IBS proposes $563m acquisition of AI chip enterprise

Upon completion, QuantumCompute will become a wholly-owned subsidiary of the group.

International Business Settlement Holdings Ltd (IBS) is proposing to acquire an artificial intelligence (AI) chip enterprise for $563m to expand beyond its existing fintech and computing power services.

In a statement on 30 October, the group said it has entered into a share purchase agreement with the shareholder of QuantumCompute Solutions Ltd to acquire its entire equity interests.

Upon completion, QuantumCompute will become a wholly-owned subsidiary of IBS, and its financial results will be consolidated into the group’s financial statements.

QuantumCompute indirectly owns an 85.94% equity interest in Chinese tech company Shanghai Tianjing Fulian, which focuses particularly on low-power, cost-effective AI computing and edge computing applications.

The group said the acquisition will strengthen its technology capabilities and build a comprehensive ecosystem encompassing computer infrastructure, AI chips and AI application solutions.

Dr Tang Tianshen will serve as chief strategic consultant to advise on the strategic development and operations of IBS’ fintech-related businesses.