CAMBRIDGE, England, June 8, 2021 / PRNewswire / –
- Transformative combination brings together an unprecedented portfolio of quantum computing technologies and solutions, the most comprehensive in the industry.
- World-class technological capabilities will provide advanced quantum computing products and solutions to meet customer needs for enhanced computing in various fields including cybersecurity, drug discovery and delivery, materials science, finance and optimization on all major industrial markets.
- Continued presence and expansion from the Cambridge Quantum software and algorithm development team in Cambridge, UK and will remain platform independent.
- The new company will be headed by Founder of Cambridge Quantum Ilyas Khan as CEO with Tony Uttley, of Honeywell Quantum Solutions as President. President and CEO of Honeywell Darius adamczyk will sit on the board of directors as chairman.
Cambridge Quantum Computing (QC), a global leader in quantum software and algorithms, today announced that it has entered into a definitive agreement under which Cambridge Quantum will combine with Honeywell Quantum Solutions (HQS), a business unit of Honeywell and maker of the world’s largest quantum computer. performance currently available. Honeywell has been a Cambridge Quantum investor and business partner since 2019.
The combination will form a new company extremely well positioned to lead the quantum computing industry by delivering advanced, fully integrated hardware and software solutions at an unprecedented pace, scale and level of performance in large, high growth markets. of the whole world.
The combined expertise of the new company will provide solutions to customers around the world as well as advancements that will accelerate the adoption and impact of quantum technology around the world.
“By partnering in an exciting new venture, HQS and CQ will become a global powerhouse that will create and commercialize quantum solutions that address some of humanity’s greatest challenges, while spurring the development of what will become a 1000 billion dollars industry, ”said Ilyas Khan, founder of CQ. “I am thrilled to lead a company that has the best people and technologies in the quantum computing industry and the best and boldest customers. Together, we will lead the industry as it grows and matures, and create advances. “
President and CEO of Honeywell Darius adamczyk noted, “The new company will have the best talent in the industry, the world’s best performing quantum computer, the world’s first and most advanced quantum operating system, and comprehensive, hardware-independent software. that will drive the future of the quantum computing industry. new company will be extremely well positioned to create near-term value within the quantum computing industry by providing the critical global infrastructure necessary to support the explosive growth of the sector. “
Adamczyk added, “Since we first announced Honeywell’s quantum business in 2018, we’ve heard from many investors keen to invest directly in our cutting-edge technologies at the forefront of this exciting and dynamic industry. . The new company will provide us with the best way to integrate new sources of diversified large-scale capital that will help drive rapid growth. “
Founded in 2014, Cambridge Quantum has brought together the industry’s largest scientific team in quantum algorithms and software to achieve breakthroughs in cybersecurity, finance, drug discovery, materials science, technology optimization, quantum machine learning, natural language processing, etc. Cambridge Quantum will continue its presence and expand its software and algorithm development team in the UK, with offices in Cambridge, London and Oxford, and abroad in the United States (Washington), Germany and Japan. CQ will operate without changing its globally recognized brand.
Honeywell started its quantum computer development program ten years ago and uses trapped ion technology that uses charged atoms to hold quantum information. The Honeywell H1 system model consistently achieves the highest quantum volume – a comprehensive performance measure widely used by industry – on a commercial quantum computer.
The new company, which will be officially named in due course, will have a long-term deal with Honeywell to help manufacture the critical ion traps needed to power quantum hardware. Honeywell will invest between US $ 270 million at $ 300 million in the new company.
Honeywell will be the majority shareholder of the new company, and CQ shareholders will own more than 45% of the new company. The transaction was unanimously approved by the boards of directors of Cambridge Quantum and Honeywell. The transaction is expected to close in the third quarter of this calendar year and is subject to the satisfaction of certain regulatory approvals and other customary closing conditions.
Merrill Lynch International (“BofA Securities”) acts as exclusive financial advisor to Cambridge Quantum, while Morrison & Foerster LLP acts as legal advisor. JP Morgan Securities LLC acts as exclusive financial advisor to Honeywell, while Freshfields Bruckhaus Deringer LLP acts as legal advisor.
About Cambridge Quantum Computing
Founded in 2014 and backed by some of the world’s largest quantum computing companies, CQ is a global leader in quantum software and quantum algorithms, enabling customers to get the most out of rapidly evolving quantum computing hardware. CQ has offices in the UK, Japan and US For more information visit CQ at http://www.cambridgequantum.com and on LinkedIn. Navigate to the tket Python module on GitHub.
Honeywell (www.honeywell.com) is a Fortune 100 technology company that provides industry-specific solutions that include aerospace products and services; control technologies for buildings and industry; and performance materials globally. Our technologies help planes, buildings, manufacturing plants, supply chains and workers become more connected to make our world smarter, safer and more sustainable. For more Honeywell news and information, please visit www.honeywell.com/newsroom.
SOURCE Quantum Computing Cambridge