Honeywell Quantum Solutions and Cambridge Quantum Computing, two quantum computing and quantum technology businesses, will combine to form a global standalone quantum computing company.
These technologies are expected to support customer needs for computation in areas including cybersecurity, drug discovery and delivery, material science, finance, and optimization across all major industrial markets.
Honeywell chairman and CEO Darius Adamczyk will serve as chairman of the new company. The new company will be led by Ilyas Khan, the CEO and founder of CQC. Tony Uttley, currently the president of HQS, will serve as the new company’s president.
Adamczyk said, “The new company will have the best talent in the industry, the world’s highest-performing quantum computer, the first and most advanced quantum operating system, and comprehensive, hardware-agnostic software that will drive the future of the quantum computing industry.”
“Joining together into an exciting newly combined enterprise, HQS and CQC will become a global powerhouse that will develop and commercialize quantum solutions that address some of humanity’s greatest challenges, while driving the development of what will become a $1 trillion industry,” Khan said. “I am excited to lead a company that has the best people and technologies in the quantum computing industry and the best and boldest clients. Together we will lead the industry as it grows and matures, and create tangible, credible, provable and science-led advances.”
J.P. Morgan Securities LLC acted as Honeywell’s lead financial advisor for the transaction. Morrison & Foerster advised Cambridge Quantum Computing. Freshfields advised Honeywell.