NEWS RELEASE May 23, 2011 National Instruments today
announced its acquisition of Phase Matrix, Inc. (PMI). The
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.
As NI works to drive growth of its PXI RF products, Phase Matrix will
contribute critical experienced RF talent, technologies and
manufacturing capabilities. NI and Phase Matrix have worked
together for a number of years and, for some time, NI has been
interested in adding Phase Matrix capabilities to the NI portfolio.
Phase Matrix will also continue to sell directly to customers and
OEMs, who should continue to contact Phase Matrix, or its
distributors, for sales, support and service needs for all current
product offerings.
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.
Conference Call Information
Interested parties can listen to the conference call today, May 23,
beginning at noon CDT, at www.ni.com/call. Replay information is
available by calling (888) 203-1112, confirmation code #1927872,
shortly after the call through May 28, at 3:00 p.m. CDT.
Cautionary Statement
The statements in this release relating to the expected benefits of
the acquisition, post-acquisition plans for the Phase Matrix
business, significantly increasing the capabilities of NI and
significantly accelerating the deployment of RF and wireless
technologies are forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These statements involve risks and uncertainties that
could cause actual results to differ materially, including, but not
limited to our ability to successfully collaborate with Phase
Matrix and integrate the business of Phase Matrix, changes in
demand or market acceptance of Phase Matrix products and
technology, changes in demand or market acceptance of our products
and the products of our customers, competitive developments and our
ability to retain Phase Matrix employees. For a detailed discussion
of these and other risk factors, please refer to the filings of NI
on Forms 10-K and 10-Q. 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.
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