RCL acted as exclusive financial advisor to GXC throughout the process.
Austin, TX, January 30, 2024 — GXC (www.gxc.io), a leading provider of private cellular network solutions, announced it has reached an agreement to sell its Photonics Division to ORCA Computing, a London-based developer of full-stack quantum computing systems. As a result of the sale, GXC will transfer its photonics-related assets to ORCA Computing, including intellectual property and existing technology. GXC Photonics staff will become employees of ORCA Computing. Terms of the deal were not disclosed.
With the divestiture, GXC will focus all its resources on expanding its presence in the private cellular space. The company is a recognized leader in the development of private cellular solutions for enterprise applications, serving logistics, agriculture, manufacturing, industrial, and other markets throughout North America. GXC’s patented offerings enable businesses to expand coverage, improve resiliency and security, and control of business-critical corporate data. The company’s Onyx platform provides an advanced turnkey private cellular system that powers secure, ubiquitous coverage for industrial campuses. In addition, GXC is the only private cellular network provider that offers a mesh cellular capability, enabling customers to extend reliable coverage into remote areas utilizing its advanced interference cancellation technology.
“We are extremely grateful to the talented photonics team that created groundbreaking technology and innovative manufacturing processes that are valued by numerous federal agencies and other organizations,” said Allen Proithis, Chief Executive Officer of GXC. “As customer needs and market opportunities continue to evolve, our board agreed it would be best for our photonics group—and the company as a whole—to identify an organization that is best suited to optimize this technology. We have found an excellent partner in ORCA Computing and have every expectation that they will provide the resources and guidance to help the team reach its fullest potential.”
The acquisition leapfrogs ORCA Computing ahead, bypassing years of investment in and exploration of traditional integrated photonics materials.
Richard Murray, co-founder and CEO of ORCA Computing said, “We are thrilled to welcome some of the best and brightest minds in integrated photonics to the ORCA family. With this acquisition, we continue our strong track record of success, pursuing and integrating cutting-edge components to deliver the very best technology to our customers.”
About GXC
Founded in 2016, GXC is an Austin, Texas-based company that provides groundbreaking private cellular network solutions for enterprises. Through its turnkey advanced technology platform, GXC Onyx, the company delivers comprehensive connectivity both indoors and out, enabling highly secure, resilient, and scalable coverage that supports critical business operations in manufacturing, logistics, transportation, agriculture, and other commercial venues. GXC is the only provider to offer private cellular mesh technology, building this capability based on years of advanced research. The company partners with leading technology providers and systems integrators to ensure that each system is professionally deployed and meets the expectations of sophisticated enterprises.
About ORCA Computing
Founded in 2019, ORCA Computing provides full-stack quantum computing platforms that solve complex business and science problems. The company maintains offices in Seattle, Toronto, and Krakow, Poland, and is actively involved in the Poznan Supercomputer and Networking Center (PSNC) in Poland.
About Renevo Capital
RCL is an international investment bank, headquartered in London with regional offices in Lisbon, San Francisco, Beijing and Shanghai, specialising in cross-border M&A and private capital advisory services for growth technology companies. The RCL team is composed of experienced investment bankers — a unique mix of former entrepreneurs, senior executives and finance professionals — who have started and led businesses to successful exit and have run publicly listed companies. With a professionally trained team of expert negotiators, leading deliberations alongside the world’s largest marquee-brand companies, RCL is committed to closing transactions that deliver maximum value and superior returns for its clients.
For more information, visit www.renevocap.com
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Mike Powell
Partner
RCL – London office