Singapore’s fashion startup Zilingo has acquired Sri Lanka’s SaaS startup nCinga in a $15.5 cash and stock deal, the two said today.
nCinga, founded in 2013, offers an IoT platform to enable real-time production monitoring on factory floors and data analytics tools. Its acquisition is one of Sri Lanka’s largest tech exits in recent times, the two said. A long customer of nCinga, Zilingo said it will deploy the Sri Lankan startup’s Manufacturing Execution System (MES) software across its network of 6,000 factories and 75,000 businesses. Ankiti Bose, co-founder and chief executive of Zilingo, said, nCinga’s product has helped the startup “drastically improve” efficiency and drive insights by digitizing the shop floor. “Their work has been crucial to our mission of creating a transparent, sustainable, economically viable and socially responsible apparel supply chain,” she said. More to follow…