Tektronix measures up as a leader in the testing industry. The company, widely known as Tek, is one of the world's largest makers of test and measurement instruments, such as digital multimeters, logic analyzers, and signal generators. In particular, Tektronix is the world's largest maker of oscilloscopes (instruments used to check electrical and electronic equipment); it offers scopes in all shapes and sizes, from handheld units to large laboratory models. Tek does business worldwide, with regional headquarters located in China, Japan, Singapore, the US, and the UK. Danaher acquired Tektronix in 2007 for about $2.85 billion in cash.
Danaher made Tek part of its Electronic Test business, which includes Fluke and Fluke Networks. Danaher acquired Fluke, Tek's traditional instrument rival in the US, in 1998 and spun off Fluke Networks as a stand-alone entity in 2000. Danaher reorganized Tek into two units: Tektronix (the traditional test and measurement instruments business) and Tektronix Communications (network diagnostics and network management products).
In 2010 Danaher acquired Tek rival Keithley Instruments in a transaction valued at about $300 million. Danaher added Keithley to its Tektronix unit, as part of the Professional Instrumentation segment of its Test and Measurement platform. The acquisition strengthens Tek's business by adding a line of general purpose test instruments specifically for the scientific market.
While traditional instrument markets, such as logic analyzers and oscilloscopes, stagnated in growth, Tek found new life in network management and diagnostics products, due to increasing numbers of computer and communications networks throughout the world. Video/audio signal analyzers are also a hot market, as video spreads beyond broadcast and cable channels to the Internet, mobile devices, and other electronics. In 2011 it bought Optametra, a company that makes instruments for coherent lightwave signal analysis, used for fiber optic networks. The prior year Tektronix Communications purchased Arbor Networks, a provider of network security and network management software. The deal expands its network management offerings to include products for data centers and converged carrier networks, as well as adds additional telecom and enterprise customers to its client roster.
Tek also makes video test equipment, wireless field test equipment, and curve tracers. Its Maxtek Components subsidiary makes hybrid circuits for the automated test industry.
Following the Danaher acquisition, Tek continued to acquire other firms to augment its primary product lines in targeted markets. In 2011 it bought Veridae Systems, adding on-chip products used to debug and validate multi-device systems as well as a business unit in Vancouver. In 2010 it acquired Mixed Signals (video monitoring equipment) and SyntheSys Research (signal integrity test and measurement equipment). In 2009 Tektronix Communications bought Ireland's Aran Technologies Ltd. (customer experience management software for wireless communications service providers) and the test and measurement business of Sypris Solutions (on-site and mobile calibration, testing, and sourcing services).
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