STG Boosts Quor’s CTRM with Eka Acquisition

London (UK), 08 April 2024 – STG, a US-based private equity firm focused on software and software-enabled tech services companies, announces the strategic acquisition of Eka Software Solutions (“Eka”), a global provider of commodity management solutions with a speciality in the soft ags and energies markets. For nearly two decades, Eka has been providing commodities trade and risk management (“CTRM”) and supply chain solutions, consistently delivering innovation to its customers while building a robust and modern vertical SaaS platform.

STG will merge Eka with the Quor Group (“Quor”), an existing STG portfolio company that specializes in CTRM offerings within the metals ecosystem. The combination of Eka and Quor is a material step forward for the CTRM industry, providing a broad software suite that addresses a spectrum of customer needs across asset classes globally.

Eka, leveraging its innovative approach and cutting-edge technology, joins Quor to 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. Together, Quor and Eka are poised to address customers’ greatest needs, accelerate innovation, and set new benchmarks within the industry.

“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” said William Chisholm, Managing Partner of STG. “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,” added Ishan Manaktala, Operating Partner at STG.

Manav Garg, founder and CEO of Eka, will continue to play a pivotal role in guiding the vision and strategic direction of the combined company as a Board Advisor. His industry insight and leadership will be invaluable as Quor embarks on its next phase of growth. Manav comments, “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.”

Steve Hughes, CEO of Quor, commented on the strategic synergies, stating, “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.”

Jefferies LLC acted as financial advisor and DLA acted as legal advisor to STG. Tree Line Capital Partners provided debt financing to support the acquisition.

About Quor Group
Quor is a provider of CTRM software to the global commodity markets with a specialty in metals. The Company provides end-to-end trade management across the entire CTRM value chain, supplying functionality for both physical and financial trade through to risk management, settlement, and post-trade reporting.

About Eka
Eka Software Solutions is a global provider of digital commodity management solutions to the commodity trading industry. With its cutting-edge technology and comprehensive suite of services, Eka empowers businesses to manage risk, improve profitability, and enhance operational efficiencies.

About STG
STG is a private equity partner to market-leading companies in data, software, and analytics. The firm brings experience, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market-winning portfolio companies, STG creates sustainable foundations for growth that bring value to existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world-class management teams. STG’s expansive portfolio has consisted of more than 50 global companies.