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Emerson to Advance Global Automation Leadership Through Acquisition of NI

Business Wire — Wed, 12 Apr 2023 13:55:33 +0000

Emerson announced that they have entered into a definitive agreement under which Emerson will acquire NI for $60 per share in cash at an equity value of $8.2 billion. Emerson already owns approximately 2.3 million shares of NI, representing approximately 2% of shares outstanding, which were acquired at a weighted average price of $36.84. As a result, Emerson’s effective per share purchase price is $59.61.

NI provides software-connected automated test and measurement systems that enable enterprises to bring products to market faster and at a lower cost. NI’s solutions help customers solve current and future test challenges and improve speed and efficiency in their product development cycles. NI had $1.66 billion in 2022 revenue and operates in more than 40 countries, serving approximately 35,000 customers across semiconductor and electronics, transportation, and aerospace and defense markets.

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“We are pleased to reach an agreement with NI, whose best-in-class test and measurement product and software offerings accelerate Emerson’s progress toward a cohesive, higher growth and higher margin automation portfolio,” said Lal Karsanbhai, President and Chief Executive Officer of Emerson. “With this expansion into test and measurement, Emerson will enhance its automation capabilities and gain a broader set of customers that relies on NI’s solutions at critical points along the product development cycle. These capabilities provide Emerson industry diversification into attractive and growing discrete markets like semiconductor and electronics, transportation and electric vehicles, and aerospace and defense that are poised to benefit from secular growth trends. NI’s business is well-aligned with our vision for automation and we look forward to working together to bring more comprehensive and innovative solutions to our customers, accelerate growth and position Emerson to deliver significant shareholder value.”

“Over the past several months, we’ve been evaluating strategic options for the future of our business with the intent to maximize its value,” said Eric Starkloff, NI’s Chief Executive Officer. “We ran a robust and comprehensive process, considered a range of potential options, and believe this represents the best outcome for all NI stakeholders. This transaction is a strong testament to the improvements and initiatives we’ve implemented in recent years that have transformed NI into a software focused company with higher growth, better profitability and lower cyclicality. We’re thrilled that Emerson recognizes the value we’ve created and we believe they will help us build on our momentum to further position NI as a leading provider of software-connected automated test and measurement systems.”

Compelling Strategic and Financial Rationale

Balanced and Diversified End Markets: With favorable long-term trends and an estimated priority total addressable market of $35 billion, the test and measurement market is fast-growing, highly complementary and one of the four priority adjacencies Emerson presented at its 2022 Investor Conference. The transaction is expected to drive value creation and advance Emerson’s position as a global automation leader by expanding and diversifying its customer base within highly attractive end markets. With a diversified end market mix including semiconductor and electronics, transportation, and aerospace and defense, NI is expected to be well positioned to capitalize on megatrends that offer attractive growth opportunities. In markets like semiconductor and electric vehicle manufacturing, NI expands Emerson’s reach into the design and validation phase of the lifecycle, providing early access to customers. Overall, NI will increase Emerson’s end market exposure in discrete markets to 18% of sales, which will be Emerson’s second largest industry segment.

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Complementary Software and Innovation Capabilities: NI’s technology stack of industry-leading intelligent devices, controls and software complements Emerson’s own technology stack and will accelerate Emerson’s efforts to create a higher value, cohesive industrial technology portfolio. NI’s flexible and modular system-level test solutions have an open and interoperable software platform, a key differentiator that enables customers to continually evolve and automate their test processes in increasingly complex and fast-changing end markets. With 20% of sales in software, NI also increases Emerson’s exposure to high-growth industrial software opportunities. Both Emerson and NI share innovation-focused engineering cultures. With Emerson’s proven track record of innovation and successful new product launches, the combined company will be able to accelerate and expand the development of innovative offerings for customers leveraging the complementary expertise of both organizations.
Delivers Substantial Synergies: Emerson has identified $165 million of cost synergy opportunities by the end of year 5 through application of best practices from the Emerson Management System. Emerson intends to drive productivity improvements and streamline duplicative costs across general and administrative, sales and marketing, and research and development functions, while leveraging Emerson’s scale in manufacturing and supply chain. Additional opportunities to enhance NI’s free cash flow generation will be pursued through proven operational excellence and productivity levers.
Strong Financial Profile and Attractive Returns for Shareholders: The transaction is expected to be immediately accretive to adjusted EPS and Emerson’s long-term financial targets outlined at Emerson’s 2022 Investor Conference. NI’s strong positions in attractive and growing markets are expected to deliver sustainable underlying growth aligned to Emerson’s 4-7% through-the-cycle underlying growth target. NI also brings significant recurring revenue and immediate gross margin accretion to the combined Emerson portfolio. The combination of strong growth, attractive gross margins and the synergy potential to expand operating margins all contribute to returns in line with Emerson’s communicated returns criteria.
Unites Aligned Company Cultures: NI’s innovation and problem-solving focused culture is highly complementary with Emerson’s purpose-driven culture focused on innovation. Employees will have expanded opportunities for career development and advancement within Emerson.

