M&A advisory for test & measurement companies
Test and measurement M&A has held up better than nearly any other industrial category. The buyer set - Keysight, Fortive, Spectris, Bruker, Ametek and the PE platforms built around them - is well capitalised, programmatic and consistent in what it pays for. Deal flow has concentrated on profitable businesses with strong service and consumables attach in semiconductor, electronics, life sciences and aerospace test.
The strategic buyer set is unusually concentrated: Keysight, Fortive, Spectris, Ametek and Bruker on the broad instrumentation side, with Teradyne and Advantest active in semiconductor test specifically. Each runs programmatic M&A with well-defined gap lists, and a layer of PE platforms has built around adjacent calibration and lab service assets. Flow has direct access to corporate development at all of the named strategics and to the sponsor platforms consolidating in the category.
Flow team has relevant sector experience and has worked with test and measurement companies across electronic and RF test, semiconductor metrology and inspection, materials and analytical instruments, environmental and emissions testing, and calibration and laboratory services.
"Test & measurement" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing test & measurement M&A targets
Instruments shipped
Installed base
Service attach rate
Calibration & service revenue
Consumables revenue
Software & data ARR
Aftermarket revenue mix
Gross margin by line
Bookings & backlog
Warranty & service reserve %
Test & measurement valuations in May 2026
Public test & measurement comps trade at 3.2x EV/Revenue. Median revenue multiple across test & measurement M&A deals was 2.8x in the last 12 months.
3.2x
Median EV/Revenue as of May 2026 for public test & measurement companies
16x
Keyence is the highest valued public test & measurement company based on EV/Revenue (excluding outliers)
2.8x
Median EV/Revenue across test & measurement M&A deals in the last 12 months
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Median EV/Revenue across test & measurement VC rounds in the last 12 months
Key recent test & measurement M&A deals
$5.2B acquisition of Spectris by Project Aurora Bidco was the largest test & measurement M&A transaction completed in the last year.
See all test & measurement M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Jul-25 | S | Spectris | - | Project Aurora Bidco | $5.2B | - | |
May-26 | I | Indicor (test and measurement unit) |  | Indicor Instrumentation develops and manufactures industrial and scientific instrumentation systems for testing, measurement, monitoring, and control. Products support automation, lab analysis, process control, and precision measurement in research, manufacturing, energy, transportation, and other sectors. Operations encompass consumables, maintenance, aftermarket support, and engineering tied to its equipment. | AMETEK | $5.0B | 4.5x |
Apr-26 | Megger |  | Megger is a manufacturer of electrical test and measurement equipment for power utilities, industrial facilities, and telecommunications networks. Headquartered in the United Kingdom with facilities in the United States and Europe, the company produces insulation resistance testers, cable fault locators, ground resistance testers, and protection relay test equipment. Established in 1903, Megger pioneered the first practical insulation tester and supplies tools to detect faults in transformers, motors, and overhead lines worldwide. | ESCO Technologies | $2.4B | 4.0x | |
Apr-26 | Waygate Technologies | | Waygate Technologies supplies non-destructive testing tools including radiography, ultrasound, and eddy current systems for industries like aerospace and automotive. Solutions cover remote visual inspection, computed tomography, and hardness testing with integrated software for data analysis. Customers use the equipment for defect detection and quality control. | Hexagon | $1.4B | 2.3x | |
