EKA Solutions Launches SMB Financial Services Subsidiary

Cloud-based freight management platform EKA Solutions Inc. on Monday (Nov. 29) debuted a wholly owned subsidiary focused on providing working capital financial services to small and medium-sized business (SMB) carriers, brokers and shippers starting in January, according to a Yahoo Finance report.

“Given the rapidly growing freight volume processed through the EKA Omni-TMS Platform, it is timely for EKA to elevate and accelerate its contribution to empower SMB freight carriers, brokers and shippers to capture dual benefits — not only use the EKA Omni-TMS to digitally manage their freight management operations but also to digitally consume and manage working capital services,” EKA Solutions Founder and CEO JJ Singh said in the company announcement.

“The combination of EKA leadership teams’ deep financial services experience and the best-in-class financial services platform enables EKA to deliver working capital solutions and services that further help SMBs compete with their much savvy competitors,” he said.

EKA Omni-TMS platform is a native cloud-based Software-as-a-Service (SaaS) transportation management system (TMS).

“EKA’s freight management and working capital solutions and services workflow processes have been optimally melded for highest seamless productive user experience and to accrue lowest customer lending costs,” Mark Walker, president and CDO, said in the announcement.

“The result is a highly efficient and effective open loop automated receivables financing and payments digital platform for any carrier, broker, and shipper,” he said.

Related: PACCAR Says New Connected Truck Platform Is Part of Its Digital Transformation

In separate news, big rig manufacturer PACCAR last month unveiled a global connected truck platform for the Kenworth, Peterbilt and DAF brands.

The PACCAR Connect system features proprietary hardware and software that will simplify customers’ fleet management operations. The company started installing PACCAR Connect on DAF XF, XG and XG+ trucks in October.

PACCAR had to reduce its truck deliveries by approximately 7,000 vehicles in the third quarter because of the semiconductor shortage, with Kenworth, Peterbilt and DAF delivering 32,800 trucks.

The company also partnered with Aurora and FedEx to launch a commercial pilot of autonomous trucks hauling freight in a 500-mile round trip between Dallas and Houston using a backup driver.