What has testing M&A activity centered on since 2023?
The test and measurement space has seen bursts of testing M&A activity over the past several years. The acquisitions or divestments signal where companies see demand, as well as where their portfolios could edge out into new, tangential growth areas. In a previous cycle, for example, testing M&A focused on expanding companies’ capabilities related to network security testing.
So what transactions have shaped the T&M space over the past two years? Here are some of the most notable M&A activities in the testing market since 2023.
–Synopsys announced a deal to acquire competitor Ansys in early 2024 for about $35 billion to create a company with deep expertise across electronic design for semiconductors combined with system simulation and analysis. That deal is expected to close in the June 2025 timeframe, pending final regulatory approvals.
-In terms of pure testing, inspection and certification (TIC), perhaps the highest-profile recent testing M&A movement was the possible combination of TIC giants SGS and Bureau Veritas, valued at an estimated $30 billion. Those discussions were first reported in early January 2025, but the merger talks eventually fell apart.
However, even with that particular transaction off the table, it isn’t necessarily the end of related M&A. Because when Bureau Veritas reported its Q1 2025 results, the company said that it was still looking for other acquisitions and would “focus on small bolt-on acquisitions and will very selectively consider medium-sized bolt-on deals with revenue in the range of EUR 100 million to EUR 500 million.”
–Keysight Technologies outbid Viavi Solutions in 2024 for ownership of Spirent Communications at a price of about $1.5 billion. That deal had been expected to close by April 2025, but has now been pushed out to July 2025 as it continues to work through regulatory approvals.
But Viavi isn’t coming away empty-handed. Keysight was required to divest Spirent’s high-speed Ethernet and network security business as part of the regulatory approval process, and Viavi is buying those assets for $425 million once Keysight officially takes ownership of Spirent.
–Viavi Solutions also recently acquired positioning, navigation and timing (PNT) company Inertial Labs for $150 million, which was a complementary acquisition to Viavi’s existing portfolio in the PNT space and expanded its autonomous system capabilities.
-Testing and tech conglomerate Teradyne expects to close on its purchase of privately held photonic integrated circuit (IC) testing company Quantifi by the end of Q2 2025. Teradyne expects the acquisition to position it for growth in high-volume manufacturing of silicon photonics, in support of advanced optical interconnects for high-performance cloud and AI networking.
–Rohde & Schwarz, which operates in the broadcasting business as well as in cellular technology testing, transferred its dedicated DOCSIS test solutions portfolio to longtime partner Calian in mid-2024. Financial details of the transaction were not disclosed.
–Keysight Technologies acquired ESI Group, known for its advanced simulation software for automotive and aerospace, for 913 million euros (about $1 billion). That transaction was finalized in early 2024.
-Looking further back, the biggest telecom-related testing M&A transaction during 2023 was Emerson’s acquisition of National Instruments (NI) in a transaction that valued the test stalwart at $8.2 billion. The buy bolstered Emerson’s position in the test markets for semiconductors and electronics, transportation and aerospace/defense as well as digital transformation, software, control and industrial markets.
-Global interconnect, sensor and antenna company Amphenol picked up test and antenna specialist PCTel for about $140 million in late 2023.
-Privately held international test house Dekra acquired Taiwan-based Onward Security in 2023, as part of its goal to expand its portfolio in cybersecurity product testing and certification. Onward Security focused on cybersecurity compliance solutions for companies in IoT and industrial IoT device manufacturing, as well as automotive, industrial and medical industries, among others.
–Global conglomerate Fortive acquired EA Elektro-Automatik, a German specialist in energy-related electronic test equipment, in 2023 for $1.45 billion.
On a related note, Fortive also announced plans in 2024 to split into two public companies. One of them, to be known as Ralliant, will include Fortive’s assets in test and measurement, specialty sensors and aerospace and defense subsystems. (Fortive itself was formed when test and comms assets were spun off from Danaher in 2016.) The company is targeting the end of the second quarter 2025 for the split—meaning, there will be a new T&M player in the market soon.
Fortive’s telecom test brands include Tektronix and Fluke.
What do these transactions tell us about areas of focus for testing M&A? Test and measurement companies are seeking to build more comprehensive portfolios in addition to their traditional telecom and tech positions, extending their capabilities in semiconductor testing, automotive and support for industrial markets in particular.
