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EkaOverviewThough a relatively new entrant into Commodity Trading and Risk Management (CTRM) markets, Ekahas found considerable success in selling products to a global base of users across multiple categories,including agriculturals, softs, metals, consumer products and most recently, energy. Founded in2004, its’ initial successes were primarily in the Asia-Pacific markets; however, with success inservicing a growing roster of global-scale clients, its’ market reach now extends to include Europe,Africa, and North America.

In 2008, Eka established its’ Americas headquarters in Norwalk CT and has continued to addexecutive, product management, sales and delivery staff in that location. The company maintainstheir primary software development center in Bangalore and has development centers in Canada,the US and Australia.

Prior to 2013, revenue growth had been organic with the company successfully acquiring a numberof blue chip customers including Cargill, Louis Dreyfus, Noble, Tata and Graincorp.

In 2013, the company undertook an aggressive strategy to develop a comprehensive solution for theCommodity Management (CM) markets, supplying software products to address the needs of theworld’s largest commodity merchants, processors and traders. In line with this strategy, Eka acquiredEnCompass Technologies of Calgary in early 2013 to bolster their energy commodity capabilities; andlater in the year acquired MatrixGroup, an Australian-based provider of mining and bulk commodityhandling software.

In order to fund additional acquisition activity and support rapid development of new functionalcapabilities in support of Eka’s “Smart Commodity Management” initiative, the company accepted astrategic investment from Silver Lake Kraftwerk in October 2013. Terms of the investment were notdisclosed however, it is believed that the total investment was between $30-$40 million, providingthe company with a substantial war chest with which to pursue additional acquisitions.

Recent AcquisitionsEnCompass Technologies, acquired in April 2013, provides the company with strengthenedcapabilities in gas, power, and crude, and energy risk management. The company’s North Americanbased clients include EDF and Twin Eagle, giving Eka a new and significant presence in North Americanenergy markets. Eka has undertaken an aggressive plan to integrate the EnCompass products intothe underlying Eka technical architecture.

The EnCompass acquisition provides Eka a solid model for servicing North American opportunities inpower generation and natural gas production, trading and marketing. The product’s crudecapabilities are limited, though additional development is currently underway in cooperation withclients and should show significantly enhanced functionality during the first half of 2014.

As the EnCompass products were developed for the US and Canada markets, their fitness for servingEuropean gas and power opportunities will be limited without additional development efforts.

ComTech AnalystBriefing Note

Company BackgroundFounded: 2004CEO: Manav GargPresident and COO: Rick NelsonOffices: Norwalk CT, US

Bangalore IndiaRichmond UKCalgary CANAdelaide AUSSingapore

Employees: 400 (Est.)Website: Ekaplus.com

ProductsEka.AgricultureEka.MetalsEka.EnergyEka.AnalyticsEka.RiskEka.Commodity Planning & ProcurementEka.Bulk HandlingEka.Site AutomationEka.Anti CollisionEka.3D Stockpile ManagerEka.Commodity Site Manager

Market Profile (ComTech Est)

Customers by GeographyNorth America 20%South America -%Europe 15%Africa 10%AsiaPac including Aust. 55%

Customers by Market Segment3Ag Producers 20%Ag Processors 25%Ag Traders 20%Energy Producers 8%Energy Traders 7%Metal Producers 20%

Financial Results

Eka is a privately held company anddoes not disclose financials thoughthe company has provided thefollowing statement “Eka’s 2013organic revenue growth of 33% andEBITDA growth of 96%”

At a Glance

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MatrixGroup is an Australia-based provider of software and consulting services for operators of bulk product terminals and related facilities. Thecompany’s products ensure safe and efficient operation of complex facilities and the machines involved in stacking and reclaiming of bulk materialsincluding ores, grains and coal. Its’ clients are primarily located in Australia and the AsiaPacific region.

Matrix has proven to be a leader in its’ market – in fact it appears to occupy a unique position as the only packaged software solution currentlyavailable for servicing the needs of terminal equipment operators in the areas of machine anti-collision and operational optimization, as thesesystems are otherwise approached as custom developed solutions by other vendors/consultants.

