New Delhi, Sep 16 (IANS): Global IT services provider HCL Technologies said on Wednesday that it is collaborating with IBM to jointly develop solutions for Internet of Things (IoT).

The two companies will also set up an incubation center at Noida to develop these solutions for the chosen industries.

Together HCL and IBM will initially focus on specific verticals including industrial and manufacturing and smart facilities to co-develop innovative solutions around 'Connected Products and Operations' such as remote monitoring, smart inventory management, smart building and facilities management, it said.

"Building an extensive ecosystem around the Internet of Things is imperative to the success of all complex Internet of Things client solutions," said Chris O'Connor, general manager of offerings, Internet of Things, IBM.

"The intersection of employees, data and technology enabled intelligent machines is creating fundamental shifts in enterprise business models, leading to not only increased productivity and efficiency but also opening a plethora of new revenue opportunities for companies," said Sukamal Banerjee, executive vice president, engineering and R&D services, and head of IoT business HCL Technologies.

HCL's IoT business helps companies accelerate their journey towards IoT adoption and achieving significant efficiency from existing assets, new product and services offering for the market, the statement added.