LONDON and NEW YORK, May 20, 2021 /PRNewswire/ -- Arqit Limited (Head Office: London SE1 2RE, United Kingdom; Founder and Chairman: David Williams) (hereinafter, Arqit) and Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) (hereinafter, Sumitomo) today announce a long-term partnership to distribute Arqit's ground-breaking quantum encryption technology for the benefit of the Japanese economy.
Sumitomo has signed a long-term distribution contract with Arqit and has secured the distribution rights to sell Arqit's technology to the Japanese government, enterprises and citizens. Sumitomo will also invest into the PIPE transaction that forms part of Arqit's agreement to combine with Centricus Acquisition Corp. and list on the Nasdaq Stock Market, as announced on May 13th.
Arqit's product, QuantumCloud™ is designed to solve current and future threats to the security of internet communications. Arqit, a British company established in 2017, has invented and built a quantum encryption platform using transformational innovation in both quantum physics and crypto- mathematics. Arqit has benefitted from a close working relationship in Japan with Sumitomo since 2019.
Arqit's mission is to use transformational quantum encryption technology to keep safe the data of our governments, enterprises and citizens. In the last four years, operating in secret, Arqit has invented technology which fundamentally changes the principles of Quantum Key Distribution, and found ways to extend substantially all of the benefits of this technology to end point devices with just simple software downloads. The product, QuantumCloud™ is symmetric encryption reborn for the cloud. It is a significant improvement now on legacy PKI encryption technology, and delivers protection against quantum attack in future. The US Government department NIST published a White Paper in April urging haste in the creation of new solutions to these problems – Arqit and its partners have achieved just such a solution.
Sumitomo expects to take a strong market lead in Japan in the exploitation of Arqit's technology to protect the assets and information of the Japanese government, enterprises and citizens. The two parties further intend to collaborate on new research and development to enhance Japanese participation in the supply chain and for potential joint business operation. For example, providing a quantum encrypted telecommunication service for financial institutions, and securing customers' personal and payment information. Sumitomo has also engaged in a separate project with Arqit, funded by the UK Space Agency, to design a special government version of the technology as an international collaboration and seeks an opportunity to establish a collaborative relationship with Japanese government organizations.
Mr Eiji Ishida, Executive Officer and General Manager, Lease, Ship and Aerospace Business Division of Sumitomo said: "We are pleased to have played a strong supporting role in the development and financing of Arqit's business, and intend to be a strong long term partner. For Sumitomo this is an opportunity to contribute enhancement of cyber security capabilities for the important benefit of Japanese governments, enterprises and citizens."
Arqit Founder and Chairman David Williams said: "The technology we have developed has the potential to be of significance on a global basis. The world needs stronger, simpler cyber security and it is important that we make international partnerships with allied countries to protect each other's interests. I am delighted to announce such a strong partnership with Sumitomo, which has been a pioneering and creative partner during the development phase of Arqit's technology. We look forward to many years of close collaboration and mutual benefit in partnership in Japan."
Contact
Arqit
Nick Miles, Montfort PR, +44 (0)7739 701634 miles@montfort.london
Sumitomo
Tamaki Arai, Corporate Communications Dept., +81 (0)80 1038 8815 tamaki.arai@sumitomocorp.com
Kazuaki Asada, Corporate Communications Dept., +81 (0)80 6684 9990 kazuaki.asada@sumitomocp.com
About Arqit
Arqit has invented a unique quantum encryption technology which makes the communications links of any networked device secure against current and future forms of hacking – even an attack from a quantum computer. Arqit's product, called QuantumCloud™ creates unbreakable software encryption keys which are easy and efficient to use remotely with no hardware or disruption to software required. The software has universal application to every edge device and cloud machine in the world.
Headquartered in the United Kingdom with subsidiaries in the United States, Arqit was founded in 2017 by UK satellite industry veteran David Williams.
About Sumitomo Corporation
Sumitomo Corporation is one of the world's leading trading and business investment company. As an integrated business enterprise, Sumitomo has emerged as a major organizer of multinational projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide.
The company's core business groups include Metal Products, Transportation & Construction Systems, Infrastructure, Media & Digital, Living Related and Real Estate, and Mineral Resources, Energy, Chemical & Electronics. For more information visit www.sumitomocorp.com
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