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Technoprobe: The Garage-to-Global Story of Italy's Semiconductor Testing Champion
Introduction: A Critical Link in the Chip Supply Chain
In the sprawling landscape of the semiconductor industry, a quiet giant sits in the Lombardy region of northern Italy—far from Silicon Valley, far from Taiwan, far from the typical geography of chip-making supremacy. Technoprobe is the second largest manufacturer of probe cards in the world in terms of volume and turnover. This is not hyperbole or marketing speak. This is an Italian family business, started in a garage, that now supplies testing equipment to virtually every major semiconductor company on Earth.
How does one even begin to explain this improbability? American and Japanese companies have dominated semiconductor test equipment for decades. Yet here is Technoprobe, a company whose founder didn't even start it until he was sixty years old, commanding a market position that puts it alongside—and often ahead of—firms with far longer histories and far deeper pockets.
A leading company in the field of semiconductors and microelectronics, Technoprobe develops testing solutions for chips, for the world of today and tomorrow. The company's products may never appear in marketing materials for the iPhone you carry or the NVIDIA GPU powering your AI applications, but they are essential to ensuring those chips actually work. Probe cards serve as the critical interface between electronic test systems and the silicon wafers upon which integrated circuits are built—the last line of quality defense before billions of transistors get packaged and shipped worldwide.
Today, Technoprobe operates across 3 continents and 10 countries, with 23 legal entities worldwide. It has become a continuously expanding technology hub of research and innovation with about 3,300 employees (approximately 1,700 of whom are based in Italy), 4 research centers, and more than 600 certified patents.
This is the story of how an Italian retiree's obsession with perfection became a €5+ billion strategic partner to the world's largest semiconductor companies—and what the AI boom means for its future.
The Crippa Family & Founding Story (1989–1996): From STMicroelectronics to the Family Garage
The Unlikely Entrepreneur
Picture Robbiate, a small town in the province of Lecco in Lombardy, Italy, in the early 1990s. Giuseppe Crippa was born in Robbiate on May 5, 1935. After a brief work experience at Breda, he joined SGS-ATES in 1960, the company that would later become STMicroelectronics. He worked there successfully for over 30 years until his retirement in 1995, holding important global roles in production, processes, and quality management.
Thirty years at one of Europe's premier semiconductor companies would be a career for most people. Giuseppe Crippa saw it as preparation. Throughout his career, Giuseppe Crippa harbored a strong desire to start his own business and unleash his technical and entrepreneurial creativity. It was only his deep love for his work that kept him from doing so sooner, delaying the start of his own venture until the final years before his retirement.
After a brief period at Breda, a major Italian industrial group, in the early 1960s, he joined SGS-Ates, the semiconductor company that would eventually evolve into today's STMicroelectronics. Crippa quickly distinguished himself as a creative engineer, focusing on the emerging fields of semiconductor testing, packaging, and wafer processing—technologies critical for developing reliable electronic components. During his thirty-year tenure at SGS-Ates—which merged in 1987 with France's Thomson Semiconducteurs to become SGS-Thomson, later STMicroelectronics—Crippa held various technical and managerial roles.
This wasn't a case of someone with a little industry experience trying to start a company. Giuseppe Crippa knew semiconductor testing inside and out. He had lived through the transition from discrete transistors to integrated circuits. He understood the pain points, the technical limitations, and—crucially—where the existing suppliers fell short.
The Garage Origin
It was only his love for his work that held him back and led him to postpone starting his own business until the last years before his retirement. In 1989, with the help of his son Cristiano Crippa, he set up a small business producing probes for the probe card market.
At the time, this seemed like a modest undertaking. In 1989, probe cards used to test chips were technologically immature and only produced in the United States. The entire industry was effectively American-owned. To European semiconductor manufacturers like STMicroelectronics, this created delays, cost pressures, and a frustrating lack of customization options. Giuseppe Crippa spotted an opportunity.
Two years before his official retirement, in 1993, Crippa chose not to step away quietly. Instead, together with his son Cristiano and his wife Mariarosa, he started what would become Technoprobe—humbly beginning probe card production in their garage and attic, reminiscent of the early days of Silicon Valley startups.
After a few years the business intensified and in 1993 the first structure of the company began to take shape in the Crippa family home in Merate (LC), between the garage and attic. At this time, the nucleus of the company was formed by Giuseppe and Cristiano, with the administrative help of Giuseppe's wife, Mariarosa Lavelli, and two initial employees. Thus "Technoprobe", a sole proprietorship, was born.
The imagery is striking: a sixty-year-old engineer, still employed at a multinational, spending evenings and weekends in his garage building precision test equipment. This wasn't a young entrepreneur's moonshot—it was a veteran's calculated bet.
Why Probe Cards Mattered
A probe card is a medium between an electronic test system and a semiconductor wafer used to check the quality of integrated circuits or large-scale integration during semi-conductors manufacturing. Probe card performs a function to serve an electrical path between the test system and the circuits on the wafer, wherein the circuits can be tested and validated.
