Deal Alert: Commodities trading software maker Eka acquires Australian firm MatrixGroup for $20-M

Bangalore-based commodity software maker Eka Software Solutions has invested $20 million (Rs. 120 crore) to completely acquire MatrixGroup, an Adelaide, Australia-based commodity handling software vendor in an all cash deal that is expected to deliver key clients such as Rio Tinto, BMA and BlueScope.

Promoted in 2004 by Manav Garg, a former commodity trader, Eka had, in April, bought Canada-based EnCompass Technologies, a provider of energy transaction and risk management solutions. Eka has raised $16 million (about Rs. 95 crore) from Thailand-based GP Group and Nexus Venture Partners so far. Eka expects to touch revenues of $250 million (about Rs. 1,500 crore) within five years.

Source: Economic Times

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