Eka Risk Management Software for Metals in Production at Superior Essex
Eka Software Solutions, the leading global provider of Smart Commodity Management software solutions, announced today during the London Metals Exchange Week that Superior Essex has recently gone live with the Eka solution for managing global copper and aluminum risk positions. As Superior Essex transitions away from various spreadsheet based processes, Superior Essex is gaining an up to the minute view of its consolidated commodity positions worldwide. With copper expected to continue to experience extreme volatility, this software is a key component of commodity price risk strategy for many years to come.
Superior Essex is replacing several manual spreadsheet-based trading processes at its operations in the U.S., France, Germany and Italy, which are now served by the Eka software from its corporate headquarters in Atlanta, Georgia. Eka’s web browser interface facilitates rapid rollout to additional locations and users as Superior Essex grows.
Superior Essex is a global leader in the manufacture of wire and cable products. Its Magnet Wire business is the world’s largest producer of copper and aluminum wire used in industrial motors and automotive applications. Its Communications Cable business is the industry leader in copper communications wire and cable products used for voice and data transmission.
Additionally, Eka’s hedge accounting module for IFRS and FASB compliance is a key to insulating its corporate financials from price volatility in copper and aluminum. The Eka software captures derivative trades on multiple futures exchanges, including LME, COMEX, and SHFE. It also handles hedge designation, maintenance and termination, and then performs regression-based testing of hedge effectiveness.
“Superior Essex has grown substantially in the past 5 years and we have outstripped the ability of locally unique and manually intensive processes to manage our global hedge positions. Eka maintains the local capabilities of the old processes while substantially enhancing our regional and global view. The Eka team worked throughout the design phase and continues to work during the implementation phase with all my team members to deliver a product that is useful and specific to our needs.” said Scott Wilde, Vice President of Global Strategic Resources for Superior Essex.
Manav Garg, CEO for Eka commented: “We are grateful for the trust and confidence that Superior Essex showed in selecting Eka, giving us an opportunity to demonstrate what the Eka team could do as a company. We are delighted that they are now reaping the business benefits of our solution.”
About Eka Software Solutions
Eka is the global leader in providing Smart Commodity Management software solutions. Eka’s analytics-driven, end-to-end Commodity Management platform enables companies to efficiently and profitably meet the challenges of complex and volatile markets.
The company’s best-of-breed solutions manage commodity trading, enterprise risk, compliance, procurement, supply chain, operations, logistics, bulk handling, processing, and decision support. Eka partners with customers to accelerate growth, increase profitability, improve operational control, and manage risks and exposures.
Eka is a team of 315 staff with offices in the Americas, Asia, Australia, and EMEA, serving a rapidly growing global client base across multiple commodity segments.