Anritsu Corporation, a Japanese industrial partner of SmartViser since March 2025, has increased its stake in the Rennes-based SME from 32.72% to 51%.
This highly structuring industrial partnership supports the growth trajectory of the French deeptech company. The transaction also aims to generate commercial and technological synergies between the two groups.
This equity investment illustrates the pivotal role of an industrial partner in accelerating growth phases, particularly for companies positioned in advanced technologies such as telecom testing.Insights and analysis by the experts at AURIS Finance, an M&A and financial advisory firm.
Insights and analysis by the experts at AURIS Finance, an M&A and financial advisory firm
Anritsu Corporation, led by Hirokazu Hamada, has acquired an additional 18.28% stake in SmartViser. This controlling stake consolidates a minority investment made one year earlier.
Following an initial entry that served as an observation phase, this second investment marks a decisive step toward full integration.
The transaction, approved by Anritsu’s board of directors at the end of March, will make SmartViser a consolidated subsidiary of the Japanese group by summer 2026, subject to regulatory approvals.
Until completion, both companies will continue to operate independently, each maintaining its own governance.
A French deeptech entering a new growth phase
Founded in 2014 in Rennes, in France, SmartViser develops automated testing software solutions for mobile operators, device manufacturers, regulators, and telecom testing laboratories.
Led by Gilles Ricordel, the company has established itself in a demanding market where measurement reliability is critical. Its scope includes real-world performance validation, quality of experience monitoring, and compliance of smartphones with European energy labeling regulations.
By aligning its development with Anritsu Corporation, the company gains access to a global client portfolio, enhanced commercial capabilities, and new investment resources, while benefiting from industrial synergies.
Strong technological complementarity
Anritsu Corporation is one of the global leaders in telecom test and measurement equipment. Through this acquisition, it brings on board a smaller but technologically proven player.
The two companies have already been working together for a year, significantly reducing integration risk.The announced development areas include non-terrestrial networks (NTN), critical communications, private enterprise networks, and connected mobility, segments experiencing strong growth and where the complementarity of both offerings creates tangible commercial opportunities.
Energy efficiency, driven by European regulations on device performance, also represents an additional growth driver. This industrial partnership is expected to further enhance both R&D and commercial synergies, particularly in next-generation telecom solutions.
Acceleration of French deeptech consolidation
The SmartViser transaction reflects a broader trend. French deeptech companies, often constrained by limited access to growth capital, are increasingly turning to large international groups for support.
Japanese, American, and German companies are emerging as key partners capable of financing their scale-up.
Several recent transactions illustrate this momentum. In 2022, Exotec, a specialist in warehouse robotics, raised $335 million from international investors to accelerate its industrial deployment at scale.
Our experts by your side
Securing growth financing remains a central challenge for technology SMEs.
Whether through fundraising with financial investors, partnering with an industrial player, or a full sale, each option shapes the company’s trajectory over the long term.
Each path requires careful preparation: debt structuring, valuation, shareholder agreements, and liquidity provisions.
AURIS Finance teams support executives in fundraising, industrial partnerships, disposals, and external growth transactions.
Our role: structure the process, identify the right partners, and defend shareholders’ interests at every stage.
