Cloud-based enterprise software provider Eka to transform corporate treasury operations with a new, purpose-built, state-of-the-art solution
22 June, 2021 | Press release
Eka acqui-hires banking and finance tech start-up Trxiea and Devanshu Bhatt joins leadership team as SVP, Treasury Solutions.
Eka Software Solutions, a cloud-based enterprise solutions provider, announced today it has shored up a team of industry experts tasked with delivering a new solution to dramatically transform corporate treasury operations. This new business initiative will be led by Devanshu Bhatt, the former India Head of ION’s Corporate Treasury Group, who recently joined Eka. Additionally, the firm completed the acqui-hire of banking and finance start-up Trxiea Platforms and Solutions, whose highly experienced team will help accelerate the treasury solution’s time-to-market.
The strategic hires are part of Eka’s ongoing effort to expand its state-of-the-art cloud platform into a comprehensive multi-solution platform for global enterprises. The newly assembled team was curated specifically to develop a purpose-built, cloud-native corporate treasury solution that provides Chief Financial Officers with a complete, real-time view across their entire enterprise by unifying and integrating disparate applications across procurement, banking, financial planning, risk management.
A digital transformation leader in building cloud-based, mission-critical business systems, Eka recognized inadequacies in the treasury technology solutions currently available, which often operate as siloed systems to other business functions, hindering productivity, visibility and increasing compliance risk.
“The corporate treasury function sits at the epicenter of organizations, adding incremental value through efficient working capital management. However, despite its importance, we have seen that far too many treasury departments are operating on legacy, monolithic systems that aren’t keeping pace with today’s business environment. We have a clear vision of building a robust treasury solution that joins the dots across the organization, so that CFOs can operate from one single, trusted source of truth, rather than trying to piece together information from disparate systems and departments. To do this, we have built a team of incredible subject matter experts, and we are extremely excited to translate our vision into a transformative product over the coming months.”
Manav Garg, CEO and Founder, Eka Software Solutions.
A best-in-class team
Leading Eka’s corporate treasury initiative is Devanshu Bhatt. Bhatt brings more than 20 years of treasury and finance product management and development experience. Prior to his role at ION, Devanshu was Managing Director and Senior Vice President of Product Development for Reval, ION Treasury’s cloud-based solution.
Joining Bhatt is the highly experienced Trxiea team, including the co-founders Renju Balu and Dr. Trib Kharkwal who holds a Ph.D. in operations research. Together, they bring to Eka their deep-seeded industry knowledge and expertise in executing transformational banking and treasury projects. The arrangement with Trxiea is what is known as an “aqui-hire,” an arrangement where a company acquires an existing company specifically for the skills and expertise of their employees. While Eka has acquihired talent from Trxiea, the intellectual property shall remain with the investors of the banking and finance startup.
Eka’s Cloud Platform already offers solutions for E-sourcing, Financial Management, Supply Chain, Sustainability, Trading and Risk Management. The addition of the treasury capability will round out the offering further, providing a foundation for clients to accelerate their digital journey.
Eka is a strong proponent of empowering its customers to digitize critical business processes, as part of its ‘Mission Digital’ effort. Through an agile, cloud-based platform, Mission Digital applies an innovative solution-driven approach that delivers:
- A completely automated workflow to drive business resiliency
- A simplified interface to support new ways of bringing employees, processes, and technology together in one place and instant access to multiple buyers and suppliers across the global supply chain
- Fast and flexible integration with pre-built connectors to ERP, CRM, Market data and more
About Eka Software Solutions
Eka Software Solutions is a global leader in providing innovative, cloud driven solutions that help customers digitize and improve their business functions across supply chain, commodity and financial management. Built to accelerate customer’s digital journey to the cloud, Eka’s platform-driven solutions enable businesses to quickly adapt and overcome complex challenges in commodity management, source-to-pay, treasury and sustainability. With close to 500 employees, Eka supports more than 100 customers globally and has proven industry expertise in helping customers achieve digital transformation, solving complex business challenges in an environment of continuous change. Read more at www.eka1.com.
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