To understand why this matters, consider the economics of semiconductor manufacturing. A single 300mm silicon wafer can contain thousands of individual chips. Each chip represents significant manufacturing cost. If defective chips make it through to packaging and final assembly—only to fail at the customer site—the economic waste multiplies exponentially. Probe cards enable testing before all that downstream investment occurs.
Until then, these interfaces were produced almost exclusively in the United States, through long and complex processes, because they were custom-made. Crippa succeeded in developing a method that allows probe cards to be produced very quickly and without large facilities, thus speeding up the chip prototyping process for the consumer electronics market.
This was Giuseppe Crippa's key insight: American probe card manufacturers were treating their products as one-off custom jobs. Each new chip design required extensive back-and-forth. What if you could standardize the process, reduce turnaround times, and still deliver the precision the industry demanded?
Formal Incorporation and the First Building
In 1995, Giuseppe Crippa retired and was able to devote himself full-time to the technological aspects of the company, while Cristiano made a positive contribution to the commercial development. This was the year that "Technoprobe S.r.l." was formerly established. It was no longer possible to continue working in the family home, so in 1996 Technoprobe purchased its first building in Cernusco Lombardone (LC) and moved in with about 10 employees.
The transition from garage to building marked Technoprobe's first real scaling challenge. But this wasn't a company built on venture capital and growth-at-all-costs mentality. The Crippa family funded expansion from profits, maintained ownership, and grew deliberately.
From that moment on, Giuseppe became the soul of the company. Driven by his visionary mind and technological passion, he aimed to create a high-tech enterprise in Italy. His obsessive pursuit of perfection and his determination to correct every defect to fully satisfy customer needs left an indelible mark on Technoprobe's spirit and strategy.
This culture—relentless attention to quality, near-obsessive customer focus—would prove essential as Technoprobe began competing against established players with far greater resources.
Building the Foundation: Growth & Early Expansion (1996–2006)
The Lombardy Advantage
Cernusco Lombardone sits in the Brianza district, historically one of Italy's most industrialized regions. The area combines skilled manufacturing labor, engineering talent from nearby Milan's universities, and a tradition of precision manufacturing that traces back centuries.
Driven by the vision and choices of the Crippa family, Technoprobe has always chosen to keep the heart of its design and production activities in the area where it was born and took its first steps—Cernusco Lombardone, close to Merate.
This decision—to remain Italian when the industry was moving aggressively to Asia—was both cultural and strategic. Keeping production in-house meant maintaining quality control. Keeping it in Italy meant accessing Europe's semiconductor customers without time zone complications or logistical delays. And keeping it in Lombardy meant tapping into an existing ecosystem of precision manufacturing expertise.
Technoprobe produces its first Vertical Probe Head (PH), COBRA needle technology, with 960 needles and a minimum pitch of 240 µm. Technoprobe's first expansion outside of Italy is Technoprobe France based in Rousset (Provence, South of France).
The choice of France for the first international expansion wasn't random. Rousset sits near STMicroelectronics' major European manufacturing facilities—Giuseppe Crippa's former employer and an obvious early customer.
Family Role Division
In 2002, Giuseppe's youngest son, Roberto Crippa, joined the family group and quickly took over the management of Technoprobe Italia, giving the company a strong imprint with his own managerial leadership style, fully in line with the vision of his father, brother and cousin.
The family business model that emerged had clear role separation: - Giuseppe Crippa: Founder, technology visionary, obsessive quality advocate - Cristiano Crippa: Commercial development, customer relationships, international expansion - Roberto Crippa: Operational management, process excellence - Stefano Felici (Giuseppe's nephew): Technology development, eventually CEO
In 1999, after obtaining a degree in Electrical, Electronic and Communications Engineering and a PhD in Electrical Engineering at the Politecnico Institute of Milan, Stefano Felici joined the company founded by his uncle Giuseppe and cousin Cristiano, becoming a key figure, especially in the development of technological solutions. From 1999 to 2003, he was Head of Research and Development, during which time he developed several internal patents including vertical fine-pitch technologies, and was also responsible for the technology transfer to the facilities in France and Singapore. He was General Manager of the company in the United States from 2007 to 2015.
This multi-generational team combined complementary skills: Giuseppe's technical intuition, Cristiano's commercial instincts, Roberto's operational discipline, and Stefano's engineering credentials. Family businesses often struggle with succession and role clarity—Technoprobe appears to have gotten this right from the start.
Going Global
As the Asia-Pacific area becomes increasingly strategic for the microelectronics industry, Technoprobe seizes the opportunity to establish a new production facility and service centre in Singapore.
