Through this deal, all the employees of Encompass have joined Eka and two co-founders CEO Andy Bout and COO Stewart Brightman, will take key leadership roles in the combined organization.
"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," said Manav Garg, founder & CEO of Eka.
Bangalore-based Eka Software, provides commodity trade and risk management solutions and its products and services help companies to buy, sell or trade commodities. The firm was founded in 2001 and currently employs more than 270 people.
In 2009, Nexus Venture Partners invested $10 million in Eka and way back in 2005, GP Group invested $6 million in the company in two rounds of funding.
"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," said Andy Bout.
Established in 1993, EnCompass provides integrated energy transaction and risk management (ETRM) software to energy traders and marketers. The firm is based in Calgary, Alberta, Canada. The firm's customers include large financial institutions, utilities, energy producers, energy marketers and trading floors transacting physical and financial energy trades in major North American markets.