Horizon Quantum Holdings Ltd. has signed a non-binding letter of intent to acquire Entropica Labs Pte. Ltd. The anticipated consideration is US$27 million of Horizon Quantum Class A ordinary shares. Entropica Labs is a Singapore-based quantum software company focused on error correction and fault tolerance.
Proposed transaction
The letter of intent is non-binding. Completion requires due diligence, related audits, and the signing of definitive agreements. Other customary conditions must also be satisfied.
Horizon Quantum background
Horizon Quantum was founded in 2018 by Dr. Joe Fitzsimons. He is a former professor with more than 20 years of experience in quantum computing. The company trades on Nasdaq under the ticker HQ.
Entropica Labs and Loom
Entropica Labs was founded in 2018 by Dr. Tommaso Demarie and Dr. Ewan Munro. The company is developing Loom, a fault-tolerant compiler. Loom helps quantum hardware companies run error-corrected programs without building the full stack themselves.
The proposed transaction also requires approval by Entropica Labs shareholders. Horizon Quantum listed additional risks, including integration disruption and potential litigation. The company does not undertake to update forward-looking statements except as required by law.