Transaction Terms & Approvals

The transaction has been approved by the Boards of Directors of both Emerson and NI. Under the terms of the agreement, NI shareholders will receive $60 per share in cash, which represents a 49% premium to NI’s closing share price as of January 12, 2023, the day prior to NI’s public announcement of a strategic review.

The transaction is expected to close in the first half of Emerson’s fiscal 2024, subject to the completion of customary closing conditions, including regulatory approvals and approval by NI shareholders. Emerson expects to finance the transaction using available cash and liquidity, including approximately $8 billion of post-tax proceeds from the majority sale of Climate Technologies to Blackstone announced in October 2022, which is expected to close in the second calendar quarter of 2023.

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Simply NUC Extends Product Line with Launch of Long Life NUC Powered by 12th Gen Intel Core Embedded Processors

Business Wire — Thu, 09 Mar 2023 19:24:48 +0000

Simply NUC,a leading mini computer solutions company, today announced a new Simply NUC branded mini PC product family called Chapel Rock. The ultracompact long life mini PC is built for several use cases, from embedded units like kiosks and vending machines, to edge devices like security systems and sensor arrays. Chapel Rock brings the same reliability and customizability as its predecessor, Chimney Rock, with upgrades like dual 2.5Gb Ethernet and the all-new 12th Gen Intel Architecture. Simply NUC is currently taking orders on Chapel Rock with units expected to ship by the end

“Since launching our long life NUC product line, our customers have successfully leveraged these mini PCs for an array of applications where longer development cycles are required for validation and certifications,” said Aaron Rowsell, Simply NUC CEO, “and we’re thrilled to extend our long life NUC offering with Chapel Rock.”

Two new Chapel Rock Long Life NUC SKUs are being added to the Simply NUC roadmap with pricing starting at $969 USD. The Simply NUC i5 Chapel Rock (LLN12CRv5) is based on the 12th Gen Intel Core i5-1245UE vPro embedded processor and the i7 Chapel Rock (LLN12CRv7) is based on the 12th Gen Intel Core i7-1265UE vPro embedded processor and is intended for usage where higher performance is most essential. More information on the Chapel Rock family can be

Enhanced specifically for Edge and IoT computing needs, Chapel Rock excels with optimized performance in a tiny 4″x4″ form factor. Further expand Chapel Rock’s abilities with up to 64GB of 3200-DDR4 RAM and up to 10TB of storage between a Gen 4 compatible NVMe socket and a secondary SATA socket.

The mini PC supports a plethora of I/O including up to four display outputs and provides expansion lid options such as additional HDMI, USB or even serial ports giving Chapel Rock endless potential in a small footprint. With vPro technology, Chapel Rock allows for pushing software updates from the office, to managing an entire deployment, to remote troubleshooting a unit at the airport, saving valuable time and manpower when managing a fleet of mini PCs. With a 7-year commitment to supply and numerous processor, storage, OS, and mounting options, Chapel Rock can be customized to meet a wide array of embedded, edge computing, and IoT needs.

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Deci Joins NVIDIA Metropolis to Accelerate Unparalleled AI Inference Performance

AIT News Desk — Fri, 05 Aug 2022 11:21:55 +0000

Deci enables AI developers to build, optimize and deploy best-in-class deep learning models, delivering high accuracy tailored for any dataset, inference hardware, speed and size requirements.

Deci, a deep learning company harnessing AI to build AI, announced it has joined NVIDIA Metropolis — a partner program, application framework, and set of developer tools that bring to market a new generation of applications and solutions to make the world’s most important spaces and operations safer and more efficient with advancements in AI vision.

Deci enables AI developers to build, optimize and deploy best-in-class deep learning models, delivering high accuracy tailored for any dataset, inference hardware, speed, and size requirements. Its platform enables unparalleled inference performance on the NVIDIA Jetson edge AI platform — which includes the Jetson Orin, AGX Xavier, Xavier NX and Nano modules — as well as server-based NVIDIA GPUs. With Deci, vendors can deploy complex models onto smaller edge devices, thus achieving real-time latency and maximizing hardware utilization.

