IonQ announces acquisition of Qubitekk Inc., the partner in the EPB Quantum Network
Subject to the satisfaction of certain closing conditions, the deal should close within six months.
One of the partners in the EPB Quantum NetworkSM powered by Qubitekk is being acquired, and that would not be EPB.
In a news release issued on Wednesday, IonQ announced that it has reached a definitive agreement to acquire substantially all of the operating assets of Qubitekk Inc., a leading Vista, CA-based quantum networking company. As part of the transaction, the Qubitekk team will join IonQ to further enhance IonQ’s leading position in the quantum networking industry. IonQ anticipates closing the acquisition within the next six months, subject to the satisfaction of certain closing conditions.
Co-founded by Duncan Earl, a former scientist at Oak Ridge National Laboratory who serves as Qubitekk’s Chief Technology Officer, IonQ’s acquisition of Qubitekk follows closely on the heels of a series of recent quantum networking announcements from IonQ. In September, IonQ announced the largest known 2024 U.S. Quantum Contract Award of $54.5 million with the United States Air Force Research Lab (AFRL) to design, develop, and deliver quantum networking technology.
Recently, IonQ demonstrated remote ion-ion entanglement as a key milestone towards scaling its compute across multiple quantum processors using photonic interconnects. Earlier this year, IonQ announced that it was selected by the Applied Research Laboratory for Intelligence and Security (ARLIS) for a quantum networking contract to design a first-of-its-kind, networked system for blind quantum computing. Blind quantum computing enables quantum computers to operate while remaining ‘blind’ to what information is being processed through them.
The news release announcing the acquisition noted that quantum networks are expected to become essential infrastructure, enabling critical applications, especially in the defense, finance, and energy sectors. The technology enables multiple nodes to communicate via entangled qubits, offering ultra-secure communications, precise timing synchronization, a foundation for distributed quantum computing, and a transport layer for quantum sensing. Having designed and deployed the nation’s first commercially available quantum network in Chattanooga, Qubitekk has distinctive acumen in the quantum networking category.
Once closed, the Qubitekk acquisition will represent a major addition to IonQ’s quantum networking capabilities and customer set. IonQ believes the transaction will contribute to near-term bookings and revenue opportunities, extending IonQ’s commercial leadership in quantum networking.
“Our acquisition of Qubitekk will mark a significant step in IonQ’s expansion into the quantum networking market, where IonQ will be a clear leader in both quantum networking and quantum computing,” said Peter Chapman, President and Chief Executive Officer (CEO) of the College Park, MD-headquartered IonQ. “The combination of Qubitekk and IonQ will allow us to continue our momentum in quantum networking. Quantum networking and quantum computing are highly synergistic for IonQ. I expect that the quantum networking part of IonQ could be the first division to be cash flow positive.”
Qubitekk’s executive team and employee base including physicists, engineers, software developers, and others will join IonQ to further drive quantum networking efforts. In addition to Earl, the Qubitekk team joining IonQ includes Co-Founder and CEO Stan Ellis, Chief Revenue Officer Corey McClelland, and President Keith Clark.
The EPB Quantum NetworkSM powered by Qubitekk was announced on November 30, 2022 (see teknovation.biz article here).
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