(PRNewswire) Sumitomo Corporation has signed a long-term distribution contract with Arqit Limited 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.
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.
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.
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.”