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 automated test equipment vendors and uses a flexible approach to serve myriad end markets and a long tail of customers. We think the firm has rested on its laurels the past several years but are optimistic that a new CEO and a revamped go-to-market approach will spur an inflection in growth and expand margins over the next five years.