Eka Software to tap India, West Asia markets

Bangalore-based Eka Software Solutions, a provider of commodity trade and risk management software for companies involved in export, import and trading activities, is looking at aggressively tapping into the India and West Asia markets.

Eka, derived from the word Ekam which means unified or integrated in Sanskrit, has already initiated talks with a few companies in these two geographies. The company, at present, draws 100 per cent of its revenues from Europe and the US, where it has a presence.

"Asia, a $100-million (approximately Rs 400 crore) market for the commodity trade and risk management (CTRM) software, is pretty much on our strategic road map. We are currently in talks with a few companies in this region including Sterilite and Hindalco. We expect to bag around 15 clients, including a couple of them that are into palm oil and rubber trading from Malaysia," Manav Garg, founder and chief executive officer of Eka Software Solutions, told Business Standard.

With Asian companies realising the importance of adopting CTRM solutions, especially for futures and derivatives trading, Eka expects 20 per cent of its revenues to flow in from this emerging market in the next one to two years, he added.

Stating that the growing biofuels trading, predominantly in Brazil and the US, and the burgeoning metal prices have been fuelling Eka's business, he said the company planned to double its headcount, from the present 95, during the next financial year to cater to this demand.

Founded in 2001, Eka Software Solutions had raised $6 million (approximately Rs 24 crore) from the GP Group of Bangkok in two rounds of funding between 2003 and 2005 to build its Eka product suite.

Its integrated software solutions enable companies reduce costs, manage risks and improve control over their operations. The company has a sales office in Amsterdam.