Singapore’s model startup Zilingo has obtained Sri Lanka’s SaaS startup nCinga in a $15.5 cash and stock deal, the 2 acknowledged this present day.
Founded in 2014, nCinga offers an IoT platform to enable right-time production monitoring on factory floor and files analytics instruments. Its acquisition is unquestionably one of Sri Lanka’s splendid tech exits in most up-to-date times, the 2 acknowledged.
Zilingo, which has constructed several pieces of present chain — manufacturing, logistics, payments, and many others. for retail outlets and kinds, acknowledged it goes to deploy the Sri Lankan startup’s Manufacturing Execution System (MES) instrument for the duration of its network of 6,000 factories and 75,000 businesses.
Ankiti Bose, co-founder and chief govt of Zilingo, acknowledged nCinga’s product has helped the startup “enormously strengthen” effectivity and pressure insights by digitizing the shop floor. “Their work has been indispensable to our mission of setting up a transparent, sustainable, economically viable and socially in payment apparel present chain,” she acknowledged.
Zilingo “has lengthy” been a client of nCinga, she acknowledged.
Outlets continue to warfare with meeting user demand for instantaneous, responsibly produced merchandise attributable to inefficiencies and files asymmetry, acknowledged Zilingo, which is steps away from turning into the most up-to-date Southeast Asian unicorn. The acquisition will enable it to attend customers in the US, Europe and Australia, where brands traditionally lack transparency over present chain and manufacturing processes, it acknowledged.
Zilingo can even attend to expand the reach of nCinga’s instrument to core model manufacturing markets, much like Bangladesh, India, Vietnam, Indonesia, Thailand and Turkey. In a assertion, nCinga chief govt Imal Kalutotage acknowledged the startup “hopes to manufacture monumental things collectively.”
The announcement this present day comes weeks after Zilingo acknowledged it deliberate to make investments $100 million to expand its present chain in the U.S.
It’s unclear how mighty capital nCinga had raised earlier than this present day’s announcement. Per Crunchbase, nCinga’s final financing became as soon as its seed round five years ago.
