Eka Software Experiences Significant Growth in 2016
Growth fueled by increased sales across all product lines and geographies.
Eka Software Solutions, the leading global provider of Smart Commodity Management software solutions, today announced 35 percent increased sales in 2016 and 80 percent jump in EBITDA, marking another strong year of growth for the company.
- – Eka expanded its leadership position in agriculture commodity markets, growing new name customers by 23 percent. Four out of the five of the top global agriculture companies rely on Eka’s platform.
- – Eka’s energy business added 25 percent new name customers. Energy companies continue to choose Eka because it offers the best functionality, a proven implementation track record, and the lowest cost of ownership.
– Commodity Analytics Cloud customers grew by over 400 percent, as the rapid adoption of Eka’s innovative analytics solution continued. Commodity Analytics Cloud applies advanced analytics to data collected from disparate systems throughout the value chain, delivering unprecedented business intelligence to commodity market participants.
Eka opened three new offices to accommodate its rapidly expanding business, adding locations in Canada, the United States, and Europe. Headcount grew over 19 percent globally and will continue to grow with another office opening in the Americas in the first quarter. Providing local customer service and technical support ensures all of Eka’s clients receive quick implementations and the best possible customer experience.
Three new executive positions were created to better manage growth across product lines and regions. Colin Cooper was named Eka’s vice president of EMEA to manage Eka’s expansion in the EMEA; Sudhir Anandarao was appointed chief operating officer, analytics to oversee development of Eka’s analytics solutions; and Sanjay Singla became Eka’s general manager, CTRM to manage sales and support of Eka’s commodity trading and risk management solution.
“2016 was a great year for Eka, with growth across all product lines and geographies,” said Manav Garg, CEO and founder of Eka Software Solutions. “Commodity market participants are experiencing more volatility than ever, and Eka’s smart commodity management solutions provide the analytical and operational solutions they need to manage in today’s complex and volatile markets.”
Innovation – Eka’s Commodity Analytics Cloud
Eka’s Commodity Analytics Cloud was named “IT and Software Solution of the Year 2016 – Business Intelligence Category” by Corporate Vision Magazine in 2016. Commodity Analytics Cloud was voted the very best the market has to offer by Corporate Vision’s network of respected industry partners. Each award recipient is carefully evaluated based on their performance over the past 12 months and their commitment to innovation.
“Eka’s Commodity Analytics Cloud’s revolutionary technology provides a depth and breadth of analytics unheard of in commodity management,” said Sudhir Anandarao, COO Analytics at Eka. “No other business intelligence solution integrates and has the intelligence engine to analyze information from different systems throughout the commodity value chain. Commodity Analytics Cloud uses all of the information needed to answer users’ questions quickly and easily. We are proud Commodity Analytics Cloud was named Business Intelligence Solution of the Year in 2016.”
Commodity Analytics Cloud provides a generational shift in capability and value to all commodity market participants. Commodity Analytics Cloud aggregates information from disparate systems throughout the value chain – including ETRM, CTRM, ERP, CRM, treasury, and spreadsheets – and uses advanced algorithms to analyze the information to answer commodity participants’ most important questions.
The easy to use, app-based solution uses advanced analytics to solve high value business issues, including position consolidation, risk, supply chain, P&L evaluation and attribution, procurement, margin analysis, and plan performance. Eka developed seven additional Commodity Analytics Cloud apps in 2016, increasing its analyses throughout the value chain.
Advanced Research – Technology
Eka has always invested in research to ensure its technology is state of the art. All of Eka’s solutions are available on the cloud, and users can access the software on any mobile device. Commodity Analytics Cloud’s app-based format is easy to use, and its predictive analytics uses innovative machine learning to ensure users receive the smartest answers to their questions.
In 2016, Eka partnered with the University of Adelaide to revolutionize stockpile management by using drones for commodity surveying. Drone surveys replace hand drawings and manual assessments, improving accuracy while drastically reducing the cost and time involved. Drones can measure the size of a stockpile in half the time as manual assessments and at half the cost, providing significant value to customers.
Eka is also working with the University of Adelaide to improve material tracking using RFID and the Internet of Things. The ability to know exactly how much of each raw material is located at each point in the value chain provides a tremendous competitive advantage to commodity market participants.
“In today’s complex and volatile markets, deriving maximum value from the supply chain is critical for commodity trading enterprises,” said Stuart Watt, general manager of bulk at Eka. “Eka has the most advanced software platform for the efficient and effective trading, movement, and storage of commodities. Our cloud-based applications employ cutting edge technology, including machine learning, data access through the internet of things, and more efficient stockpile measurement with drone technology, to ensure that our customers can make the best decisions possible using accurate and timely information.”
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.