EKA Solutions launches financial services subsidiary

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EKA Logistics Capital part of ‘vision to democratize freight management’

Grace SharkeyThursday, December 2, 2021

EKA Solutions launches EKA Logistics Capital (Photo: Jim Allen/FreightWaves)

Digital freight management platform provider EKA Solutions announced Monday it has formed EKA Logistics Capital LLC, a wholly owned subsidiary that will provide working capital financial services to its carriers, brokers and eventually its shippers.

The financial program, set to begin in January, is designed to give EKA a competitive solution to the industry’s factoring companies and create a full ecosystem of freight management tools within the EKA Omni-TMS platform.

“This is a logical next evolutionary step for EKA to realize its original vision to democratize freight management by providing a dual and seamless connected end-to-end ‘best-in-class’ digital platform, for freight management and key services respectively, to help smaller carriers, brokers and shippers to effectively compete with their larger competitors,” said JJ Singh, CEO of EKA Solutions.

While Singh did not disclose specific fees for these services, he did describe them as “highly competitive” to those charged by some of the largest factoring companies, often averaging around 2% to 5%.

Singh explained that EKA can charge lower fees because of the optimization and risk tools the company will be using to make the financial decisions.

“We can accomplish this as EKA provides a touchless and highly intelligent end-to-end platform with work processes that help deliver lowest customer cost to serve coupled with tools that help manage fraud and credit risk at the lowest levels possible,” said Singh.

Unlike many factoring companies that force carriers and brokers to only use a single factoring platform, there will be no constraints through EKA Logistics Capital, Singh said. EKA will offer its services in one of three ways — receivable financing of an entire customer receivable portfolio, select shipper receivables or on a single shipper invoice basis.

Over time EKA plans to open its platform to other factoring services as well, democratizing the way its customers use its freight management platforms.

“EKA expects, sometime in 2022, to make available [our] transformational financial services ‘Open-Loop’ platform for other factoring companies to use to service their factoring customers to transform services delivery, fraud and credit risk management practices and, hopefully, share cost and risk management savings with small to medium-sized businesses,” said Singh.

EKA Solutions Debuts Real-Time Integration With KeepTruckin & Samsara

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New Omni-TMS™ Cloud-Based Platform Integrates Fluidly With Leading Telematic Platform

SALT LAKE CITY, Sept. 27, 2021 /PRNewswire/ — EKA Solutions Inc, the industry leading provider of cloud-based integrated freight management ecosystem for carriers, brokers, and shippers, today announced real-time integration with KeepTruckin and Samsara, two of the global telematics platforms leaders.

Designed to tech-up carriers, brokers, and shippers for the future of business, EKA Omni-TMS™ is a native cloud-based SaaS TMS that has become the company’s signature solution product and has earned EKA the prestigious FreightTech 100 award.

“EKA’s fluid real-time integration provides the smallest trucking company with the same capabilities and benefits as large companies – optimize dispatch productivity, effectuate timely 2-way communication, deliver real time load movement visibility, improve carrier cashflow through electronic document capture and transmission and, enhance driver compliance with hours-of-service rules.” says JJ Singh, Founder and CEO for EKA Solutions, Inc. “In addition, this seamless integration will help significantly improve broker productivity.”

“EKA’s innovative and best-in-class solutions will help fleet managers to be digitally connected with their drivers during the lifecycle of a loaded or empty truck move” said Mark Walker, President and CDO. “Also, it enables a broker to automatically monitor the movement of the load from pick-up to delivery in a seamless productive manner.”

About EKA

EKA Solutions, Inc., provides a transformational cloud-based SaaS digital freight ecosystem management platform, dFEMX™, to manage all the customer’s freight businesses including freight exchange and third-party services. As part of the dFEMX™ Offering, EKA provides the Smart, Unified Platform EKA Omni-TMS™ for – Virtually – Everyone. EKA Omni-TMS™ is designed to transform the transportation and logistics industry. It empowers small, medium, and large size broker, carrier, and shipper businesses to operate from quote-to-cash with affordable and best-in-class digital tools, enabling the higher performance demanded in tomorrow’s supply chain. With real-time information, EKA Omni-TMS™ enables brokers, carriers, and shippers to provide visibility and transparency as they fluidly trade across an expanding and verified network with key, trusted partners. For more information, visit: https://www.go-eka.com

For all other inquiries:
Arune Singh
arune@go-eka.com

SOURCE EKA Solutions, Inc.

Related Links

www.go-eka.com