LONDON, Sept. 7, 2023 /PRNewswire/ -- Arqit Quantum
Inc. (Nasdaq: ARQQ) (Nasdaq: ARQQW) (Arqit), a leader in
quantum-safe encryption, today announced the launch of its third
application product, Arqit WalletSecure™. Arqit sells
a core Symmetric Key Agreement Platform-as-a-Service which can be
used for any encryption task. This announcement follows the launch
of Arqit's first two applications - TradeSecure™ and
NetworkSecure™ - earlier this year. TradeSecure™ provides a
Symmetric Key Agreement upgrade for digital assets used by banks
for international payments and for use in global trade finance and
NetworkSecure™ provides a Symmetric Key Agreement upgrade for
firewalls and has already been integrated with the products of two
market leading firewall vendors.
The third application product WalletSecure™ makes any
Ethereum-based digital wallet used to store and transact digital
asset transactions quantum-safe. Arqit believes that the mainstream
adoption of digital assets is accelerating and that providing long
term security is important to financial services company adoption
of digital asset technology. The company hopes to announce initial
customers for this product in the next few months. More
detail can be found at https://info.arqit.uk/walletsecure.
Following Arqit's launch of its new channel partner distribution
strategy in December 2022, it has
entered into channel partnerships with several major global
technology vendors to integrate Arqit's software into their
products for general sale to customers. Recently added to the
channel partnerships announced in December (Fortinet, Dell, AWS)
are Juniper, SecureCloud+ and SNC MS UK.
Based on discussions on the Arqit software with certain public
sector organisations and public statements on symmetric encryption
by various standards bodies it is clear that the need for the use
of Arqit's product to generate quantum-safe networking is
rising.
The NSA said publicly that it "considers the use of pre-shared
symmetric keys in a standards compliant fashion to be a better
near-term post-quantum solution than implementation of experimental
postquantum asymmetric algorithms". Arqit has noted that its
technology is compatible with NSA Symmetric Key Management
Requirements Annex v2.1.
The company is currently continuing to negotiate a possible
disposal of the satellite division with a number of parties,
however the outcome of those negotiations remains
uncertain.
Arqit began generating revenues through its new OEM channel
partnerships in the current fiscal year. With a core platform being
adopted by system integrators in the US, Europe, Middle
East and Asia-Pacific,
three applications finding customers in specific vertical markets,
and standards bodies aligning with the use of symmetric encryption,
Arqit believes that it has the right strategy to continue to build
its business.
As previously announced beginning in July, Arqit reduced its
monthly operating costs to approximately $3.2 million, and has cash and cash equivalents
as of August 31, 2023 of $31 million, including proceeds from shares
issued under its at-the-market equity offering program.
About Arqit
Arqit supplies a unique Symmetric Key Agreement
Platform-as-a-Service which makes the communications links of any
networked device, cloud machine or data at rest secure against both
current and future forms of attack on encryption – even from a
quantum computer. Arqit's Symmetric Key Agreement Platform delivers
a lightweight software agent that allows devices to create
encryption keys locally in partnership with any number of other
devices. The keys are computationally secure and operate over zero
trust networks. It can create limitless volumes of keys with any
group size and refresh rate and can regulate the secure entrance
and exit of a device in a group. The agent is lightweight and will
thus run on the smallest of end point devices. The Product sits
within a growing portfolio of granted patents but also works in a
standards compliant manner which does not oblige customers to make
a disruptive rip and replace of their technology. Arqit was
recently awarded the Innovation in Cyber award at the UK National
Cyber Awards and Cyber Security Software Company of the Year Award
at the UK Cyber Security Awards. www.arqit.uk
Media relations enquiries:
Arqit: pr@arqit.uk
Gateway: arqit@gateway-grp.com
Investor relations enquiries:
Arqit: investorrelations@arqit.uk
Gateway: arqit@gateway-grp.com
Caution About Forward-Looking Statements
This communication includes forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements, other than statements of historical facts,
may be forward-looking statements. These forward-looking statements
are based on Arqit's expectations and beliefs concerning future
events and involve risks and uncertainties that may cause actual
results to differ materially from current expectations. These
factors are difficult to predict accurately and may be beyond
Arqit's control. Forward-looking statements in this communication
or elsewhere speak only as of the date made. New uncertainties and
risks arise from time to time, and it is impossible for Arqit to
predict these events or how they may affect it. Except as required
by law, Arqit does not have any duty to, and does not intend to,
update or revise the forward-looking statements in this
communication or elsewhere after the date this communication is
issued. In light of these risks and uncertainties, investors should
keep in mind that results, events or developments discussed in any
forward-looking statement made in this communication may not occur.
Uncertainties and risk factors that could affect Arqit's future
performance and cause results to differ from the forward-looking
statements in this release include, but are not limited to: (i) the
outcome of any legal proceedings that may be instituted against the
Arqit related to the business combination, (ii) the ability to
maintain the listing of Arqit's securities on a national securities
exchange, (iii) changes in the competitive and regulated industries
in which Arqit operates, variations in operating performance across
competitors and changes in laws and regulations affecting Arqit's
business, (iv) the ability to implement business plans, forecasts,
and other expectations, and identify and realise additional
opportunities, (v) the potential inability of Arqit to convert its
pipeline into contracts or orders in backlog into revenue, (vi) the
potential inability of Arqit to successfully deliver its
operational technology, (vii) the risk of interruption or failure
of Arqit's information technology and communications system, (viii)
the enforceability of Arqit's intellectual property, and (ix) other
risks and uncertainties set forth in the sections entitled "Risk
Factors" and "Cautionary Note Regarding Forward-Looking Statements"
in Arqit's annual report on Form 20-F (the "Form 20-F"), filed with
the U.S. Securities and Exchange Commission (the "SEC") on
14 December 2022 and in subsequent
filings with the SEC. While the list of factors discussed above and
in the Form 20-F and other SEC filings are considered
representative, no such list should be considered to be a complete
statement of all potential risks and uncertainties. Unlisted
factors may present significant additional obstacles to the
realisation of forward-looking statements.
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