EnCompass Technologies Inc., a Calgary-based provider of ETRM software to energy traders and marketers, covering physical and financial energy market transactions, has been acquired for an undisclosed amount by Eka Software Solutions Pvt. Ltd. Eka, a software company that enables businesses to trade in commodities, is based in Bangalore, India and is backed by Indian venture capital firm Nexus Venture Partners.
Eka Growth Strategy Continues with Acquisition of Leading Energy Specialist
ADELAIDE, Australia, CALGARY, Alberta, NORWALK, Connecticut, LONDON and BANGALORE, India, April 18, 2013
Eka energy offering extended with Energy Transaction and Risk Management software
Eka Software Solutions, a global provider of advanced commodities and energy trading and risk management technologies (CTRM & ETRM), today announced that it has acquired EnCompass Technologies, based in Calgary, Canada. Established in 1993, EnCompass is the premier provider of a fully-integrated, multi-commodity and FX transaction management system, covering the entire transaction lifecycle, from capture through confirmation, operations, settlement and risk management.
“With the addition of EnCompass, Eka will now deliver the most comprehensive ETRM suite to its customers to manage their entire portfolios of energy transactions, covering a wide array of transaction types and commodities,” says Manav Garg, Founder & CEO of Eka. “The EnCompass product is the result of a decade of experience of working with energy traders, middle-office and back-office functions. The benefits of this experience are evident from the impressive client roster and the acknowledged best-practices built into the product’s business processes.”
“For the EnCompass clients, partners, shareholders and employees this is an exciting chapter in our evolution,” says Andy Bout, EnCompass President and Chief Executive Officer. “The natural synergies between the Eka and EnCompass product suites as well as the companies’ advanced R&D will underpin our plans for global strategic growth. The combined resources and expertise will enable us to further enhance our products and ensure that our clients will continue to have the best tools at their disposal. It is an excellent business combination which will drive innovation and leadership in the ETRM space.”
All employees of EnCompass have joined Eka, and the two co-founders, CEO Andy Bout and COO Stewart Brightman, will take key leadership roles in the combined organization. Andy and Stewart will be instrumental in driving further product development and accelerating customer adoption.
EnCompass provides fully-integrated ETRM software to energy traders and marketers, covering physical and financial energy market transactions. Customers include large financial institutions, utilities, energy producers, energy marketers and trading floors. Visit http://www.encompass-technologies.com/
Eka Software Solutions is a market leader in trading and risk management technology for the global commodity markets. Eka’s products and services help companies which buy, sell or trade commodities to manage the challenges of volatile markets and 24×7 global operations more efficiently.
The products provide customers with best-of-breed functionality for physical trading, risk management, logistics, inventory, finance, compliance and business intelligence. Eka acts as a partner in its customers’ growth, working closely with them to improve operational controls, increase profitability, accelerate growth and manage risks and exposures.
Eka is a 250+ member strong team with offices in Asia Pacific, Europe and North America, serving a growing client base across various commodity segments, company sizes and geographies.
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John Norris / Alla Lapidus
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SOURCE Eka Software Solutions
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