There are several integration points between the Matrix and current Eka software products, and these may provide some leverage in selling newlicenses to clients that may not currently utilize both product sets. However, ComTech believes the greater value in the combination of Matrix andEka software products lays in providing Eka with an advantage in marketing and in deploying a larger-scale CM solution for the bulkproducts/ags/mining market segments.

Financial ResultsEka is privately held and does not publically disclose financial information. However, management has indicated that the company has beenprofitable for most of its existence and has grown, on average, approximately 35% per year over the last 5 years. Eka has said that in the mostrecently completed financial reporting year (ending March 31, 2013), the company has seen 33% annual growth in revenues and 96% growth inEBITDA. Based upon the company’s forecast for FY 2014, revenues are expected to grow 154% and EBITDA to increase 147%, including the impactof acquisitions. Organically, the company expects 2014 revenue growth to be 35% and EBITDA to increase 45%.

Product Set and Technology BaseEka has taken full advantage of a modern technology stack and architecture allowing it to offer its solutions in a traditional on-premise model as wellas via the cloud as hosted or true SaaS. Eka is one of a minority of CTRM vendors that offers the possibility of a multi-tenanted SaaS environmentwith data partitioning for each customer, though we understand its current cloud clients are all single-tenanted hosted deployments. The technologyalso allows for a flexible and full-featured user interface that makes use of analytics, graphics and drill-down functions and features to enhanceusability; Eka dashboards are relatively easily built and deployed by educated users of the software.

Given Eka’s modular design, it is able to construct pre-configured solutions for specific purposes or market niches, offering the ability to add additionalmodules as the customer requires them.

Eka’s products include:

Eka.Agriculture – An end-to-end Agri-Commodity solution to facilitate trade, operations and risk management from the farm to themarketplace.Eka.Metals – A solution for managing physical trading, position, P&L, derivatives, risk, logistics and finance across base metals, Ferro alloys,steel and scrap.Eka.Energy - A multi-commodity energy trading and risk management (ETRM) system covering trade capture through confirmation,operations, settlement and risk management.Eka.Analytics – Predictive and user-controlled analytic tools to view, analyze and simulate KPIs for Commodity Markets.Eka.Risk - For commodity companies to define, measure and control organization wide commodity risk.Eka.Commodity Planning & Procurement - For manufacturers to capture, analyze and manage demand, budgets, forecasts, coverage,procurement & hedging.Eka.Site Automation - A dynamic bulk site management and control tool, incorporating high level process planning, scheduling, taskexecution and product tracking.Eka.Anti Collision - 3D modeling of mobile machines and structures providing precise position to prevent collisions.Eka.3D Stockpile Manager – 3D model of stockyard, including quality, for better stacking and reclaiming decisions.Eka.Commodity Site Manager – Physical operations management of bulk commodity handling sites including stock, cargo receipt,shipment, and billing.

The Eka.Agriculture and Eka.Metals solutions are rather comprehensive and competitive products. We do view Eka.Energy as something of a workin progress because of the acquisition of EnCompass and the work that still needs to be done to integrate and expand the product in crude.Eka.Analytics and Eka.Risk are also both relatively new solutions. Eka.Risk is an enterprise risk solution that purports to be agnostic to the underlyingCTRM solutions and would compete more with products from the specialty risk product vendors. Eka.Analytics represents Eka’s move toward offeringa more robust analytic and decision support environment across the board but particularly in commodity management. The other named productsare the MatrixGroup product set that is in the process of being re-branded.

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Company StrategyCommodity management (CM) is a term coined in 2008 to describe the use of “traditional” CTRM software products as the core of a broader solutionset that addresses the commodity procurement, transportation and logistics, processing, marketing and hedging requirements of a wide variety ofcommercial enterprises. These companies, including food processors, CPG’s, metal processors and fabricators, energy merchants and miningoperations, have increasingly recognized the inherent risks associated with their commodity procurement and transformation processes, identifyingnot only market and price risks, but also the risks associated with operationally and financially exposed multi-threaded supply chains. Utilizing CMsolutions, these companies can gain an enterprise wide view of operational constraints and options for maximizing value along the supply/productionchain; and actively manage and mitigate financial risks associated with foreign currencies, interest rates and credit. In order to provide the requisitefunctionality to address the needs of CM, these solutions require not only robust and rich trading and risk management functionality, but they mustalso provide:

the ability to manage complex, multi-model transportation networkscapture and management of the complex quality characteristics of multiple commodities such as ags, softs, metals, concentrates, naturalgas, power, oil and oil products and any number of other commodities utilized as feed stocks in production processescapture and analysis of enterprise-scale risk exposures, anda complex array of key performance indicators necessary to effectively manage and optimize a global scale operation.

