THE Register reports that Westpac likes Canberra’s very own QuintessenceLabs (QLabs) quantum security products so much that they’ve bought a stake in the company.
QLabs commercialises research from the Australian National University to produce quantum key distribution (QKD) and random key generation platforms for enterprises, using off-the-shelf telecommunications componentry to lower costs.
The deal means Westpac will hold an 11 percent stake in the company giving it a seat on the board with the option to increase its share to 16 percent.
Qlabs will reportedly use the undisclosed amount to hire more technical staff and open overseas offices. Westpact is apparently buying access to the labs’ know how.
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