These M&A deals highlight how T&M vendors have revisited their M&A strategies to stay resilient through volatile market conditions
Mergers and acquisitions (M&As) has perhaps been one of the most defining themes of the test and measurement (T&M) industry in the past two years. They are reflective of a broader consolidation trend reshaping the tech industry in the wake of tariff and AI — and are more than just cyclical adjustments.
They reflect structural shifts that helped companies stay buoyant through the economic turmoil that characterized this time. They also represent an industry that is resilient and evolving to meet the needs of the AI era.
In the last two years, companies were seen restructuring through either acquisition of new assets which helped diversify their portfolios and enter new markets, or offloading of unprofitable business units which helped cut losses. The goal was to overcome the revenue dip that came at the tail end of 5G, evade tariff shocks, and balance the macroeconomic uncertainty.
Here is a look back at some of the most consequential M&As of the past two years:
- In the midst of an aggressive investment streak, late last year Nvidia acquired $2 billion stake in long-time partner Synopsys. The deal included a strategic multiyear partnership under which the companies agreed to collaborate on design and engineering projects expected to take industrial markets by storm.
- Synopsys’ $35 billion acquisition of engineering simulation software company, Ansys, easily takes the cake among high-value mergers of recent times. Announced in January of 2024 and closed in July of 2025, the deal expanded the electronic design automation (EDA) vendor’s silicon design expertise to multi-physics system simulation, creating a unified platform and furthering its silicon-to-systems ambition.
- In another development, Synopsys agreed to sell its Optical Solutions Group business which builds design tools for optical engineers to Keysight inOctober 2025. Subject to regulatory approvals and completion of Synopsys’ acquisition of Ansys, the deal is expected to expand Keysight’s software simulation portfolio, boosting its capabilities to support high-performance system use cases.
- Keysight Technologies and Viavi Solutions’ two-way acquisition of UK-based Spirent Communications is one of the most publicized deals of the last year. The companies took ownership of Spirent Communications in Oct, 2025 over deals worth $1.46 billion and $435 million respectively. The acquisition closed after two long years, following a bidding war, several regulatory stops, and mandatory divestitures. The transaction helped both Keysight and Viavi acquire new assets that contributed to new revenues, while helping gain new market confidence and manage risks through portfolio expansion. Keysight won Spirent’s prized satellite emulation and lab-to-live portfolios, building a more comprehensive suite of design, emulation, and testing solutions. Viavi got the highly contested high-speed Ethernet, network security, and channel emulation testing businesses, which opened high-growth business opportunities for the company.
- Reports of a potential merger between European test, inspection, and certification giants SGS and Bureau Veritas (BV) emerged early in 2025, but the parties called it off after failing to arrive at an agreement. Regardless, through its LEAP I 28 strategy focused on “portfolio, performance and people,” BV has continued to make small bolt- on acquisitions — closing nine purchases year to date.
- Viavi made a deliberate push into the thriving defense automation and aerospace sector with the purchase of navigation system provider, Inertial Labs for $150 million in 2024. CEO, Oleg Khaykin called the acquisition a strategic effort to deepen presence in domestic and international aerospace and defense markets, and enter into autonomous air, land and sea systems in the military and industrial end markets. The move couldn’t have been more timely considering the massive financial opportunity that lies in the wake of billion dollar investments towards modernization of defense communications.
- Going a little further back, Emerson’s acquisition of National Instruments (NI) in 2023 remains one of the iconic deals of the year. Signed for the equity value of $8.2 billion, the deal strengthened Emerson’s position in the global market, while enhancing exposure to discrete markets, like nearshoring, sustainability, and decarbonization.
