, Together Fund founded by Eka’s Garg along with Freshworks co-founder Girish Mathrubootham and investor Shubham Gupta announced a $150 million fund in 2023 for AI and SaaS companies.