Benzinga | Oct 11, 2021 02:08PM EDT

IBM, Raytheon Intend To Develop Artificial Intelligence, Cryptographic, Quantum Solutions

* International Business Machines Corp (NYSE:IBM) and Raytheon Technologies Corp (NYSE:RTX) have agreed to strategic collaboration to develop advanced artificial intelligence, cryptographic and quantum solutions for the aerospace, defense, and intelligence industries. The financial terms of the arrangement were not disclosed.

* The companies seek to crack once-unsolvable challenges by combining IBM's commercial research with Raytheon's research, plus aerospace and defense expertise.

* In addition to artificial intelligence and quantum, the companies will jointly research and develop advanced cryptographic technologies focussed on problems faced by the aerospace industry and government agencies.

* The companies build a technical collaboration team to quickly insert IBM's commercial technologies into active aerospace, defense, and intelligence programs. They also intend to identify technologies for jointly developing long-term system solutions by investing research dollars and talent.

* Price Action: IBM shares are trading lower by 0.36% at $142.71, while RTX is down by 0.24% at $90.39 on the last check Monday.