National Instruments Corp. on Monday said that it has signed an agreement to acquire AWR Corp, an El Segundo developer of design software for radio and microwave equipment, in a deal valued at $58 million.

National Instruments, based in Austin, Texas, said that privately-held AWR would continue to operate in El Segundo as a wholly owned subsidiary under its existing management. The value of the deal includes $7 million in cash on AWR’s balance sheet, plus unspecified earn-outs payable over the next three years.

AWR’s software is used in the semiconductor, aerospace, test equipment and communications industries.

“There is clear synergy between the customers and product offerings of both companies,” said AWR Chief Executive Dane Collins in a statement. “NI has a leading platform in prototyping and testing of (radio frequency) systems which is complementary to AWR’s (radio frequency) circuit and system software design tools to the benefit of mutual customers.”

The transaction is expected to close within 45 days and is subject to Hart-Scott-Rodino anti-trust clearance. ThinkEquity LLC acted as exclusive financial advisor to NI, and Needham and Company LLC acted as an exclusive financial advisor to AWR.