NEW DELHI: Internet devices firm Gaia Smart Cities has acquired Internet of Things business of communications service provider Netcore in a an equity deal.
"We have finalised deal to acquire IoT business of Netcore in an equity deal. Gaia will get ownership of Netcore's IoT business and Netcore will invest in Gaia," Gaia Smart Cities Founder & CEO Sumit D Chowdhury told PTI.
Internet of Things involved in connecting various devices with internet to control them and extract data related ton their function in structured format like calorie burn data from smart wrist bands, switching on or off to AC, TV, car from mobile phones etc.
Gaia Smart Cities was founded by Chowdhury and Bipin Pradeep Kumar last year. The company provides internet of things solution like remote access to water meter, gas meter, asset tracking. Recently, it also worked with Delhi government on water meter project providing water bill reading on mobile phones.
Netcore operates in providing communication technology to business organisations. Chowdhury, former President at Reliance Jio, said the acquisition gives Gaia about fourfold jump in number of customers. He, however, did not disclose financial details of the deal.
"The total customer base of Gaia now reaches 32. The IoT division of Netcore including Amul, Paras, Parag Dairies, ACC Cement and many others across various segment. We have separate set of clients with whom we are involved in providing consultancy and software development for remote access of their devices," Chowdhury said.