Singapore offered a strategic foothold in Asia without the intellectual property concerns that plagued operations in China. Expansion into the United States, a primary market for technological research and development, marks a significant turning point in Technoprobe's history. Technoprobe America is founded in San José, California, to serve the largest semiconductor industry based in the Silicon Valley.
By the mid-2000s, Technoprobe had evolved from a garage operation into a genuine international player, with presence in Europe, Asia, and the United States. But the company was still a relatively small competitor in a market dominated by American and Japanese firms. That was about to change.
Inflection Point #1: The MEMS Revolution & TPEG™ Technology (2007–2012)
The 2007 Breakthrough
In semiconductor equipment, technological transitions create winners and losers. Companies that see inflection points coming—and invest accordingly—can leapfrog larger competitors who are locked into older approaches. Technoprobe's MEMS breakthrough is a textbook example.
In 2007, Technoprobe marketed the first probe card with vertical MEMS.
In 2007, Technoprobe receives the "Most Innovative Technology" award at the Semiconductor Wafer Test Conference (SWTest) in San Diego (CA) for presenting a revolutionary manufacturing approach for the construction of probe heads, based on MEMS needles assembled in a vertical configuration.
MEMS—Micro-Electro-Mechanical Systems—represented a fundamental shift in how probe cards could be manufactured. Traditional probe cards relied on mechanical assembly of individual needles. MEMS technology allowed needles to be fabricated using semiconductor manufacturing processes themselves—the same lithography and etching techniques used to create the chips being tested.
The advantages were substantial: higher probe density (more needles in the same space), better uniformity (every needle manufactured to identical specifications), and improved scalability (as chip pitches shrank, MEMS could follow).
Development of TPEG™
There is an increased demand for probe card applications with fine pitch probes that reduce pad damage but require increased current carrying capacity (CCC). The challenge is to optimize the solutions against these conflicting requirements at the lowest cost. To meet these challenges, Technoprobe realized the need for custom materials and advanced fabrication processes. The Technoprobe Etching and Galvanic (TPEG) process, similar to LIGA, was developed and implemented in-house.
TPEG—Technoprobe Etching and Galvanic—became the company's proprietary manufacturing process for MEMS-based probes. The decision to develop this in-house, rather than outsource to specialized MEMS foundries, proved critical.
The search for new innovative solutions for the production of probe heads results in TPEG™ MEMS, Technoprobe's proprietary product that will become the new industry standard for ultra-small probing wafers.
The EPOXY technology was followed in 2007 by the first VERTICAL MEMS probes and, in 2011, by the proprietary TPEG™ MEMS, technology which became the new industry standard for wafer testing and led Technoprobe to great growth, with an increase in sales and patents. The number of employees in Italy also grew, going from 129 in 2011 to 1300 ten years later.
The numbers tell the story: from 129 Italian employees in 2011 to 1,300 a decade later. That's 10x growth in a mature manufacturing business—driven almost entirely by a single technological breakthrough and the willingness to invest in bringing it to market.
Why In-House Development Mattered
Keeping TPEG development internal gave Technoprobe two crucial advantages. First, speed: Nickel, palladium, and copper based alloys were evaluated. For each alloy mechanical (stress-strain), electrical (resistivity), and thermal (co-efficient of thermal expansion and other changes) properties were characterized. The ability to iterate rapidly on materials and processes—without waiting for external suppliers—compressed development cycles dramatically.
Second, proprietary advantage: by owning the entire manufacturing process, Technoprobe created a technological moat that competitors couldn't easily replicate. This wasn't just a product improvement; it was a platform advantage that would compound over subsequent product generations.
TPEG™ MEMS T3 Probe Card technology offers the highest degree of customization and scalability in the market. The increasingly demanding requirements of next generation microprocessors and mobile devices are successfully fulfilled by this technology, that allows probing capability on dense array layouts of bumps and copper pillar bumps (down to 80 µm) and outstanding stability of the contact resistance with tightly controlled bump marks.
The Microfabrica Acquisition & Vertical Integration (2018–2019)
Strategic Acquisition Logic
By 2018, Technoprobe had established itself as a serious competitor in the probe card market. But the company's leadership saw further opportunities to strengthen its position through vertical integration.
Technoprobe, a global leader in the microelectronics/semiconductor test industry, has reached a definitive agreement to acquire Microfabrica Inc., the leader in high-volume production, microscale Additive Manufacturing. This acquisition is part of Technoprobe's $100M USD 2019-2020 self-funded technological investment plan. Post-acquisition, Microfabrica will continue to operate independently out of its headquarters in Van Nuys, California. "This acquisition marks a strategic step in our growth plans," said Technoprobe CEO Stefano Felici. "As technological leaders in our fields, joining forces will accelerate both organizations' development efforts, so we can launch a variety of breakthrough products aimed at the SOC and memory market segments. Our plan to further invest in Microfabrica will help the company expand its capabilities and achieve its global market potential."