Dec-25 | TESCAN |  | TESCAN is a Brno-headquartered supplier of scanning electron microscopes and focused ion beam systems for materials science and life sciences. It manufactures SEMs with resolutions down to 0.4 nm, including environmental and plasma models for semiconductors, geology, and biology. TESCAN develops correlative microscopy software and detectors. Founded in 1992, the Czech company serves research institutes in 90 countries with subsidiaries in the US, China, and Germany. | Shimadzu | $678M | 3.5x | |
Apr-26 | E | Eurofins (electrical & electronics units) | Eurofins (electrical & electronics units) offers testing, compliance checks, and certification for electrical and electronic products. Manufacturers validate safety, EMC, and performance standards before launch through these services. Part of Eurofins Scientific, the units operate labs in Europe, North America, and Asia. | UL Solutions | $666M | 3.3x | |
Jun-25 | S | Semilab International (materials analysis unit) |  | - | Onto Innovation | $545M | 4.2x |
Oct-25 | Spirent (high-speed ethernet testing unit) | | - | Viavi Solutions | $425M | 2.4x | |
Jun-25 | NMi |  | NMi is a Netherlands-headquartered metrology firm providing legal verification, calibration, and certification for measuring instruments in weighing, utilities, mobility, and oil & gas sectors. With labs in Nijmegen and international accreditations, it tests gas meters, taximeters, and flow computers for compliance with MID and NTEP standards. | Bridgepoint Group | $324M | - | |
Dec-25 | Averna |  | - | SPHEREA | $320M | - | |
May-25 | Geost | | Geost is a Vienna-based specialist in active and passive optical remote sensing technologies. Expertise covers electro-optical sensor design, system integration, calibration, and data processing for applications in Earth observation, defense, and environmental monitoring. Geost delivers turnkey projects from feasibility studies through prototype development to operational deployment for European Space Agency programs and commercial satellite operators. | Rocket Lab | $275M | - | |
Dec-25 | Kaelus |  | Kaelus is a Sydney-headquartered specialist in RF conditioning, antenna systems, and PIM test solutions for 5G networks, operating under Microdata Telecom since 2019. Formed in 2010 from mergers including Allgon and Powerwave legacies, it expanded in 2020 via Filtronic's base station antenna acquisition. The company delivers hybrid matrix filters, TMA, and PIM analyzers to mobile operators like Verizon and Vodafone globally. | Baylin Technologies | $42M | - | |
Apr-26 | Electro-Sensors | | Electro-Sensors Inc manufactures and sells industrial production monitoring and process control systems. It manufactures a complete line of monitoring and control systems for a wide range of industrial machine applications. The systems measure machine production and operation rates, as well as regulate the speed of related machines in production processes. Its products include motor drive control, position monitors, sensor targets, signal conditioners, speed sensors, speed switches, tachometers, temperature sensors, vibration monitors, etc. | steute Technologies | $28M | - | |
Mar-26 | Fingerprint Cards | | Fingerprint Cards AB is a Sweden-based company that is principally engaged in offering a broad range of biometric solutions. The company's products include fingerprint touch sensors, fingerprint swipe sensors, fingerprint area sensors, biometric modules, development kits, solutions, and others. The company targets the smartphone/tablet market and vertical markets where it can integrate its products; smartcards, the automotive industry, and the Internet of Things are prioritized markets. on. | Precise Biometrics | $15M | 0.9x | |
Apr-26 | SCM Metrologia Y Laboratorios |  | SCM Metrologia Y Laboratorios manufactures test and measurement instruments for meteorological departments. | Transcat | $13M | - |
Most active buyers of test & measurement companies
Bruker, AMETEK and Michelli Weighing & Measurement are the most active acquirers of test & measurement companies in the last three years.
