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.
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.”