Eka grew 60% in overall Annual Contract Value (ACV) in 2020 as enterprises adopted new digital capabilities on its Cloud Platform
February 18, 2021: Eka Software Solutions, the leading cloud platform for commodities and direct materials today announced stellar growth as customers selected its award winning platform to enhance their supply chain resiliency. With a strategic focus on customers, Eka recently revamped its technology platform to align to their priorities, resulting in new solutions and significant growth of over US$ 70 million in Total Contract Value (TCV).
Throughout 2020, enterprises in commodity management and direct materials sought to digitalize their supply chain and end their reliance on traditional, siloed legacy systems. Business leaders now understand that the ability to connect the dots between systems, data and their people is the key to maintain business continuity, remain competitive and ensure sustained growth.
Eka is leading this shift with the only Cloud Platform built to accelerate digital transformation for enterprises in the direct materials industry. The cloud company introduced an integrated suite of solutions to manage complex direct materials and commodities supply chains. These solutions help customers to mitigate risk and respond quickly in volatile markets. With real-time visibility and automation of critical processes customers can dynamically adjust operations and better manage disruptions.
“One thing is clear; businesses have significantly accelerated their move to digital. Our customers demanded new ways of working and best of breed technology and we were ahead of the curve. Our Cloud Platform and deep industry talent allowed us to respond swiftly and deliver on our customers’ key priorities, while helping them maintain business continuity and gain tangible value,” said Manav Garg, CEO and Founder, Eka Software Solutions.
At the start of the pandemic Eka quickly adopted a remote implementation methodology to accelerate key projects, leading to 100% remote delivery with increased collaboration, communication and seamless execution. The company implemented a record number of 20 new projects remotely amidst the COVID-19 lockdown that included customers such as Cargill, Alvean, Mex Gas International, Fujax, CHS Broadbent and TPorts.
Eka was also recognized by Risk Market Technology Awards as the best trading system for commodities. Additionally, Chartis and Energy Risk ranked Eka among the top five energy solutions provider for its Platform driven Energy Trade & Risk Management (ETRM) solutions.
Eka has a continuous innovation philosophy where the company invests 30% of annual revenues in its Cloud Platform to ensure it is aligned with customers’ strategic priorities and future technologies. Some of the key focus areas are E-sourcing, Financial Management, Sustainability and Direct Material Procurement.