Coliving operator Stanza Living has acquired enterprise Internet of Things (IoT) platform Singularity Automation in an all-cash deal to strengthen its technology ecosystem. Gurugram-based Stanza Living, which provides managed accommodations to students and working professionals, did not disclose the deal value.

In a statement, Stanza Living said the acquisition is expected to strengthen its in-house technology ecosystem that serves as a backbone of the business.

It will also fast-track the company's focus on developing highly-customised IoT-based solutions for the managed accommodation sector.

Backed by IvyCap Ventures and Times Internet, Singularity Automation was launched in 2017 to develop and implement ingenious IoT-enabled solutions and products for the managed living space.

The Bangalore-based startup's existing product portfolio includes smart door locks, secure access controllers and smart energy meters, among others.

Anindya Dutta, managing director and cofounder of Stanza Living, said, "Technology has always been at the forefront of everything we do at Stanza Living. We look forward to customising their existing solutions and creating fresh, IoT-based platforms together, as we build a first-of-its-kind managed living ecosystem".

Stanza Living recently raised $57 million (Rs 425 crore) in debt financing from Kotak Mahindra Bank, RBL Bank and Alteria Capital.

To date, Stanza Living has raised close to $220 million in debt and equity combined. Post the acquisition, Stanza Living will have a 100-plus member strong technology team.