UK-based Coats, the leading industrial thread manufacturer, has reportedly acquired ThreadSol, a cloud-based digital applications provider.
The acquisition is for a cash consideration of up to US $ 12 million.
The news has come post announcement by Coats of its investment in Twine, a tech start-up that has created a ground-breaking digital thread dyeing system. While ThreadSol’s technology focuses on fabric usage optimisation in apparel manufacturing and helps customers reduce fabric waste and cost, and establish accurate product costing.
Manasij Ganguli, Co-founder, ThreadSol said, “We are very excited to become part of the Coats family which is a major step in the growth and development of our business. We will be able to leverage Coats’ unrivalled global footprint and strong corporate brand and have the opportunity to collaborate with and gain additional levels of expertise and insight from a global industry leader.”
Notably, ThreadSol’s products provide an excellent fit with Coats existing Fast React Systems and GSD range of Evolve, Vision, Align, Enterprise and Quest.
“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,” said Rajiv Sharma, group chief executive, Coats.