I recently had the opportunity to catch-up with Manav Garg, CEO and founder of Eka to get an update on recent activity with the company. In our conversation, he highlighted several developments (many of which were also covered in a recent press release) that are indicative of the success and momentum the company has built and sustained through 2021, including:
- Successfully completed a company record 16 implementations of their cloud-based solution. These new customers included global scale firms such as Alvean, Vibra Energy and others. In total, these new customers added more than 600 new users to Eka’s roster, bringing the total user count to more than 5,000 worldwide. Coincidentally, the company also just announced this week they had won Risk.net’s “Best Vendor for System Support and Implementation” which recognized their innovative approach and capabilities in providing 100% remote implementation services.
- Released of new functional capabilities and expanded their product portfolio. Eka has continued to expand their product capabilities and have focused much of their recent efforts to address the needs of professionals across the C-suite, including CFOs. Late last year they launched new solutions for treasury, sustainability and ESG reporting. Additionally, they enhanced their product’s e-sourcing capabilities to reach across virtually all aspects of the payments process. In terms of commodity coverage, they continued to enhance their CTRM and ETRM solutionswith deeper functionalities across origination and risk for agriculture, energy, CPG, and metals and mining businesses.
- Announced 30 new wins across existing and new customers. These wins which includes “a number of high-profile companies across agriculture, energy, metals and mining industries.” Mr. Garg noted that many of these sales were driven by Eka’s recently released capabilities and offerings in treasury, risk and compliance, food and beverage manufacturing, and sustainability.
- Grew global headcount by 25% to support their existing customers and their growing list of new ones. The staff additions were across all aspects of their company, but were heavily focused in engineering, product development, delivery and support. Now, with 660 employees across multiple offices around the globe, Eka clearly ranks as one of the world’s largest suppliers of CTRM solutions.
- Announced a new collaboration with Microsoft to offer a suite of sustainability solutions running in Azure and designed to enable businesses to reduce their impact on climate change and meet their sustainability goals. As noted in their announcement, “The joint offering will provide sophisticated, cloud-driven sustainability solutions for enterprises to track, measure and gain meaningful insights across their carbon usage, supplier relationships, governance, workforce management, and circular economy.”
In the release covering their 2021 results, Mr. Garg noted, “Eka enters 2022 with significant tailwinds thanks in large part to our talented team of professionals that consistently deliver superior solutions and service. The extension of our platform in 2021 along with our continued investment to enable fully remote and seamless implementations and support has provided a launching pad for continued success and growth in the years to come.”
When I asked him on our call if he felt Eka’s modular technology platform was a key differentiator in winning the raft of business they had in 2021, he said, “While our technology platform is and will continue to be a key differentiator for us, it really comes down to functionality. If you can’t address a client’s or prospect’s functional requirements across all dimensions of their commodity business, the technology is of limited value. That is where we have focused our recent investments in the product – continually enhancing and expanding functional capabilities to meet the needs of a rapidly changing market and to ensure our clients can address both current and emerging requirements.”
Given today’s challenging conditions across the global commodities markets (price volatility, supply chain disruptions, new and emerging climate focused regulations, etc.), commodity-centric firms are looking for new and innovative solutions to improve their companies’ performance and ensure profitability. While we did anticipate, and have observed, a strong year in 2021 for new CTRM system sales, it appears Eka outperformed most of their peers across many metrics, including new customer signings and growth. And, with ESG and sustainability really starting to come to the forefront for commodity companies, we anticipate Eka’s new offerings in these areas will help fuel additional momentum in 2022.