Business Strategy and Outlook
| William Kerwin |We think National Instruments is a differentiated player in the test and measurement ecosystem that uses a software-led approach to save customers time, cost, and effort in bringing new products to market. In our view, NI has carved out a market niche as a lower-cost, higher-automation alternative to incumbent test equipment vendors and uses a flexible approach to serve myriad end markets and a long tail of customers. We think the firm’s newfound focus on strategic verticals like semiconductors, transportation, and aerospace and defense will lead to solid growth and allow significant operating leverage.