Sitics acquires majority stake in logistics startup Quifers
Third-party logistics (3PL) company Sitics Logistic on Monday said it has acquired a majority stake in tech-enabled logistics startup Quifers to tap opportunities amid the supply chain boom and enhance combined revenue by up to 20 percent.
The company, however, did not disclose the sum involved in the deal.
Sitics said it is also planning to take the Quifers platform to Singapore, Malaysia, UAE, Thailand, Australia, and the EU with its global presence.
This acquisition would put Sitics up the value chain in the global 3PL market. It will transit from a solution-based service provider to a technology-based service provider, the company said.
Besides, 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, it added.
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. Our fulfilment capabilities and Quifers's tech capability would act as a force multiplier for the customers, Sitics founder and CEO Sikander AM said.
Sitics Founder and CEO, Sikander AM
The combination would unlock tremendous cross-selling and upselling opportunities for both the companies as the combined entity would able to offer a comprehensive package, which includes fulfilment and the technology, the company said in a statement.
The deal is expected to increase the combined entity's revenue by at least 20 percent, the statement said, adding both the entities target manufacturers, distribution companies, and ecommerce firms of various scales, it said.
With Quifers, we will be able to provide a comprehensive package, which includes solutions and the technology, which will add a greater degree of control and cost optimisation to the whole supply chain process, Haridas T, Co-founder and COO, Sitics Logistic Solutions, said.
Also, there is a good overlap between the target customers of Sitics and Quifers. Both these companies target manufacturers, distribution companies, and E.com companies of various scale. Hence, there can be a unified and efficient sales process, he added.
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, Amit Mishra founder and CEO, Quifers, said.