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Sitics Logistic Solutions has announced the acquisition of Quifers, a logistics tech start-up developing disruptive technologies. As per the deal, Sitics will acquire majority stake in Quifers for an undisclosed sum.
The acquisition of Quifers would put Sitics up the value chain in the global 3PL market. Sitics would transition from a “Solution-based service provider” to a “Technology-based service provider”. Sitics’s operational excellence with Quifers technology stack would provide tremendous value addition to the customers of both the companies by bringing in greater transparency, control, and cost-efficiency.
The combination would unlock tremendous cross-selling and upselling opportunities for both the companies as the combined entity would be able to offer a comprehensive package, which includes fulfillment and the technology. It is expected to increase the combined entity’s revenue by at least 20 per cent.
Both these companies target manufacturers, distribution companies, and e-com companies of various scales. The acquisition is also expected to put these companies in a better position for tapping opportunities arising out of the current tech base supply chain boom.
Sitics is also planning to take the Quifers platform to Singapore, Malaysia, UAE, Thailand, Australia, and EU with its global presence.
Sikander A M – Founder and CEO, Sitics Logistic Solutions Pvt. Ltd, said, “Sitics goal to digital transformation will get a boost with this acquisition. We see tremendous advantages for our clients by increasing efficiency and reducing costs by using the Quifers platform. Sitics’s fulfillment capabilities and Quifers’s tech capability would act as a force multiplier for the customers, and we are confident it would enhance the customer’s delight”.
Amit Mishra – Founder and CEO, Quifers, said, “We have been building Quifers with a vision to become a go to player for any customer for all of their logistics needs. Up till now, we have solved one end of the problem with our product related approach. With Sitics integrating Quifers product with its operational capability, achieving our vision for Quifers becomes much more accelerated.
e.o.m.
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