U.S. quantum computing company IonQ has agreed to acquire cybersecurity startup Elisity for up to $1.3 billion, or about 1.8 trillion won.
IonQ and Elisity signed a definitive agreement for the acquisition and expect to close the deal within the fourth quarter, CNBC reported on the 12th, local time. The purchase price will be paid entirely in IonQ shares.
The $1.3 billion figure includes up to $150 million, or about 200 billion won, in earnout payments tied to Elisity's future performance.
Founded in 2019, Elisity operates a zero-trust security platform that blocks hackers and ransomware from spreading across corporate internal networks. The company has more than 100 customers and has doubled its revenue over the past year.
The Wall Street Journal described IonQ as a company seeking to use quantum computing to solve problems beyond the reach of conventional computers, from drug development to national defense. The acquisition of Elisity is expected to significantly strengthen its cybersecurity capabilities against threats such as those posed by artificial intelligence agents, the newspaper said.
IonQ Chief Executive Officer Niccolo de Masi said malicious actors will continue to exploit new technologies and that the industry is entering the most dangerous period yet in terms of cybersecurity risk. He added that Q-Day is approaching far faster than expected. Q-Day refers to the point at which quantum computers can break the encryption systems in wide use today, rendering existing security frameworks ineffective.
IonQ, which has worked closely with the U.S. Defense Department, has been expanding aggressively through mergers and acquisitions. In July, it acquired contract chipmaker SkyWater Technology for about $1.8 billion, or roughly 2.5 trillion won, and has also bought companies including Britain's Oxford Ionics.