1 Keysight Advances Software- Centric Solutions Strategy Completes Spirent, Optical Solutions Group, and PowerArtist Acquisitions October 2025
2 Advances Software-Centric Solutions Strategy, Broadens Solutions Portfolio, and Extends SAM Keysight Acquires Spirent, Optical Solutions Group, and PowerArtist 1 Per company estimates OSG: Optical Solutions Group PA: PowerArtist Strategic Rationale • Expands software solutions with advanced design, simulation, and assurance capabilities tailored for communications, aerospace and defense, automotive, and autonomous systems • Spirent extends emulation offerings for satellite and core network use cases, enabling hyperscalers, service providers, and enterprise customers • OSG and PA broaden Keysight’s design engineering software portfolio, and strengthen its position in system-level simulation and emulation, especially in high-performance and multi-physics workflows • Aligned with long-term secular growth drivers, including AI, 6G, space and satellite, and automotive Transaction Overview • ~$1.7B capital deployment meets Keysight’s strategic and financial M&A hurdles • Spirent (net of divestiture proceeds): ~$1.1B; Optical Solutions Group + PowerArtist: ~$0.6B • Settled with balance sheet cash • Post-transaction cash balance >$1.5B, gross leverage of <2X, and net leverage <1X • Expands served addressable market by ~$1.25B1 Attractive Financial Profile • Adds ~$375M of revenue with aggregate gross margin >75%1 • Expands overall software mix by ~300 bps1 • Immediately accretive to gross margin; expected to be operating margin accretive post-integration • Expected to be EPS accretive 12 months post-close1
3 Software-centric solution portfolio, increases ARR SAM expansion ($1B+) with complementary capabilities in adjacent markets – live network assurance, positioning technologies, strengthens 6G Common customer base with upsell and cross-sell opportunities Enhanced operating leverage through top line and cost synergies Electrical, RF, & Optical Test Mobile Device Design & Emulation Keysight Spirent Wi-Fi Emulation Core Network Assurance & Automation In cr ea si ng s of tw ar e co nt en t Expands Capabilities, Addressable Market, and Complete Solutions Application Physical Protocol + + Wireline / AI Network Emulation, Visibility, & Security Positioning Design & Emulation Note: Figure above is for illustrative purposes only RAN: Radio access network Positioning Design & Emulation Aerospace Defense, Satellite, Automotive Hyperscalers, Service Providers, Enterprises Mobile Networks Mobile, Chipsets, Devices VALUE DRIVERS RAN Emulation Keysight + Spirent
4 Keysight Portfolio Expansion from Spirent Acquisition • Leading positioning, navigation emulation, and validation solutions • Spans lab-grade simulation, real- world record/playback, and expert services for defense, space, automotive, handset/chipset • Strengthens 6G strategy with resilient positioning and non- terrestrial network validation • Complementary wireless capabilities, including Wi-Fi • Enables design and emulation of chipsets and devices in R&D • Enhanced interoperability and standards compliance solutions for location and wireless technologies • Automated assurance of core and transport networks for service providers, enterprises, and hyperscalers • Device, live network, and user experience benchmarking for video, data, voice, and gaming applications WirelessNetwork Assurance Automation Versatile software portfolio to automate design and deployment workflows across service providers, enterprises, and hyperscalers Positioning
5 Synopsys OSG: Optical Design and Simulation Ansys PowerArtist: Design for Power Advances Keysight’s System-Level Simulation Capabilities with Complementary Optical and Power Solutions OSG + PowerArtist: Expanding our Design Engineering Software Portfolio DESIGN ENGINEERING EDA INDUSTRY-LEADING SOLUTIONS PORTFOLIO VIRTUAL PROTOTYPING PHYSICAL SYSTEMS PROTOTYPE DESIGN & SIMULATION SOFTWARE EMULATION & TEST SOLUTIONS Positions Keysight to lead in next-generation system simulation, optical modeling, and power-aware design OSG: Optical Solutions Group SoC: System-on-chip Synopsys OPTICAL Ansys POWERARTIST • Accelerates energy-efficient chip design with early-stage power analysis, profiling, and optimization • Automates power reduction, enabling predictable improvements and faster time-to-market for AI, mobile, and networking SoCs • Adds a comprehensive software portfolio for optical systems design, analysis, simulation, and virtual prototyping • Deep domain expertise in photonics, optics, and multi-physics simulation complements Keysight’s leading capabilities in photonics design and physical layer solutions