Recognizing the growing acceptance of CM solutions, particularly in the agricultural and food markets, Eka has developed a fully capable CM solutionthat can address the breadth of requirements in the markets theyhave identified. Additionally, Eka management believes, based ontheir conversations with industry participants, that the markets’expectations of CM have moved past the initial capture andmanagement of commodity exposures along the entirety of thesupply chain (from source to market). This recently formed marketexpectation and requirement is that CM solutions must move pasttransaction management into providing a decision supportenvironment, founded in predictive and user-controlled analytics andenriched with improved and real-time visualizations of keyperformance indicators and relevant market data and information.The provision of a technology environment that enables thisinformation aggregation also facilitates the deployment ofoptimization tools that can aggregate vast amounts of informationand data, and provide a near real-time view of operational orfinancial options that reduce risk and improve operationalefficiencies.

ComTech has reviewed many of Eka’s products and believes it is progressing well along the path to achieving this vision of the next generation ofCM, or CM 2.0 or Smart CM, though Eka will need to continue to develop additional capabilities and/or acquire existing components. The Eka.Analyticssolution is the current basis for this effort.

Outlook and AnalysisWhile the global markets for CTRM products have been soft for about the last 18 months, and many vendors in the space have seen year-over-yeardeclines in revenue, Eka has continued to grow and at a rate that places them in the upper echelons of their peer group in the vendor market. Thisabove market performance is due, in part, to their origins and market gravity in the agricultural segment of the Asia Pacific region, one of the fewbright spots in the current CTRM markets. Leveraging this advantage, the company has embarked upon an aggressive growth strategy, expandingtheir functional coverage via internal development and measured acquisitions, allowing the company to better compete not only in the traditionalsingle or multi-commodity trading and risk management opportunities that arise in around the globe, but further positioning the company to addressthe lucrative CM markets.

ComTech believes that advanced analytics will be an important component of the next generation of CM. Eka is well positioned to execute on itsvision of CM 2.0 or “Smart Commodity Management.” The company is well funded and has an experienced leadership team in place. Given thegenesis of the company in the agricultural markets and recent acquisition of EnCompass, Eka would appear to be best positioned to acquire andsuccessfully service new CM 2.0 customers in the agricultural trading, metals and mining, consumer package goods (CPG), food processors and NorthAmerican energy markets.

Source: Eka

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Opportunities

Early leading vendors in CM market have not been able to sustain momentum, providing an opening for a new vendor, such as Eka,to displaceEka is well positioned to define and potentially lead the next generation of CM/Smart Commodity ManagementGrowing adoption of CM by leading global scale CPGs, food processors, and agricultural tradersGrowing adoption of the SaaS and hosted CTRM solutions market

Risks

Inability to identify and/or consummate acquisitions to complete roadmap for CM 2.0Inability to sufficiently integrate developed or acquired components into a full CM architectureSustained CTRM/CM market weakness limiting market sales of new products

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About ComTech Analyst Briefing NotesCommodity Technology Advisory (ComTech) is the leading analyst organization covering the Energy and Commodity Trading and Risk Management(E/CTRM) technology markets. We provide invaluable insights, backed by primary research and years of experience, into the issues and trends affectingboth the users and providers of the applications and services that are crucial for success in markets constantly roiled by globalization, regulation andinnovation.

ComTech Analyst Briefing Notes are intended only to provide an overview of a technology, vendor or product of interest in the Commodity Tradingand Risk Management market space. These Notes are not an endorsement of any product or vendor and should be viewed only as an additionalsource of information or data relating to the covered topic.

Disclosures: At the time of this writing, Eka is a customer of Commodity Technology Advisory and the company’s management cooperated in thepreparation of this ComTech Analyst Briefing Note.____________________________________________________________________________________________________________

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