Microfabrica brought something Technoprobe lacked: advanced additive manufacturing capabilities at the microscale. This wasn't 3D printing in the consumer sense—it was precision manufacturing technology that could create structures impossible to produce through traditional methods.
Microfabrica is the leader in high-volume production, microscale additive manufacturing. By integrating the flexibility of 3D printing with the precision of advanced semiconductor manufacturing processes, the company designs and builds robust microscale solutions that enable new levels of product innovation. Global market leaders in the semiconductor test, aerospace and medical device industries rely on Microfabrica's unique technology to deliver breakthrough products, reduce their time to market, and gain a dramatic competitive edge.
The $100 million investment plan—entirely self-funded—demonstrated both Technoprobe's financial strength and its long-term orientation. This wasn't a company chasing quarterly results; it was building for decade-long competitive advantage.
The Vertical Integration Strategy
Technoprobe acquires Microfabrica Inc., a leader in high-volume, micro-scale, additive manufacturing. Technoprobe plans to further invest in Microfabrica to help the company expand its capabilities and capture a large global market.
The strategic pattern was becoming clear: Technoprobe was assembling an integrated capability stack that would allow it to control every critical element of probe card production. In-house MEMS fabrication (TPEG). In-house additive manufacturing (Microfabrica). In-house design, assembly, and testing.
Marita F. Villarreal is the Chief Business Development and Marketing Officer at Technoprobe. She is also VP of Business Development at Microfabrica, a wholly owned subsidiary of Technoprobe. Prior to Technoprobe, Marita was VP of Worldwide Strategic Sales at Formfactor. She worked at Microprobe Inc. for over 10 years and served as Director of Sales and Customer Service where she was instrumental in the growth and success of the company leading to the acquisition by Formfactor. Marita has a proven track record of cultivating large scale businesses for the successful financial growth of several companies. She brings over 33 years of experience in Engineering, Operations, Sales, Business Development and Marketing.
Notably, Technoprobe hired talent directly from its largest competitor—FormFactor—to help integrate and expand Microfabrica's capabilities. This wasn't a company resting on family connections; it was aggressively recruiting the best talent in the industry.
Inflection Point #2: Rise to #2 Global Position (2017–2020)
Market Position Transformation
Year after year, Technoprobe began collaborating with some of the most important companies in the world of microelectronics, gaining even larger market shares until it became the world's second largest manufacturer of probe cards and won several awards as best supplier from its customers.
By 2020, Technoprobe had achieved something remarkable: a family business from Lombardy had become the world's second-largest probe card manufacturer, trailing only FormFactor of the United States. Stefano Felici, Roberto Crippa, and Cristiano Crippa were recognized for building Technoprobe, a company founded by Giuseppe Crippa in 1995, into a market leader in non-memory probe card market. They have built Technoprobe into leadership of non-memory test probe card suppliers. Technoprobe has grown over the years from a local Italy and Europe based supplier into a global powerhouse spanning all critical semiconductor supplier regions. The company has demonstrated 29% CAGR over last three years compared to 9% CAGR for the overall Non-Memory Probe Card Market.
A 29% CAGR versus 9% industry growth means Technoprobe was taking share from competitors at a relentless pace. This wasn't market growth lifting all boats—it was execution excellence driving disproportionate gains.
Customer Recognition
Perhaps the most telling indicator of Technoprobe's rise came from customer surveys:
Technoprobe, for a fourth year in a row, is the Highest-Rated Probe Card Supplier in the Customer Satisfaction Survey. We have been honored with 5 VLSI Stars as the 2021 Highest-Rated Test Connectivity Supplier in the VLSI Research Inc Customer Satisfaction Survey. Technoprobe took the number one position for a fourth year in a row earning highest-rated categories in Technical Leadership and Partnering.
Excellent Performance Award from TSMC: Technoprobe was recognized among "Outstanding Suppliers" for its exceptional customer support in 2020 despite the challenges of the global pandemic.
"We are very honored to receive this incredible award from Intel. We appreciate this recognition of our hard work and dedication to be one of the Preferred Quality Supplier at Intel. This is a very exciting time for Technoprobe as we continue to expand and grow our business", says Technoprobe CEO Stefano Felici.
Being simultaneously recognized by Intel, TSMC, and Samsung—the three largest purchasers of semiconductor test equipment—represented extraordinary validation. These companies have the most demanding quality standards in the industry. Their endorsement wasn't charity; it was earned.
For the seventh year in a row, we are the Highest-Rated Test Subsystems Supplier in the TechInsights Customer Satisfaction Survey (formerly VLSIresearch).
