Honeywell to invest c$300m in Cambridge Quantum Computing merger
The UK’s leading quantum computing company, Cambridge Quantum Computing (CQC), is combining with Honeywell Quantum Solutions (HQS), establishing the world’s most advanced, fully integrated quantum computing company.
The new combined company will be headed by CQC’s CEO Ilyas Khan, who becomes CEO of the new entity, which will be based in Cambridge UK and Broomfield, Colorado, US. HQS’s CEO Tony Uttley will be named President.
HQS shareholders will own 54 per cent of the new entity with CQC shareholders owning 46 per cent. Honeywell will also invest between $270 million and $300m in the new venture, which will be named at a later date.
The companies’ joint decision to bring together their hardware and software capabilities into a combined business means they will form the most advanced integrated quantum computing company in the world, uniting hardware and software solutions under one roof.
In so doing, they will take a leadership position in global quantum computing, which is projected to become a $1 trillion industry over the next three decades.
There is a pledge to continue to grow CQC’s scientific team – already the largest in the industry before today – by attracting the world’s best talent in quantum computing, offering the chance to work on the world’s most powerful quantum computer, the first and most advanced quantum operating system and software that will drive the future of quantum technology.
The companies aim to attract the best and boldest clients to form partnerships and drive innovation in the application of quantum computing and provide investors with access to a pure quantum business while attracting new and diverse sources of capital to drive rapid growth.
Ilyas Khan, who founded CQC, said: “Joining together into an exciting newly combined enterprise, HQS and CQC will become a global powerhouse that will create and commercialise quantum solutions that address some of humanity’s greatest challenges, while driving the development of what will become a $1 trillion industry.
“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.”
Honeywell chairman and CEO Darius Adamczyk added:“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.
“The new company will be extremely well positioned to create value in the near-term within the quantum computing industry by offering the critical global infrastructure needed to support the sector’s explosive growth.
“Since we first announced Honeywell’s quantum business in 2018 we have heard from many investors who have been eager to invest directly in our leading technologies at the forefront of this exciting and dynamic industry – now, they will be able to do so.
“The new company will provide the best avenue for us to onboard new, diverse sources of capital at scale that will help drive rapid growth.”