It’s in talks with international non-public fairness corporations resembling PAG, TA Associates and Advent International for a similar, three individuals with data of the event stated.
The corporate is being valued at $450 million.
“The ultimate bids will come anytime quickly, presently the due diligence is occurring,” stated one of many individuals.
In 2013, the corporate had raised $40 million from Silverlake Kraftwerk. Nexus Enterprise Companions had backed the corporate in 2009 with a $10 million cheque.
“The early backers of the corporate wish to get an exit and the promoter too is exiting. It’s a managed transaction,” stated one other individual.
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Based in 2001 by Manav Garg, Eka gives a commodity administration platform protecting buying and selling and place administration, bodily provide chain, enterprise threat administration and compliance and analytics.
The corporate competes with the likes of OpenLink, FIS, Sapient, Accenture, Trayport, Allegro, ABB, Triple Level, SAP, and Amphora.
It providers greater than 100 clients globally together with Unilever, Cargill and Cofco.
In 2013, Ela acquired EnCompass Applied sciences, a Canada-based supplier of power transaction and threat administration software program, and Matrix Group, an Australian software program firm specialising in configurable commodity bulk dealing with and administration methods for the mining and grain industries.
In June 2021, Eka acqui-hired Bengaluru-based tech startup Trxiea Platforms and Options, which specialises within the banking and finance space.
For the monetary yr ending March 31, 2021, the corporate stated it grew 60% in general annual contract worth, aided by the Covid-19 pandemic-induced demand for automation and digitisation and cloud-based options from enterprises.
Spokespersons for Eka Software and Advent International declined to remark. PAG and TA Associates didn’t reply to requests looking for remark.
Garg, together with a gaggle of Software program as a Service (SaaS) founders together with Freshworks’ Girish Mathrubootham, and former Matrix companions Shubham Gupta and Avinash Raghava, launched an $85 million fund in July 2021 to again seed-level corporations within the Web3 and crypto section.
SaaS corporations are gaining in traction amongst traders.
India’s SaaS trade may attain $1 trillion in worth and create almost half million new jobs by 2030. There are greater than a thousand funded startups and 10 unicorns within the nation’s SaaS sector, producing as a lot as $3 billion in annual subscription income, based on a report by SaaSBoomi.
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