In a cash-and-stock deal Zilingo, a Singapore based fashion technology platform has acquired Sri Lanka-based software service company nCinga Innovations for a whopping $15.5 million.
Zilingo generates 80% of its revenue from its business-to-business operation of matching brands with suppliers in Southeast Asia & South Asia, The USA, Europe and Australia. A statement said, The acquisition will drive the adoption of the Manufacturing Execution System (MES) software across Zilingo’s global network of 6,000 factories and 75,000 businesses, and will enable access to new markets.
“What excited us about the nCinga product was their ability to dramatically improve efficiency and drive insights by digitising the shop floor – we have partnered with them for a long time and their work has been crucial to our mission of creating a transparent, sustainable, economically viable and socially responsible apparel supply chain,” Ankiti Bose, co-founder and CEO of Zilingo, said in the statement.
Imal Kalutotage, CEO of nCinga Innovations said, “We at nCinga are very inspired by Zilingo’s vision. Both the teams align on shared values and a global ambition to make the fashion and apparel industry fair, transparent and efficient, we hope to do great things together.”