Home Database Industry & ManufacturingNational Instruments Corporation

10/2023100%

National Instruments Corporation acquired by Emerson

UNITED STATES Industrial Equipment / Special Machinery / Instrumentation & Measurement EV $1–10bn

Context

In October 2023, Emerson completed the acquisition of National Instruments (NI), marking a significant strategic milestone in the industrial automation and test and measurement technologies sector. This acquisition aligns with Emerson's strategy to bolster its global position in industrial software and connected solutions. NI has been integrated as a new reporting segment, dubbed "Test & Measurement," within Emerson's Software and Control division, substantially expanding the company's exposure to the semiconductor, electronics, aerospace, and transportation markets while increasing its share of high-growth industrial software revenue. The transaction is expected to generate substantial operational synergies, estimated at approximately $165 million over five years, by leveraging best-in-class industry practices and integrating the technological platforms of both companies. This move is set to accelerate Emerson's organic growth, in line with its 4-7% cycle target, while enhancing margins and revenue diversification. With this acquisition, Emerson reinforces its goal of becoming a global leader in integrated automation, combining software, control, and advanced instrumentation to support industrial customers in their productivity, sustainability, and digitalization endeavors.

National Instruments Corporation, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of Above 20x, standing directly in line with the average observed in the Industry & Manufacturing sector (11.1x in 2023).

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Target

National Instruments (NI) is a global leader in software-connected automated test and measurement systems. Headquartered in Austin, Texas, the company designs comprehensive solutions that integrate hardware, software, and analysis platforms, enabling engineers to test, validate, and optimize complex electronic products and systems throughout their development lifecycle. NI's portfolio includes modular test platforms, data acquisition systems, controllers, measurement instruments, and development and automation software such as LabVIEW. These solutions allow for the simulation, testing, and analysis of systems in critical environments with high precision and flexibility. With a global customer base of over 35,000 clients, NI serves a wide range of technology-intensive industries, including semiconductors, aerospace, defense, automotive, telecommunications, and electronics. As a key provider of intelligent test solutions, NI combines advanced instrumentation and software to accelerate industrial innovation and improve the reliability of complex products.

Ent. Value

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

Above 20x

EV / EBIT

Above 20x

Historical Financials (USD)

Year

Rev

EBITDA

EBIT

2022

2021

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REFERENCES

Valuation range: EV $1–10bn

Revenue range: $1–10bn

EBITDA range: $250–500M

EV/Revenue range: 2x - 6x

EV/EBITDA range: Above 20x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of National Instruments Corporation by Emerson are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: national instruments corporation

Acquirer: emerson

FAQ

What transaction does this page cover?

This page covers Emerson’s acquisition of 100% of National Instruments Corporation, an American company specialised in Special Machinery, in 2023.

How was the acquisition of National Instruments Corporation by Emerson valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $1–10bn band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were National Instruments Corporation’s revenue and EBITDA at the time of the deal?

At the time of the transaction, National Instruments Corporation generated annual revenue estimated in the $1–10bn range and EBITDA in the $250–500M bracket (FY 2022). Detailed financial figures are available to members.

How does the valuation of National Instruments Corporation compare to benchmarks in the Industry & Manufacturing sector?

With an estimated multiple range of Above 20x, the transaction stands directly in line with historical averages for the Industry & Manufacturing sector (11.1x in 2023).

What sources support the information on this transaction?

Information on this transaction is supported by three corroborating sources: an official corporate announcement published by the parties, independent reporting from specialized financial publications, as well as a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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