Eka looks to transform corporate treasury operations with a new, purpose-built solution

Cloud-based enterprise solutions provider, Eka Software Solutions on Tuesday announced that it has shored up a team of industry experts tasked with delivering a new solution to dramatically transform corporate treasury operations. Additionally, the firm completed the acqui-hire of banking and finance start-up Trxiea Platforms and Solutions, whose team will help accelerate the treasury solution’s time-to-market.

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. The strategic hires are part of Eka’s ongoing effort to expand its cloud platform into a comprehensive multisolution 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.

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.

He said that the corporate treasury function sits at the epicenter of organizations, adding incremental value through efficient working capital management. However, despite its importance, 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.”

However, he said that the company’s focus is not just the corporate treasury but rather the larger CFO office suite.

Leading Eka’s corporate treasury initiative is Devanshu Bhatt who was the former India Head of ION’s Corporate Treasury group and
joined Eka recently. Joining him is the Trxiea team, including the co-founders Renju Balu and Dr. Trib Kharkwal who holds a Ph.D. in operations research.

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, the company said.

Garg said that Eka is hiring aggressively and has already hired about 100 people this year so far and will probably add another 75 people in the next six months. The company has seen a huge spurt in growth with Eka recording a 60% jump in growth in 2020 as compared to 25% pre-pandemic. However, Garg believes that while the pandemic helped to accelerate growth, there were other factors too that led to the spike in growth.

“It is a combination of various factors,” he explained. “Obviously, the pandemic played a big role in terms of organisations going digital. But also we invested in a SaaS platform for enterprises, mission critical applications, about four years back. So it converged because you can’t create these products overnight. It takes two to three years to make the product and especially if you’re looking at some time larger enterprises as well who look for very stable vendors and really proven technology to industrial grade level. The timing of the way digital world has come into being and investment which we started about four years back converged.”

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This article was first published on The Economic Times.