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  Date: 25th May 2011

National Instruments acquires Phase Matrix and AWR

National Instruments has announced its acquisition of Phase Matrix, Inc. (PMI). NI says this acquisition brings key RF talent, technologies and manufacturing capabilities to NI and will significantly increase the capability of NI products in high-frequency RF and microwave applications, extending the frequency range of NI products to 26.5 GHz and beyond. Phase Matrix will continue to operate under the name "Phase Matrix, Inc." as a wholly owned NI subsidiary and will continue to design and manufacture RF and microwave test and measurement instruments, subsystems and components. Phase Matrix founders, Pete Pragastis and Charanbir Mahal, will remain with the company as the general manager and chief technology officer, respectively.

"NI has been the leading supplier of PXI modular instrumentation for over a decade, and our significant investments in the development of our PXI RF platform have helped our customers build faster and more efficient RF test systems," said Dr. James Truchard, president, CEO and cofounder of National Instruments. "Phase Matrix will help NI significantly accelerate the deployment of high-performance RF and wireless technologies for both R&D and production test applications."

"Phase Matrix is excited to become part of the National Instruments family," said Pete Pragastis, general manager of Phase Matrix. "We believe our expertise in modular instrumentation, fast-switching synthesizers and high-frequency microwave components will complement the NI platform, and Phase Matrix looks forward to collaborating on products that will extend the current NI product offering into higher-frequency applications."

The purchase price was approximately $38 million, and the other transaction terms are not being disclosed.

National Instruments has also announced that it has signed a definitive merger agreement under which NI will acquire AWR Corporation (AWR). AWR offers electronic design automation (EDA) software for designing RF and high-frequency components and systems for the semiconductor, aerospace and defense, communications and test equipment industries. Upon the closing of the transaction, AWR will continue to operate as a wholly owned NI subsidiary under the leadership of the existing management team.

NI says by increasing the effectiveness of the integration between AWR design tools and NI software and hardware, NI and AWR together can significantly improve customer productivity through increased connectivity between design, validation and production test functions.

"AWR has an exceptional team with strong RF talent and technologies that expand the NI platform into RF design, which is complementary to our capability to make measurements across the RF design flow," said Dr. James Truchard, president, CEO and cofounder of National Instruments. "We believe this combination will accelerate the deployment of RF and wireless technologies and offers a significant benefit to the customers of both companies."

"There is clear synergy between the customers and product offerings of both companies," said Dane Collins, CEO of AWR. "NI has a leading platform in prototyping and testing of RF systems which is complementary to AWR's RF circuit and system software design tools to the benefit of mutual customers. Together, we are better able to support and service our growing global installed base."

The aggregate purchase price to be paid at closing is approximately $58 million, which includes $7 million in cash on the AWR balance sheet. In addition, the merger agreement contains an earn-out provision, which is payable over three years. The transaction is expected to close within 30-45 days and is subject to customary closing conditions including Hart-Scott-Rodino regulatory clearance.


 
          
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