- SCOPE AI (CSE:SCPE) has entered into an agreement with Ovryde to acquire advanced quantum secure technology for the purposes of data protection
- Through the agreement, Ovryde will transfer its quantum-resilient entropy technology to SCOPE AI
- The acquisition will broaden SCOPE’s cybersecurity offerings
- Shares of SCOPE AI are up 15.74 per cent to C$2.28 as of 11:34 am ET
SCOPE AI (CSE:SCPE) has entered into an agreement with Ovryde to acquire advanced quantum secure technology for the purposes of data protection.
The company stated in a news release that through the agreement, Ovryde will transfer its quantum resilient entropy (QSE) technology to SCOPE AI and that the acquisition will broaden SCOPE’s cybersecurity offerings.
QSE technology is security measure designed to protect data against the future threats posed by quantum computing, ensuring that sensitive information remains secure.
“We are pleased to announce the acquisition of the QSE Technology. The product suite is established, complete, and ready to onboard customers now. This acquisition enables us to provide our customers with extremely robust security solutions that are easy to integrate into existing infrastructures,” James Young, CEO of SCOPE AI, said in a statement. “With the QSE Technology, we can address the emerging threats posed by quantum computing and ensure our clients are prepared for the future of digital security.”
Other benefits of the acquisition include:
- Addressing emerging quantum-computing threats
- Creating synergies that enable faster and more efficient deployment of solutions
- Opening new revenue streams by catering to industries with data security needs
Under the terms of the acquisition, SCOPE AI will acquire Ovryde’s ownership and rights relating to the QSE Technology and will pay $400,000 to Ovryde and issue to Ovryde 2.8 million common shares of SCOPE AI.
With headquarters out of Vancouver, SCOPE AI is focused on advancing artificial intelligence.
Shares of SCOPE AI are up 15.74 per cent to C$2.28 as of 11:34 am ET.
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