The IPO: Going Public on Borsa Italiana (2022)
The Listing Decision
After three decades of private ownership, Technoprobe made a significant strategic decision in early 2022:
Borsa Italiana, part of the Euronext Group, today congratulates Technoprobe S.p.A. on its listing on Euronext Growth Milan. Technoprobe S.p.A. is a leading company in the semiconductor and microelectronics sector. It is at the head of a Group committed to innovation and the constant growth of its technological skills, which designs, develops and produces chip test solutions (Probe Cards) for the leading global technology players. Technoprobe S.p.A. represents the second listing since the beginning of the year on Borsa Italiana's market dedicated to small and medium sized companies, and it brings the total number of firms currently listed on Euronext Growth Milan to 176.
In the placement phase, Technoprobe S.p.A. raised €644.1 million excluding the potential exercise of an over-allotment option. In the case of the full exercise of the over-allotment option, the total amount raised will be €712.5 million.
The implicit valuation indicated by the company, taking into account the different categories of shares, is €3.4 billion. Stefano Felici, CEO of Technoprobe S.p.A., said: "We are delighted to embark on this path that will give us greater visibility and open up new opportunities."
The €3.4 billion valuation represented extraordinary value creation for the Crippa family. A company started in a garage in 1993 was now worth billions.
Maintaining Family Control
Crucially, the IPO was structured to maintain family control. Technoprobe chose Euronext Growth Milan—a market with more flexible governance requirements—rather than the main market. The family-controlled group has chosen the EGM market to speed up the listing process and plans to move to the main market in 18-24 months after the listing.
The IPO timing was notable. February 2022 saw escalating Russia-Ukraine tensions and significant market volatility. Yet shares in Italian microelectronics company Technoprobe rose on their stock market debut in Milan on Tuesday after an initial public offering that valued the company at 3.4 billion euros ($3.8 billion). The shares traded 8% higher at 6.15 euros by 0820 GMT, having been priced at 5.70 euros in the IPO, towards the lower end of the initial range of 5.40-6.30 euros.
Stefano Felici, CEO of Technoprobe S.p.A., said: "Last year, the listing on Euronext Growth Milan, finalised on 15 February 2022, represented a growth opportunity for Technoprobe which sees the transfer to Euronext Milan as the pick of a collective effort in terms of governance and communication transparency. This step provides further visibility on the financial markets, guaranteeing the necessary support for the expansion of the Group."
By May 2023, Technoprobe finalized the transition to the Euronext Milan market, with the aim of increasing visibility in the financial markets and providing the necessary support for the Group's expansion.
COVID Response and Community Commitment
The IPO prospectus highlighted an unusual story of community engagement during the pandemic:
Due to the pandemic emergency situation, Technoprobe decides to temporarily convert the space into a hub for mass vaccination against Covid-19 in collaboration with ASST Lecco. It is the first company in Italy to open a vaccination hub for everyone inside its premises. A space of 4300 square metres in which 160,000 doses of vaccine are administered to the local population over the course of six months.
During the COVID-19 pandemic, he converted company spaces into a vaccination hub, where 160,000 doses were administered—an effort he personally funded with approximately €200,000.
This wasn't just corporate social responsibility for press releases. The Crippa family funded the hub out of pocket and provided staff support. The vaccination centre activity resulted in 159,669 doses administered.
Always motivated by a sincere social commitment and a sense of gratitude toward the territory where he achieved success, Giuseppe Crippa, together with his wife Mariarosa and the entire family, was actively involved in numerous social, charitable, and community development initiatives. In May 2023, the Mariarosa and Giuseppe Crippa Foundation was established to provide structure, coordination, and effectiveness to the philanthropic activities and social inclusion policies of Technoprobe S.p.A. and the Crippa family.
Inflection Point #3: The Teradyne Strategic Partnership (2023–2024)
The Deal Announcement
November 2023 brought the most transformative deal in Technoprobe's history:
Teradyne, Inc. (NASDAQ:TER), a leading supplier of automated test solutions, and Technoprobe S.p.A. (FTSE Italy Mid Cap:TPRO), a leader in the design and production of probe cards, today announced they have entered into a series of agreements establishing a strategic partnership that is expected to accelerate growth for both companies and enable them to offer higher performance semiconductor test interfaces to their customers worldwide.
As part of the partnership, Teradyne will make an approximately $516 million equity investment, based on current foreign exchange rates, in Technoprobe and Technoprobe will acquire Teradyne's Device Interface Solutions (DIS) business for $85 million. The companies will also engage in joint development projects. While working on joint development projects, both companies remain committed to an "open ecosystem" so customers can choose the interface/tester supplier of their choice.
This was a remarkably sophisticated deal structure. Teradyne—a $15+ billion ATE (Automated Test Equipment) company—was investing over half a billion dollars into Technoprobe while simultaneously divesting a business unit to them. The logic was elegant: Teradyne builds the testers, Technoprobe builds the probe cards that connect those testers to chips. Rather than compete in overlapping areas, the two companies would collaborate while maintaining "open ecosystem" commitments.
