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Multinational conglomerate Honeywell said it will combine with Cambridge Quantum Computing in a bid to form the largest standalone quantum computing company in the world.

According to Honeywell, the merger will be completed in the third quarter of 2021 and will set the pace for what is projected to become a $1 trillion quantum computing industry over the next three decades.

In the yet to be named company, Honeywell will invest between $270 million and $300 million, and will own a major stake. It will also engage in an agreement for manufacturing critical ion traps needed to power quantum hardware.

The new company will be led by Ilyas Khan, the CEO and founder of CQC, a company that focuses on building software for quantum computing. Honeywell Chairman and Chief Executive Officer Darius Adamczyk will serve as chairman of the new company while Tony Uttley, currently the president of HQS, will serve as the new company's president.

"Joining together into an exciting newly combined enterprise, HQS and CQC will become a global powerhouse that will develop and commercialize quantum solutions that address some of humanity's greatest challenges, while driving the development of what will become a $1 trillion industry," Khan said in a statement.

With this new company, both firms plan to use Honeywells hardware expertise and Cambridges software platforms to build the worlds highest-performing computer.

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Honeywell joins hands with Cambridge Quantum Computing to form a new company - The Hindu