2009 Was Good for EKA by Dr. Gary Vasey, Commodity Point

http://ctrmblog.com/2010/01/2009-was-good-for-eka/

I recently spoke with Shobhit Mathur of EKA about the progress that it had made recently. Mr. Mathur characterized last year as one in which “EKA significantly increased its international presence, won some important new customers and received industry recognition, raised additional capital from a very well respected venture capital firm, made advances in product functionality, and brought in top talent from across the globe”.

New Offices

EKA opened its own offices in both the US in Connecticut and the UK in London in 2009 expanding its local presence into two important markets for CTRM software.

New Customers

The company had a solid year winning a number of new license deals including AWB and Medsofts in the softs and grains market and Traxys, Garmco, Oman Cables and Superior Essex in the metals and mining space.

New Staff

During 2009, EKA added some significant new talent to its senior team including Rick Nelson as Head of Sales (formerly VP Sales at ICE and Triple Point), Dan McEvoy as head of the metals and mining practice (formerly President Brady US) and Amit Sureka as CFO (formerly CFO & Director with Mphasis). It also added staff in the sales and marketing and consulting and implementation areas.

New Funding

The company obtained $10million in new capital from Nexus Venture Partners – a $320million fund – to enhance its technical, support and sales capabilities and help capitalize on current opportunities to accelerate growth.

New Product Platform

EKA released its new product platform in 2009. It includes significantly enhanced risk analysis and reporting functionality, new dashboards, drag and drop reporting and business intelligence as well as significant additions in the areas of goods accounting, inventory valuations, logistics planning and execution for example. It also introduced a fully integrated concentrates, ferro alloys and base metals CTRM solution.

Industry Recognition

The company was also recognized by a number of outside parties including being ranked among the top 10 in the Deloitte India Technology Fast 50, ranked number 1 in the Nasscom Emerge 50 and ranked in the top 10 of the Silicon Valley India list.
EKA also emerged in CommodityPoint’s Vendor Perception Study (conducted annually) were it had brand recognition and was recognized as a leading agricultural commodities CTRM vendor by the respondents.
We anticipate seeing a lot more of EKA in 2010.