Deal Mechanics
With reference to Technoprobe's acquisition of the DIS division from Teradyne, according to the terms of the agreement, Technoprobe paid a total amount of USD87.6 million to Teradyne from its own funds. With respect to Teradyne's acquisition of a 10 percent stake in Technoprobe, Teradyne International Holdings BV paid a cash price of EUR480.9 million.
On May 27, 2024, the Company finalized the acquisition from Teradyne Inc. of the Device Interface Solutions division specialized in the design of high-level Device Interface Boards. DIS Tech includes more than 400 employees, spread across 10 different jurisdictions.
The DIS acquisition was particularly strategic. Device Interface Boards are the printed circuit boards that connect probe cards to test systems—the layer between Technoprobe's core product and Teradyne's testers. By acquiring this capability, Technoprobe extended its vertical integration further up the testing stack.
"The transaction finalized today is a step forward in our company development process: we will strengthen our skills in the PCB and high-performance interfaces market by consolidating the full vertical integration of our business. The integration of DIS and Harbor will generate synergies also accelerating the process of entering the final testing market."
Governance Implications
With the completion of the acquisition by Teradyne of the 10% share of the share capital of Technoprobe: (i) T-Plus SpA holds 60.5% of the share capital (corresponding to 72.4% of the voting rights); (ii) Teradyne, Inc. indirectly holds (through Teradyne International Holdings BV) 10.0% of the share capital (corresponding to 6.0% of the voting rights); (iii) the Crippa family holds 6.5% of the share capital (corresponding to 7.8% of the voting rights).
Gregory Steven Smith—chief executive officer of Teradyne—joins the board of directors of Technoprobe.
The governance arrangements balanced Teradyne's significant investment with the Crippa family's continued control. Through T-Plus SpA (the family holding company), the Crippas maintained supermajority voting rights. Teradyne received board representation but not control—a long-term strategic investor rather than a takeover bidder.
The unrelenting drive to pack more semiconductor performance into smaller packages using finer lithography nodes, new design architectures and advanced packaging technologies like chiplets is creating an entirely new class of challenges to connect test systems to the chips to be tested. This partnership is expected to enable Teradyne and Technoprobe to unlock new capabilities to increase the performance and lower test costs for semiconductor makers.
The AI Boom & Current Performance (2024–2025)
Revenue Surge
The AI boom arrived at the perfect time for Technoprobe. Testing AI accelerator chips—with their massive transistor counts, complex packaging, and demanding performance requirements—plays directly to the company's strengths:
The company achieved a gross profit of €70.8 million, representing a 64.3% increase year-over-year, with the gross margin expanding to 45.0% from 42.3% in Q1 2024. EBITDA showed even stronger growth, nearly doubling to €48.0 million, a 94.3% increase.
The AI sector continued to show consistent growth, maintaining the positive momentum seen in previous quarters.
Technoprobe delivered robust financial results for H1 2025, with revenues reaching €325.9 million, a 35.2% increase compared to the same period last year.
In the year 2024, Technoprobe had annual revenue of 543.15M EUR with 32.71% growth. Technoprobe had revenue of 302.10M in the half year ending December 31, 2024, with 1.16% growth.
The full-year 2024 revenue of €543 million represented extraordinary growth for a company that was doing perhaps €377 million as recently as 2020.
Margin Expansion
Technoprobe provided an optimistic outlook for Q2 2025, projecting revenues of €168 million (±3%), representing a sequential increase of approximately 6.9% from Q1. The company also expects further margin improvements, with gross margin forecasted at 45.5% (±2%) and EBITDA margin at 33.7% (±2%).
Gross margins above 45% in a manufacturing business are exceptional. This reflects Technoprobe's proprietary technology, vertical integration, and strong customer relationships. Competitors would need years to replicate these capabilities—if they could at all.
Recent Challenges
The stock fell 10.14% following the presentation, closing at €6.90, as investors reacted to the weaker Q3 guidance despite impressive first-half performance. The stock remains within its 52-week range of €4.77 to €8.27, but has retreated from recent highs.
The consumer segment shows signs of improvement, while the automotive and industrial sectors remain weak. Additionally, potential US tariffs could impact 15-20% of deliveries, representing a risk factor for future performance.
Markets remain volatile, and Technoprobe hasn't been immune. The company's concentration in AI testing—while a growth driver—also creates exposure if AI investment cycles shift. The tariff environment adds uncertainty for a company with significant US revenue exposure.
The Passing of the Founder
Giuseppe Crippa passed away on Saturday, July 5, 2025. Giuseppe was a man driven by an inexhaustible passion for technology and innovation, by an exceptional entrepreneurial vision, and by profound respect and love for people. An extraordinary figure in every sense—human, professional, and social—he left an indelible mark on the history of our company, on the territory where he lived and worked, and in the hearts of all who knew him.
The company Giuseppe Crippa built in his garage three decades ago now operates on three continents with over 3,000 employees. His passing at age 90 marks the end of an era, but the structures he put in place—family leadership, technology-first culture, customer obsession—remain.
