AUSTIN, Texas--(BUSINESS WIRE)--National Instruments (Nasdaq: NATI), a leading provider of platform-based test systems that enable engineers and scientists to solve the world’s greatest engineering challenges, today 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.
Cautionary Statement
This release contains “forward-looking statements,” including statements regarding further strengthening NI’s capability in wireless test and expanding addressable market; efficiently deploying overseas cash; expecting the transaction to be accretive to non-GAAP earnings in 2016; Micropross continuing to operate as a wholly owned NI subsidiary under the leadership of the existing management team; Micropross’ technology and expertise complementing NI’s platform to offer solutions to customers that will help speed their time to market and lower their cost of test; leveraging technology in NI growth initiatives including semiconductor test and wireless test; NI continuing to invest in RF and wireless test; providing opportunity for growth in the design, prototyping, and testing of RF and communications systems; focusing together to deliver value to our common customers; enabling Micropross to continue to drive innovation in wireless test; leveraging the leadership position and technology of Micropross to drive revenue growth through NI’s differentiated brand, global sales channel and manufacturing scale; further penetration into target growth markets; and together being better able to offer differentiated solutions and support to all our customers. These statements are subject to a number of risks and uncertainties, including our ability to successfully collaborate with Micropross and integrate the business and technologies of Micropross; changes in demand or market acceptance of Micropross products and technology, NI products and technology, or the products of our customers; changes or fluctuations in the global economy; delays in the release of new products; competitive developments; and NI’s ability to retain the key employees, customers and other relationships from its acquisition of Micropross. Actual results may differ materially from the expected results. NI directs readers to its Form 10-K for the fiscal year ended December 31, 2014, its Form 10-Q filed on July 31, 2015, and other documents it files with the SEC for other risks associated with NI’s future performance. Stockholders are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. We undertake no obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.
Conference Call Information and Presentation
To learn more about the details of the acquisition and integration strategy and to view our related presentation materials, interested parties can listen to the Q3 2015 earnings conference call with NI management today, Oct. 27, at 4:00 p.m. CT at ni.com/call. Replay information is available by calling (855) 859-2056, confirmation code #50410593, shortly after the call through Oct. 30.
About Micropross
Established in 1979, Micropross is a leading company in the supply of test and personalization solutions for the business of RFID, smart card, and Near Field Communication (NFC). Micropross is driven by a spirit of innovation and dedication to customer care. Micropross has proven expertise in the design of laboratory and manufacturing test tools which are considered as references in their domains. These tools allow users to fully characterize and test the electrical and protocol performance of products such as smart cards and smartphones in design, conformance, and production.
About NI
Since 1976, NI (www.ni.com) has made it possible for engineers and scientists to solve the world’s greatest engineering challenges with powerful platform-based systems that accelerate productivity and drive rapid innovation. Customers from a wide variety of industries – from healthcare to automotive and from consumer electronics to particle physics – use NI’s integrated hardware and software platform to improve the world we live in.
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