Seraphim Space IT completes Arqit Quantum deal

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Seraphim Space Investment Trust PLC (LSE:SSIT, FRA:75N) said it has completed the acquisition of a stake in Arqit Quantum Inc for GBP27.3mln from the Seraphim Space Fund (SSF).


Seraphim Space intends to acquire four assets from SSF, of which this is the second.


Arqit is a leader in quantum encryption technology designed to eliminate the threat of cyber-attack and data theft.


The business has a unique quantum encryption platform-as-a-service, the statement said, which makes the communications links of any networked device secure against current and future forms of attack – even from a quantum computer.


On 7 September, Arqit completed its proposed merger with Centricus Acquisition Corp and now renamed Arqit Quantum its shares have commenced trading on NASDAQ.


Mark Boggett, Seraphim Space’s investment manager, said: “Arqit is building the world’s first global quantum key distribution network – delivering quantum-safe cryptographic services from a constellation of low earth orbiting small satellites from 2023.


“This British company has the potential to revolutionise the transfer of secure data worldwide.


“We backed this company from seed stage investing every round up to its Nasdaq admission. We have great conviction in its outlook and in particular the ability of the experienced management team to execute against their growth plans.


“It has over US$130mln in contracts already from blue-chip enterprise and government customers and US$1.1bn in the pipeline.”

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