ThreadSol the pioneer in AI and Big Data-based fabric management solutions for the apparel industry, has been acquired by Coats, the world’s leading industrial thread manufacturer. ThreadSol will now be a part of Coats Global Services, a dedicated business providing a set of complementary software solutions to the apparel and footwear supply chain to deliver operational benefits in cost, speed and compliance.
The deal, pegged at US$ 12 million, will see a combination of technology and expertise from the two companies, taking forward Coats’ vision of building a range of innovative software solutions for the apparel and footwear industries. The deal extends the scale and capability of ThreadSol’s AI and Big-data based solutions. It also expands its services capabilities and consumer reach to a global scale through Coats’ unparalleled global footprint and strong corporate brand.
“This partnership enables ThreadSol to be best positioned to pursue its growth strategy, while accelerating our vision to develop apparel tech of the future.”, says Manasij Ganguli, co-founder at ThreadSol. “It is very exciting to be part of a global industry leader whose stature and array of expertise in the apparel supply chain is exceptional”, he adds.
ThreadSol’s products provide an excellent fit with Coats existing Fast React Systems and GSD range of EvolveTM, VisionTM, AlignTM, EnterpriseTM and QuestTM. This complementary suite of software solutions for the apparel and footwear industries will enable brands, retailers and manufacturers to drive productivity gains, supply chain control and speed to market.
Rajiv Sharma, Group Chief Executive, Coats, said: ‘ThreadSol is an exciting acquisition that supports a key aspect of our growth strategy: to build an innovative software solutions business for the apparel and footwear industries. We will be able to draw upon our demonstrable track record of successfully integrating bolt-on companies following the acquisitions of Patrick Yarn Mill, Gotex and Fast React Systems, all of which are performing well under our ownership.’
ThreadSo lSoftwares was established in 2013 to challenge the present of manufacturing industries. Its solutions include intelloCut, intelloBuy and intello3C, built on AI and Big Data technologies.