The Probe Card Market & Industry Dynamics
Market Size and Growth
The Probe Card Market is expected to reach USD 2.54 billion in 2025 and grow at a CAGR of 9.80% to reach USD 4.06 billion by 2030.
Different research firms provide varying estimates, but the directional consensus is clear: this is a multi-billion dollar market growing at high single-digit rates, with potential for acceleration as AI and advanced packaging drive testing complexity.
Global key players of probe card include FormFactor, Technoprobe S.p.A. and Micronics Japan (MJC). The top three players hold a share nearly 57%. In terms of product, MEMS probe card is the largest segment, with a share about 72%. And in terms of application, the largest application is foundry & logic, with a share about 73%.
The market concentration is notable. The top three players control nearly 60% of the market, with MEMS technology dominating at 72% share. Technoprobe's early bet on MEMS proved prescient.
Technology Trends
MEMS-based probe cards dominate the market with a 45% share, followed by advanced packaging probe cards, which hold a 40% share. The remaining 15% is occupied by other specialized types of probe cards.
FormFactor and Technoprobe S.p.A. lead the market in terms of market share, showcasing their strong capabilities and established customer bases. The forecast suggests a consistent growth rate, driven by the ongoing miniaturization trends in electronics and the increasing demand for high-performance computing and 5G infrastructure.
Competitive Landscape
The probe card market features a handful of significant players:
- FormFactor (US): The market leader, publicly traded, with comprehensive product lines and significant scale advantages
- Technoprobe (Italy): #2 position, family-controlled, strongest in non-memory/SoC testing
- Micronics Japan (MJC): Major Japanese player, strong in memory testing
- Japan Electronic Materials (JEM): Another significant Japanese competitor
- MPI Corporation (Taiwan): Growing presence, particularly in Asian markets
The probe card market is consolidated, with several leading players. The market players strive to innovate advanced and comprehensive products to cater to consumers' complex and evolving demands. In a bid to bolster their foothold in the consolidated market landscape, vendors are increasingly resorting to strategic maneuvers, notably mergers and acquisitions.
Business Model & Strategic Analysis
The Vertical Integration Playbook
Technoprobe's strategy can be summarized in one phrase: own the entire value chain. The company has systematically acquired or developed capabilities across every critical element of probe card production:
- TPEG™ MEMS Technology: Proprietary probe fabrication process
- Microfabrica: Additive manufacturing for microscale components (acquired 2019)
- Harbor Electronics: Advanced PCBs for test systems (acquired 2023 for $50M)
- DIS Division: Device interface boards from Teradyne (acquired 2024 for $87.6M)
On August 8th 2023, Technoprobe finalized the acquisition of Harbor Electronics Inc. Harbor Electronics, a company founded in the '80s in Santa Clara, California, is a leading manufacturer of advanced printed circuit boards for testing systems. As disclosed on July 3rd, 2023 the acquisition will allow Technoprobe to further strength its technological skills in the field of testing, vertically integrating its production process, thanks to the in-house creation of advanced printed circuits for its probe cards and Final Test Boards.
Each acquisition extended Technoprobe's control over the value chain, reduced dependency on external suppliers, and created barriers to competition.
Customer Intimacy Strategy
The customer satisfaction awards tell a story that goes beyond marketing:
Technoprobe is one of the 27 award recipients recognized in TSMC's global supply chain. This award acknowledges Technoprobe's role as a key partner in delivering advanced technologies that meet TSMC's rigorous standards of quality, reliability, and performance.
Winning awards from both Intel and TSMC—companies that compete fiercely against each other—requires genuine technical excellence and customer service capabilities. You can't fake seven consecutive years as the top-rated supplier in industry surveys.
Geographic Balance
Despite its Italian roots, Technoprobe has built a genuinely global operation:
Technoprobe has 14 locations worldwide. The Group's Italian headquarters are in Cernusco Lombardone (LC), a municipality on the outskirts of Milan where there is also a production plant that covers an area of about 18,000 sqm. The Group has two additional production plants in Italy: one in Agrate (MB) covering about 3,000 sqm, and one in Osnago (LC) covering about 5,000 sqm. Also, in Italy, a Design Center was opened in Sicily, in Catania, in 2022. The Group also has 10 other locations spread across Europe (France and Germany), Asia (Taiwan, South Korea, China, Japan, Philippines and Singapore) and the United States (two locations in California).
The decision to keep production in Italy while building service and support globally reflects a deliberate strategy: capture the quality advantages of Italian precision manufacturing while staying close to customers in every major semiconductor region.
Porter's Five Forces Analysis
Threat of New Entrants: LOW
The probe card market presents formidable barriers to entry:
- Capital Requirements: Significant upfront investment in MEMS fabrication facilities
- Technology Development: Years of R&D required to match incumbent capabilities
- Customer Qualification: Months or years of testing before semiconductor manufacturers approve new suppliers
- Intellectual Property: Hundreds of patents protect key technologies
The high capital expenditure required to develop and manufacture probe cards, coupled with the short product lifecycles due to rapid technological advancements, can pose significant hurdles for market entrants. Additionally, the intense competition among established players can make it challenging for new companies to gain a foothold.
