NI beefs up its electric vehicle, battery capabilities with two acquisitions
NI, known to engineers for its testing and measurement hardware and software, is ramping up its electric vehicles and batteries efforts via two acquisitions.
The company said it acquired NH Research, which provides high power test and measurement applications, and outlined plans to buy the EV Systems business of Heinzinger GmbH.
For NI, the two acquisitions will bolster its portfolio of products to test electric vehicles and batteries. NI can also use the acquisitions to scale in the automotive industry, which is going electric quickly as giants like VW, Ford and GM chase Tesla.
NI said that the two acquisitions complement its current businesses so won't result in cost savings. NI already tests and validates electric vehicle battery modules and packs and outlined the growth potential for the transportation industry at its recent investor conference.
The deals, paid for with a revolving credit facility and cash, will represent 3% to 4% of NI's 2022 revenue and boost earnings. NI will add about 150 employees via the purchases.
Terms of the acquisitions weren't disclosed.
NI CEO Eric Starkloff said the acquisitions will accelerate the company's growth and highlight its "continued commitment to delivering systems to our customers who are facing a once in a career technology inflection in electrification. "