Singapore fashion platform buys Lankan software firm nCinga for USD15.5mn

ncinga

Dec 17, 2019 (LBO) – Singapore-based fashion platform Zilingo has acquired Sri Lanka-based software-as-a-service (SaaS) firm nCinga Innovations for 15.5 million dollars in cash and stock, marking one of the largest tech exits in Sri Lanka in recent times, foreign media reported.

nCinga, which is backed by Sri Lanka and Singapore-based venture capital firm BOV Capital, uses IoT technologies, real-time event capturing and processing, predictive analytics, and mobility devices for a ‘smart factory’ transformation.

The company said its platform – nFactory – allows organisational data to be collected, integrated, connected, searched, visualised, and analysed in real-time.

The platform has already been deployed across factories in Sri Lanka, Bangladesh, India, Indonesia, Thailand, Singapore and Vietnam.

In a statement, Zilingo said the acquisition will drive the adoption of the Manufacturing Executive System (MES) software across its global network of 6,000 factories and 75,000 businesses.

The MES software automates operations on the factory floor by enabling access to real-time data on the go.

It added that the acquisition will bring more features to the company’s customers in the United States, Europe and Australia, where brands traditionally lack transparency over the supply chain and manufacturing processes.

In October, the company announced plans to invest 100 million dollars to expand into the US as part of an accelerated growth strategy into new markets, including Australia, Europe, and the Middle East.