Reports ComTech Analyst Briefing Note of EKA

ComTech Analyst Briefing Note Eka Overview Though a relatively new entrant into Commodity Trading and Risk Management (CTRM) markets, Eka has 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 in 2004, its’ initial successes were primarily in the Asia-Pacific markets; however, with success in servicing 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 add executive, product management, sales and delivery staff in that location. The company maintains their 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 number of 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 the Commodity Management (CM) markets, supplying software products to address the needs of the world’s largest commodity merchants, processors and traders. In line with this strategy, Eka acquired EnCompass Technologies of Calgary in early 2013 to bolster their energy commodity capabilities; and later in the year acquired MatrixGroup, an Australian-based provider of mining and bulk commodity handling software. In order to fund additional acquisition activity and support rapid development of new functional capabilities in support of Eka’s “Smart Commodity Management” initiative, the company accepted a strategic investment from Silver Lake Kraftwerk in October 2013. Terms of the investment were not disclosed however, it is believed that the total investment was between $30-$40 million, providing the company with a substantial war chest with which to pursue additional acquisitions. Recent Acquisitions EnCompass Technologies, acquired in April 2013, provides the company with strengthened capabilities in gas, power, and crude, and energy risk management. The company’s North American based clients include EDF and Twin Eagle, giving Eka a new and significant presence in North American energy markets. Eka has undertaken an aggressive plan to integrate the EnCompass products into the underlying Eka technical architecture. The EnCompass acquisition provides Eka a solid model for servicing North American opportunities in power generation and natural gas production, trading and marketing. The product’s crude capabilities are limited, though additional development is currently underway in cooperation with clients 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 serving European gas and power opportunities will be limited without additional development efforts. © Commodity Technology Advisory llc January 2014 At a Glance Company Background Founded: CEO: President and COO: Offices: Employees: Website: 2004 Manav Garg Rick Nelson Norwalk CT, US Bangalore India Richmond UK Calgary CAN Adelaide AUS Singapore 400 (Est.) Products Eka.Agriculture Eka.Metals Eka.Energy Eka.Analytics Eka.Risk Eka.Commodity Planning & Procurement Eka.Bulk Handling Eka.Site Automation Eka.Anti Collision Eka.3D Stockpile Manager Eka.Commodity Site Manager Market Profile (ComTech Est) Customers by Geography North America South America Europe Africa AsiaPac including Aust. 20% -% 15% 10% 55% Customers by Market Segment3 Ag Producers Ag Processors Ag Traders Energy Producers Energy Traders Metal Producers 20% 25% 20% 8% 7% 20% Financial Results Eka is a privately held company and does not disclose financials though the company has provided the following statement “Eka’s 2013 organic revenue growth of 33% and EBITDA growth of 96%” 1