Quantum Computing Inc. (Nasdaq: QUBT) has closed its acquisition of QPhoton as part of efforts to launch and extend its full-stack quantum systems to government defense and security, fraud detection, underwriting and supply chain markets.
QCI said Thursday it will combine its Qatalyst computational software with QPhoton’s quantum photonic system under the transaction.
QCI CEO Robert Liscouski said the acquisition will enable the company to democratize quantum computing by offering full-stack quantum software and hardware platforms that could be used by non-quantum experts for industry applications.
QPhoton will operate as a wholly owned subsidiary of QCI. QPhoton CEO Yuping Huang will join QCI as chief quantum officer and as a director as a result of the transaction.
Huang said QPhoton and QCI will further advance innovation to deliver quantum technologies meant to address business-critical challenges facing several industry areas, such as logistics, data security, drug clinical trials and biomedical imaging.
With the deal’s completion, QCI will issue to QPhoton’s stockholders aggregate merger consideration composed of 5,802,206 shares of its common stock, 3,079,864 series B preferred shares and warrants exercisable, at a purchase price of $0.0001 apiece, to buy up to 7,028,337 shares of common stock.