Singapore technology platform Zilingo has announced the acquisition of Sri Lankan software company nCinga Innovations to scale up its global supply chain capabilities.

It was a US$15.5 million cash and stock deal, the company said.

The acquisition is touted to be one of the largest tech exits in Sri Lanka in recent times, marking a major win for the regions start-up eco-system.

It will drive the adoption of the manufacturing execution system (MES) software across Zilingos global network of 6,000 factories and 75,000 businesses, enabling access to previously untapped markets.

In addition to Zilingos technology stack, the MES software automates operations on the factory floor by enabling access to real-time data.

Zilingo plans to leverage its global manufacturers network to increase distribution of the software, specifically to core fashion manufacturing markets such as Bangladesh, India, Viet Nam, Indonesia, Thailand, and Turkey among others.

In October it connected with the Viet Nam Textile & Apparel Association (VITAS) to bring digitisation to Vietnamese factories.

"As we scale our presence in Viet Nam, we look forward to leveraging our platform to bring more Vietnamese factories into the digital age while connecting Vietnamese sourcing to global fashion brands in the West,” Cian O'Dowd, its head of expansion, said.

“The role of technology should be used to create inclusive growth. With Zilingo's suite of tools and services, fashion businesses will be better equipped to compete in a global marketplace."

Fashion is 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, the Singaporean company has created a full-stack technology platform that makes the supply chain fair, transparent and connected.

Zilingo was founded in 2015 by Ankiti Bose and Dhruv Kapoor. — VNS