See all test & measurement acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
Bruker | | Bruker Corp manufactures scientific instruments and diagnostic tests for customers in the life sciences, applied markets, pharmaceutical, and biotechnology industries. The company operates in segments, namely, Bruker Scientific Instruments (BSI) BioSpin, BSI CALID, BSI Nano, and Supercon Technologies (BEST). The company generates maximum revenue from the BSI CALID segment. Geographically, it derives the maximum of its revenue from United States. | TOFWERKNanophotonTornado Spectral Systems+2 | 5 | |
AMETEK | | Founded in 1930 and transformed over the decades through the acquisition of dozens of esteemed brands, Ametek owns more than 40 autonomous industrial businesses operating across research, aerospace, energy, medical, and manufacturing. Ametek segments its business into two operating groups: the electronic instruments group and the electromechanical group. The EIG sells a broad portfolio of analytical, test, and measurement instruments, while the EMG sells highly engineered components, interconnects, and specialty metals. The company emphasizes product differentiation and market leadership in the niche markets it operates in. | Indicor (test and measurement unit)FAROVirtek Vision International+2 | 5 | |
Michelli Weighing & Measurement | | Michelli Weighing & Measurement is a Portland, Oregon-headquartered firm offering sales, rentals, calibration, and repair of industrial scales, balances, and dimensioning systems for manufacturing, food processing, transportation, and aggregate industries across the United States. | Florida Industrial ScaleGreenville Scale Co.Scale South Inc+1 | 3 | |
Transcat | | Transcat Inc is involved in providing calibration and laboratory instrument services and the distribution of test, measurement, and control instrumentation. The product and services portfolio of the company consists of calibration instruments, dimensional measuring tools, Electrical test instruments, pressure measurement, and others. The firm has Service and Distribution operating segments. The company derives the majority of its revenues from the Service segment. The firm promotes and sells its products under brand names such as Extech, FLIR, Fluke, Keysight, Megger, and others. | SCM Metrologia Y LaboratoriosMartin CalibrationAxiom Test Equipment+1 | 3 | |
Aldinger Company | | Aldinger Company is a Maryland-headquartered provider of calibration, repair, and sales services for industrial test and measurement equipment. Services cover dimensional, electrical, mechanical, pressure, temperature, and torque standards, with A2LA accreditation for ISO 17025 compliance since 1992. The firm supports manufacturing, aerospace, and pharmaceutical sectors from its Frederick facility, offering on-site fieldwork, asset management software, and custom rental solutions across the Mid-Atlantic region. | Servo InnovationsOCS TechnologiesJJ Calibrations | 3 | |
NMi Group | | NMi Group is a pan-European assurance specialist in market access testing, cybersecurity certification, and Industrial IoT validation. Headquartered in the Netherlands, it serves gaming, utilities, and metrology sectors with services across 10 countries. The group conducts compliance assessments for smart meters, payment systems, and connected devices. | TechnoLabPHOENIX TESTLAB | 2 | |
Onto Innovation | | Onto Innovation Inc is engaged in the design, development, manufacture, and support of high-performance control metrology, defect inspection, lithography, and data analysis systems used by microelectronics device manufacturers. The Company and its subsidiaries currently operate in a single operating segment. The company mainly operates in the United States, Southeast Asia, China, Japan, and Europe, with Taiwan and South Korea the sources of total revenue. | Semilab International (materials analysis unit)Lumina InstrumentsInspectrology | 2 | |
UL Solutions | | UL Solutions is a global leader specializing in a broad range of product testing, inspection, and certification services. UL Solutions is the for-profit branch out of three organizations under the UL Enterprise. TIC operations make up nearly all of UL Solutions’ total revenue and are composed of two segments: industrial and consumer. UL Solutions’ remaining business includes software and advisory, which complements its core TIC offerings. The firm operates globally. | Eurofins (electrical & electronics units)CERETesTneT+1 | 2 | |
EnPro Industries | | EnPro Industries is a Charlotte-headquartered diversified manufacturer of engineered components including sealing products, metal-polymer bearings, and compressor parts. The company maintains production sites in North America, South America, Europe, and Asia, serving customers in more than 100 countries with brands like Garlock and Stemco. | AlpHa Measurement SolutionsAdvanced Micro InstrumentsOverlook Industries | 2 | |
SGS |  | Switzerland-listed SGS is the largest and one of the oldest companies in the testing, inspection, and certification industry. The company's primary activities involve testing products and materials, inspecting sites/industrial equipment, and certifying products and systems to ensure global/company standards. SGS is one of only three TIC companies operating globally across agriculture, food, life sciences, and transportation services. SGS was first listed in 1981 and employs almost 100,000 people worldwide. | Granite River LabsMP Machinery and TestingKeystone Bioanalytical+1 | 2 |
Founders and investors we've worked with
We've supported winning builders across test & measurement and beyond.
Element
We provided buy-side commercial due diligence to Element Materials Technology, a London-headquartered global TIC services provider, on a series of potential add-on acquisitions in the testing, inspection and certification space.
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Boryszew
We provided buy-side advice to Boryszew, a Warsaw-listed diversified industrial group across automotive, metals and chemicals, on industrial software market mapping and target screening for its buy-and-build strategy.
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MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
See moreRecent M&A advisory track record
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