British quantum computing group Oxford Ionics has agreed to be acquired by American giant IonQ in a deal worth over $1bn.
The transaction will combine the technologies of the companies, both of which are considered leaders in trapped ion quantum computing.
IonQ, which develops high performance systems based on trapped ion technology, said it was interested in acquiring the Oxford-headquartered firm because it holds the world record for fidelity, which measures the accuracy of quantum operations.
The $1.075bn acquisition will consist of $1.065bn in shares of IonQ common stock and $10m in cash.
Oxford Ionics founders Dr Chris Balance and Dr Tom Harty will remain at IonQ after the acquisition is completed and will continue to lead their team in the UK.
IonQ said it intends to expand its Oxford-based workplace and continue to support Britain’s position in the global quantum computing market.
“Together, we intend to move faster than any other player in the industry to deliver the leading fault-tolerant quantum computers with transformative value for customers,” said Ballance.
“At Oxford Ionics, we have not only pioneered the most accurate quantum platform on the market – we have also engineered a quantum chip capable of being manufactured in standard semiconductor fabs.
“We look forward to integrating this innovative technology to help accelerate IonQ’s quantum computing roadmap for customers in Europe and worldwide.”
The firms said work with existing customers from both companies will continue, including government partnerships in the UK and US.
“IonQ’s vision has always been to drive real-world impact in every era and year of quantum computing’s growth,” said Niccolo de Masi, chief executive of IonQ.
“We believe the advantages of our combined technologies will set a new standard within quantum computing and deliver superior value for our customers through market-leading enterprise applications.”
“Our combined path to millions of qubits by 2030 will help ensure unit economics, scale, and power as quantum computing rapidly evolves.”
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