National Instruments Corporation (NI) has entered into a definitive agreement to acquire the Israel-based OptimalPlus, NI announced Tuesday, the latest large international acquisition of an Israeli hi-tech company.
NI, the provider of a software-defined platform that accelerates the development and performance of automated test and automated measurement systems, is acquiring OptimalPlus, a global leader in data analytics software for the semiconductor, automotive and electronics industries.
“The acquisition will expand NI’s enterprise software capabilities to provide customers with business-critical insights through advanced product analytics across their product development flow and supply chain,” the company stated.
“The addition of OptimalPlus’ data analytics capabilities will enable us to accelerate our growth strategy by increasing enterprise-level value for shared customers in the semiconductor and automotive industries,” said Eric Starkloff, NI President and CEO.
“During this age of digital transformation, we remain committed to delivering innovative software and systems that leverage a robust data platform to address our customers’ business challenges. I welcome the employees of OptimalPlus and look forward to collectively accelerating our long-term growth ambitions,” he added.
“OptimalPlus is excited to join the NI team. We are confident NI is the ideal partner to accelerate our innovation and increase sales opportunities through advanced product analytics,” said Dan Glotter, OptimalPlus Founder and CEO.
“It is evident we share the unique commitment to high-quality software tools and need for world-class customer experience. The acquisition by a technology leader like NI is testament to the leading-edge innovation delivered by our R&D, Product and Data Science teams in Israel and to the great dedication and commitment of our employees across the world. Together with NI, we will provide enterprise-level analytics to enable customers to achieve their digital transformation objectives while expanding our customer reach,” he said.
The acquisition is subject to customary closing conditions, including regulatory approval. The transaction is valued at $365 million and expected to close in early Q3 2020.
OptimalPlus had 2019 revenue of $51 million and employs approximately 240 employees. Due to the highly complementary nature of the companies, there will be minimal cost synergies from this transaction. NI plans to fund the transaction through a combination of cash on hand and debt.