Mphasis Limited Teams Up with Classiq to Deliver Real-World Quantum Solutions

On June 4, 2024, Mphasis Limited announced in an exchange filing its strategic collaboration with a leading quantum software company, Classiq, to demonstrate and commercialise industry solutions powered by Quantum.

This strategic partnership focuses on accelerating the real-world use of quantum solutions. The collaboration will achieve this by helping businesses integrate these solutions into their core operations. Both companies are committed to fostering innovation and pushing the boundaries of technology to create a future where quantum computing drives significant advancements.

Classiq leads in quantum computing software and has developed a quick and more efficient quantum algorithm design platform. Mphasis will use these advanced algorithms to build industry solutions in sectors such as Lifesciences, BFSI, Supply Chain and Logistics, and Healthcare. By utilising Classiq’s quantum platform, Mphasis will develop industry-specific intellectual properties (IPs) and will also jointly market and implement customer IPs, execute customer projects and offer support to commercialise Classiq’s platform and IPs.

Speaking of this collaboration, Chief Solutions Officer of Mphasis, Srikumar Ramanathan, said, “We are thrilled to announce our collaboration with Classiq and leveraging their expertise to unlock the vast potential of quantum computing. This partnership enables us to combine our industry knowledge with cutting-edge quantum technology to create innovative solutions tailored to our clients’ needs. Together, we hope to lead the way in initiating and implementing state-of-the-art quantum solutions that redefine the boundaries of our field.”

“Classiq is proud to be partnering with Mphasis to support scalable enterprise quantum computing software development. Together, we combine the depth of industry domain knowledge and quantum expertise with the technology needed to implement sophisticated optimised quantum computing programs for our clients,” said Nir Minerbi, CEO and Co-Founder of Classiq Technologies.

Combining Mphasis’ domain expertise with Classiq’s understanding of quantum computing, the partnership is poised to unlock new opportunities and redefine industry benchmarks. Quantum computing’s ability to tackle formerly unsolvable issues opens doors for entirely new discoveries and innovations. The National Institute of Standards and Technology report states that quantum computing could lead to breakthroughs in materials science, drug discovery, and financial modelling.

McKinsey & Company estimates a $106B potential quantum technology market size by 2040. The alliance between Mphasis and Classiq represents a fusion of expertise and innovation with Classiq’s cutting-edge quantum development.

Meanwhile, In June 2021, Mphasis, along with the Government of Alberta and the University of Calgary, signed an MoU to announce the launch of the world-leading Quantum City – Canada.

This strategic collaboration aimed at a two-pronged approach: fostering a skilled workforce and building a strong foundation for quantum computing in Calgary. This would ultimately boost research and development (R&D) in the tech sector. Highlighting their commitment to Canada, Mphasis opened a delivery centre in Calgary in June 2022, further solidifying the region’s position as a hub for advancements in digital transformation, artificial intelligence (AI), and quantum computing. This expansion also contributes to the growth of Canada’s digital landscape.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.