Auckland, New Zealand, 11 March, 2025 — Punakaiki Fund Limited (PFL) is delighted to announce the impending acquisition of Quantifi Photonics by Teradyne Inc (Nasdaq: TER), marking PFL’s fourth and largest major exit in four years. With an economic interest of 13%, Punakaiki Fund is the largest local investor in Quantifi Photonics, second overall behind US-based Intel Capital.
The acquisition is significant for New Zealand’s technology ecosystem. Lance Wiggs of Punakaiki Fund, and former Quantifi Photonics director, says:
“We are absolutely delighted with this result, which rewards the efforts of co-founders Andy Stevens and current CEO Iannick Monfils, and many others. It’s a great result for Punakaiki Fund, as the largest local shareholder, and a fantastic result for New Zealand’s technology investors, with over half of the shares owned by New Zealand based funds”
Read the official Teradyne announcement
Impact on Punakaiki Fund
With rising Net Asset Value per share, recycling of capital into new investments and now capital distributions, PFL is delivering on its unique evergreen model.
Strong Returns for PFL
While the transaction price remains confidential, PFL anticipates strong returns from our original investment of over $7.5 million. The majority of these gains have already been reflected in PFL’s recent Net Asset Value reporting, with an updated result to be shown on the March 2025 NAV report, along with impacts from other company revaluations.
Enabling a Major Capital Distribution
The exit will allow PFL to execute a distribution of capital to its more than 1,000 shareholders under the fund’s new Capital Allocation Policy. The Board is considering approaches for the distribution, which is targeted for mid-year, after completion.
Recycling Capital
PFL will also recycle proceeds into new investments. With PFL’s investments in Quantifi Photonics enabled by the exits of Linewize, then Vend and Timely, this will effectively recycle already recycled capital. PFL is increasingly effective at deploying capital to drive returns.
Impact for New Zealand
- Seven New Zealand based technology funds will collectively receive over half the economic value from the sale.
- The other local funds include UniServices, K1W1, NZGCP’s Aspire Fund, Nuance VC, Pacific Channel and Simplicity’s Private Equity. Many of those funds invested across multiple and later rounds.
- The sale will also provide significant returns for NZ taxpayers, with Auckland University’s Uniservices, and NZGCP’s Aspire Fund government owned, and two other funds supported by NZGCP’s Elevate fund.
Next Steps
The acquisition is subject to normal closing conditions, including New Zealand OIO approval, and is expected to close in the June 2025 quarter. Punakaiki Fund will communicate directly with shareholders on the planning process for distribution.
About Punakaiki Fund
Punakaiki Fund Limited is New Zealand’s evergreen venture capital fund that invests in high-growth, founder-led New Zealand companies. Since its inception in 2014 PFL has built a diversified portfolio, received exit and dividend returns from 10 companies, and supported the country’s rising innovators.
For more information, visit punakaikifund.co.nz.
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Contact:
Lance Wiggs
+64 21 526 239
lance@2040ventures.com
Lance was a director of Quantifi Photonics from 2017 until September 2024.
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Tom Culley,
Marketing & Investor Relations Director
2040 Ventures
+64 21 656 387
tom@2040ventures.com
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Teradyne Press Release
Teradyne To Acquire Quantifi Photonics
Teradyne to acquire Quantifi Photonics to deliver photonic IC testing to the high-performance Compute market
NORTH READING, Mass., March 10, 2025 – Teradyne, Inc. (Nasdaq: TER) today announced it has entered into a definitive agreement to acquire privately held Quantifi Photonics, a leader in photonic IC testing. The acquisition is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory approval.
This acquisition will enable Teradyne to deliver scalable photonic integrated circuit (PIC) test solutions. PIC technology is leveraging wafer-based manufacturing, multi-die integration, and advanced packaging with high-speed I/O interfaces to enable the rapidly evolving high-performance Compute market to support AI workloads.
“The extraordinary growth and complexity driven by Cloud AI will require optical interconnect solutions to support the bandwidth and reduce the power required for next-generation networks,” said Teradyne CEO, Greg Smith.
“We are thrilled to welcome the Quantifi Photonics team to Teradyne to accelerate the development of cost-effective, high-throughput test solutions for wafer-level, die/multi-die and co-packaged optical module testing.”
“By combining Quantifi Photonics’ deep expertise in photonic testing and Teradyne’s leadership in semiconductor ATE, we are uniquely positioned to revolutionize photonics high-volume manufacturing,” said Quantifi Photonics co-founder and CEO Iannick Monfils. “The silicon photonics market is at an inflection point that requires innovative, state-of-the-art solutions to unlock its full potential. By combining our strengths, Teradyne and Quantifi Photonics will provide customers with complete turn-key photonic test solutions that allow them the scale. Quantifi Photonics is excited to join the Teradyne family.”
About Quantifi Photonics
Quantifi Photonics provides test solutions to help customers unlock scalable and cost-effective high-volume manufacturing of photonic integrated circuits (PICs), co-packaged optics and pluggable optics. The company’s portfolio includes a wide range of photonic test instruments, and digital sampling oscilloscopes, available as benchtop or the industry-standard PXI format to support cost-effective, high-throughput design verification testing and high-volume manufacturing. Learn more at quantifiphotonics.com.
About Teradyne
Teradyne (NASDAQ:TER) designs, develops, and manufactures automated test equipment and advanced robotics systems. Its test solutions for semiconductors and electronics products enable Teradyne’s customers to consistently deliver on their quality standards. Its advanced robotics business includes collaborative robots and mobile robots that support manufacturing and warehouse operations for companies of all sizes. For more information, visit teradyne.com. Teradyne® is a registered trademark of Teradyne, Inc., in the U.S. and other countries.
Contact
Traci Tsuchiguchi
Investor Relations
investor.relations@teradyne.com
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