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10/2025

SPIRENT COMMUNICATIONS acquired by KEYSIGHT TECHNOLOGIES

UNITED KINGDOM Industrial Equipment / Special Machinery / Instrumentation & Measurement EV 1b - 4b USD

Context

Keysight Technologies has completed its acquisition of Spirent Communications, a UK-based specialist in network testing and assurance solutions for cybersecurity and positioning technologies. This move is part of a broader market consolidation trend in the network testing and validation solutions space, driven by the increasing complexity of digital infrastructure and the growing need for advanced simulation tools. By integrating Spirent, Keysight strengthens its position in end-to-end testing solutions, covering the entire development cycle of communication technologies and connected systems. Beyond this portfolio expansion, Spirent also brings complementary technologies in telecom network emulation, cybersecurity testing, satellite positioning, and network performance simulation in complex environments. The group aims to enhance its network validation and emulation capabilities, particularly in next-generation architectures such as 5G, cloud, software-defined networks, and autonomous systems, while bolstering its critical system simulation capabilities prior to industrial deployment. In accordance with antitrust requirements, certain Spirent activities, including high-speed Ethernet, network security, and channel emulation, will be divested to a third party to ensure the transaction's completion in compliance with regulatory conditions.

SPIRENT COMMUNICATIONS, which reported an EBITDA margin of in 2024, is valued in this transaction at an EV/EBITDA multiple of , a level than the average currently observed in the Industry & Manufacturing sector (11.6x).

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Target

Spirent Communications is a UK-based provider of test, network assurance, and performance validation solutions for complex communication infrastructure and digital systems. The company develops hardware and software platforms that enable the simulation, testing, and validation of network environments prior to deployment. Its solutions cater to telecommunications networks, cybersecurity systems, and positioning and navigation technologies. Spirent supports use cases related to next-generation technologies, such as 5G, software-defined wide area networks (SD-WAN), cloud computing, and autonomous mobility systems. The company's tools replicate real-world or simulated network conditions to test the resilience, performance, and security of infrastructure. These solutions are utilized by telecom operators, equipment manufacturers, cloud service providers, and industrial enterprises developing connected systems. Additionally, Spirent has capabilities in satellite emulation and positioning technologies, which are used to test location-dependent systems in complex environments. Throughout the entire development cycle, from design to production, Spirent provides comprehensive support to its clients, ensuring the successful deployment of their networks.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2024
2023

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REFERENCES

Valuation range: EV 1b - 4b USD

Revenue range: 250M - 500M USD

EBITDA range: 50M - 100M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of SPIRENT COMMUNICATIONS by KEYSIGHT TECHNOLOGIES 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

Acquirer: keysight technologies