NVIDIA Metropolis makes it easier and more cost effective for enterprises, governments, and integration partners to use world-class AI-enabled solutions to improve critical operational efficiency and safety problems. The NVIDIA Metropolis ecosystem contains a large and growing breadth of members who are investing in the most advanced AI techniques and most efficient deployment platforms, while using an enterprise-class approach to their solutions. Members have the opportunity to gain early access to NVIDIA platform updates to further enhance and accelerate their AI application development efforts. Further, the program offers the opportunity for members to collaborate with industry-leading experts and other AI-driven organizations.

“We are honored to be part of NVIDIA Metropolis and confident that our participation will enable us to reach more customers to support them in successfully deploying world-changing AI solutions,” said Yonatan Geifman, CEO and co-founder of Deci. “AI teams can rely on Deci’s platform to build and optimize top-notch models at the edge, a real game changer for enterprises seeking to innovate.”

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IntelePeer Launches Atmosphere Marketplace Offering Low-Code And No-Code Communication Apps – An Industry First

AIT News Desk — Thu, 18 Nov 2021 14:10:30 +0000

Marketplace simplifies the rapid deployment of communication solutions; eliminates the need for developers to build from scratch

IntelePeer, a leading provider of communications solutions, announces the launch of Atmosphere Marketplace which offers a suite of pre-built applications that enhance customer communications. Featuring the industry’s first No-Code/Turnkey apps, Marketplace modernizes the way business communicate with their customers without costly development cycles.

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“The past year has transformed the speed in which businesses operate,” says Chris Botting, Chief Product Officer and General Manager, IntelePeer. “During the pandemic, we conceived, created and deployed a Covid hotline that was scaled to statewide coverage within a matter of hours. It became apparent that there is a dire need for the industry to offer easy to implement solutions that can be quickly deployed without scarce development resources. Marketplace was created to scale readily accessible solutions that solve businesses’ most pressing communication challenges.”

Marketplace offers two levels:

No-Code/Turnkey: For new and current customers, turnkey apps enable businesses to immediately implement communications solutions such as intelligent Call Routing based on Natural Language Processing, to easy interactive voice response (IVR), SMS, and voice auto-response.

Low-Code/Advanced Snap-Ins: These customizable modules enable customers to tailor applications into their existing business workflows. These quick to deploy modules are ideal for high-value implementations such as Payment Processing and Cloud Queuing.

Additionally, IntelePeer also offers Managed Services. For those customers seeking to create a more robust, heavily tailored application with deep business process integrations, IntelePeer’s team of experts will work alongside a business to handle the app customization and deployment.

“Not all apps need to be built from scratch,” continues Botting. “With Marketplace, we’re revolutionizing the traditional heavily code dependent market and eliminating the need for having in-house developers. Our cost-effective applications enable businesses to implement solutions that will quickly deliver value to the company while providing best-in-class communication experiences for their customers.”

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Pantheon Announces $100 Million Series E Solely Funded by Vision Fund 2 at $1 Billion-Plus Valuation

AIT News Desk — Thu, 15 Jul 2021 10:07:34 +0000

Pantheon, the SaaS platform that empowers WebOps teams to create websites that excel in the digital economy, has announced Monday a $100 million Series E fundraising round at a valuation over $1 billion. The sole investor was SoftBank Vision Fund 2*. Pantheon has raised $200 million to date.

“CMOs are under growing pressure to drive revenue and growth, but their company websites — the lynchpin to their digital strategies — are often slow and difficult to keep up-to-date with the demands of modern business,” said Pantheon Co-Founder & CEO Zack Rosen. “We knew there had to be a better way to empower web teams with a platform they love. When web teams work seamlessly together, they can deliver incredible digital experiences that drive revenue growth.”

Pantheon’s software was built on this vision of finding a better way to unlock extraordinary performance for web teams. The traditional way of building websites is time-consuming and manual, involving drawn-out development cycles that can extend months or even years. Pantheon has changed the way modern websites are made. Now customers, which include well-known brands such as DocuSign, Patagonia, MGM, Clorox, MIT and the United Nations Foundation are able to rapidly test, innovate and launch new website experiences for their customers daily.

“Digital transformation has accelerated the movement to the cloud for essential business infrastructure. By automating workflows and do-it-yourself with its SaaS offering, we believe Pantheon’s leading platform is transforming how modern website experiences are created,” said Vikas Parekh, Partner at SoftBank Investment Advisers. “We are excited to partner with Zack and the Pantheon team to support their ambition of helping organizations embrace a new and better way of building websites that deliver results.”

Pantheon’s vision of empowering the people who design and build websites embraces the promise of the open web to instantly reach any customer across the globe. The company is passionate about enabling organizations of every size and across all industries to create websites that help them achieve their mission.

Pantheon currently powers website operations for more than 12,000 businesses, reaching more than one billion unique visitors per month. Pantheon will use the funding to accelerate software development, grow its customer success team, and amplify its go-to-market strategy.

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