Zilingo acquires Sri Lankan software company nCinga Innovations
View(s):Singapore-based technology platform Zilingo has bolstered its position as a global digital supply chain enabler with its acquisition of Sri Lanka-based software company nCinga Innovations. The acquisition is touted to be one of the largest tech exits in Sri Lanka in recent times.
“The deal marks a major win for Sri Lanka’s start-up ecosystem, taking home-grown technology to the global stage. 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, enabling access to previously untapped markets,” Zilngo said in a media release.
Additionally, more Sri Lankan factories will now have access to Zilingo’s existing tech stack including fintech services, bringing more businesses in the country on-board the industry 4.0 revolution.
Fashion is an over US$3 trillion industry, in which a majority of retailers struggle with meeting consumer demand for fast, on-trend and responsibly produced products due to inefficiencies and information asymmetry. To address this, Zilingo has created a full-stack technology platform that makes the supply chain fair, transparent and connected.
The acquisition will bring added features to the company’s customers in the US, Europe and Australia, where brands traditionally lack transparency over supply chain and manufacturing processes.
“What excited us about the nCinga product was its 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,” said Ankiti Bose, Co-Founder and CEO of Zilingo, on the acquisition.
Zilingo plans to leverage its global manufacturer network to increase distribution of the software – specifically for core fashion manufacturing markets such as Bangladesh, India, Vietnam, Indonesia, Thailand and Turkey among others.
“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,” said Imal Kalutotage, CEO, nCinga Innovations.