Singapore-headquartered technology platform Zilingo has acquired Sri Lanka-based software company nCinga Innovations in a SGD 15.5 million cash and stock deal.
The move is touted to be one of the largest tech exits in Sri Lanka in recent times, Zilingo said in a press statement on Tuesday, December 17.
The acquisition will drive the adoption of nCingo’s Manufacturing Execution System (MES) software across Zilingo’s global network of 6,000 factories and 75,000 businesses. The software automates operations on the factory floor by enabling access to real-time data on the go.
“What excited us about the nCinga product was their ability to dramatically improve efficiency and drive insights by digitising the shop floor,” said Ankiti Bose, co-founder and CEO of Zilingo. “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.”
Zilingo plans to leverage its global manufacturer network to increase distribution of the MES software. Specifically, the company is looking at core fashion manufacturing markets such as Bangladesh, India, Vietnam, Indonesia, Thailand and Turkey, among others.
Founded in 2015 by Ankiti Bose and Dhruv Kapoor, Zilingo is a technology platform that powers the entire fashion supply chain. By using smart, technology-led solutions to bridge the gap between creators and producers, Zilingo re-imagines the fashion supply chain to make it connected and transparent for all.
Earlier this year in February, the company raised SGD306.69 million in its series D round financing. Investors that participated in financing round include Temasek Holdings, Sequoia Capital, EDBI, the investment arm of Singapore's Economic Development Board, Burda Principal Investments and Sofina.