National Instruments, a leading provider of platform-based test systems that enable engineers and scientists to solve the world's greatest engineering challenges, announced its acquisition of Micropross, a company based near Lille, France, a technology innovator and leading supplier of test systems for Near Field Communications (NFC), smart cards and wireless charging test systems. Micropross will continue to operate as a wholly owned NI subsidiary under the leadership of the existing management team.
As more and more consumer and IoT devices incorporate capabilities such as mobile payment and wireless charging, Micropross' technology and expertise in these areas will complement NI's broad test platform to offer customers solutions that will help speed their time to market and lower their cost of test. This technology will be leveraged in multiple NI growth initiatives including semiconductor test and wireless production test.
"NI continues to invest in RF and wireless test as a strategic area of growth. Micropross' technology complements NI's platform and will further strengthen our capability in wireless test while providing opportunity for future growth in the design, prototyping, and testing of RF and communications systems," said Dr. James Truchard, NI president, CEO and co-founder. "We welcome the talented Micropross team and together will focus on increasing the value delivered to our common customers worldwide."
"Micropross is excited to join National Instruments. We are a leading supplier of test solutions for NFC and joining NI will enable us to continue to drive innovation in wireless test," said Philippe Bacle, Micropross general manager. "I have strong confidence in the NI brand and technology platform. Together we are better able to offer differentiated solutions and support to all our customers."
The acquisition valued Micropross at approximately €95 million (approximately $108 million USD), net of cash and debt assumed,90 percent of the purchase price was paid in cash and 10 percent was paid in shares of NI common stock. Ardian, the independent private investment company, was an investor in Micropross and using its expertise and international network helped Micropross become recognized as a world leader. This acquisition directly aligns to NI's growth strategy through further penetration into target growth markets. The leadership position and technology of Micropross will be leveraged to drive revenue growth through NI's differentiated brand, global sales channel and manufacturing scale. The transaction efficiently deploys overseas cash and is expected to be accretive to non-GAAP earnings in 2016.
Stifel acted as exclusive financial advisor and Latham & Watkins acted as exclusive legal advisor for Micropross, and McDermott Will & Emery acted as legal advisor for National Instruments.
For more information visit www.ni.com.