Bargaining Power of Suppliers: MODERATE
Technoprobe has systematically reduced supplier power through vertical integration. The acquisitions of Microfabrica, Harbor Electronics, and DIS all brought previously outsourced capabilities in-house. Specialized materials (ceramics, specialty alloys) remain external dependencies, but the company's scale provides negotiating leverage.
Bargaining Power of Buyers: MODERATE-HIGH
Technoprobe's customers include the world's largest semiconductor companies—TSMC, Intel, Samsung, and similar giants. These buyers have substantial leverage given their purchasing volumes. However, several factors moderate their power:
- Switching costs from qualification processes
- Limited number of suppliers capable of meeting advanced requirements
- Probe card costs represent a small portion of overall chip testing expenses
Threat of Substitutes: LOW
There is no viable alternative to wafer-level testing for chip validation. Probe cards are essential to semiconductor manufacturing—every chip must be tested, and that requires a probe card. Alternative testing methodologies (optical, contactless) remain in early development for most applications.
Competitive Rivalry: MODERATE
Global key players of probe card include FormFactor, Technoprobe S.p.A. and Micronics Japan (MJC). The top three players hold a share nearly 57%.
The consolidated market structure (top 3 players at ~57% share) suggests moderate rather than intense rivalry. Competition exists, but the market is large enough and growing fast enough that share gains don't require brutal price competition. The emphasis on technology leadership rather than price suggests rational competitive behavior.
Hamilton Helmer's 7 Powers Framework
Process Power âś“
Technoprobe's TPEG™ manufacturing process represents classic process power: "Embedded company organization and activity sets which enable lower costs and/or superior product." The company's ability to manufacture MEMS probes in-house, with rapid iteration cycles and proprietary materials expertise, creates genuine process advantages that competitors cannot easily replicate.
Switching Costs âś“
Customer qualification processes create meaningful switching costs. Once a semiconductor manufacturer has validated Technoprobe's probe cards for a particular chip design, switching to a competitor requires months of requalification testing—with real risk of introducing defects into production.
Scale Economies âś“ (partial)
Technoprobe benefits from scale in R&D (spreading development costs across larger revenue base) and manufacturing (asset utilization), though FormFactor maintains larger absolute scale.
Counter-Positioning âś“
The Teradyne partnership exemplifies counter-positioning. By partnering with rather than competing against the world's largest ATE company, Technoprobe gained access to customers and technology without taking on the capital intensity of building test equipment.
Cornered Resource âś“ (partial)
The Crippa family leadership and institutional knowledge represent a form of cornered resource—talent and expertise that cannot be easily acquired. The seven consecutive years of top customer satisfaction ratings reflect accumulated organizational capability.
Key Risks and Monitoring Points
Concentration Risk
A significant portion of Technoprobe's revenue comes from a handful of large semiconductor companies. Loss of a major customer relationship could materially impact results.
Technology Obsolescence
While MEMS technology currently dominates, alternative testing approaches could emerge. The company must continue heavy R&D investment to stay ahead of technological transitions.
Geopolitical Exposure
Potential US tariffs could impact 15-20% of deliveries, representing a risk factor for future performance.
The semiconductor industry sits at the center of US-China tensions. Trade restrictions, tariffs, or export controls could disrupt Technoprobe's global operations.
Currency Risk
The company's operations continue to be affected by currency fluctuations, particularly the EUR/USD exchange rate. The accumulated average exchange rate for the first six months of 2025 was 1.093, compared to 1.081 for the same period in 2024.
With significant US dollar-denominated revenue and euro-denominated costs, Technoprobe faces meaningful currency exposure.
Leadership Transition
The passing of founder Giuseppe Crippa in July 2025 marks a generational transition. While the next generation of Crippa family leadership has been in place for years, family business transitions always carry execution risk.
Critical KPIs for Ongoing Monitoring
For investors tracking Technoprobe's performance, three metrics matter most:
1. AI Revenue Mix
The AI sector continued to show consistent growth, maintaining the positive momentum seen in previous quarters.
Management has indicated AI-related revenue could constitute 35-40% of total revenues in 2025. This metric captures both market positioning and exposure to the highest-growth segment of semiconductor testing.
2. Gross Margin Trajectory
The company achieved a gross profit of €70.8 million, representing a 64.3% increase year-over-year, with the gross margin expanding to 45.0% from 42.3% in Q1 2024.
Gross margins above 45% in a manufacturing business reflect pricing power, technology leadership, and operational efficiency. Sustained margin expansion (or compression) signals competitive position.
3. Customer Satisfaction Rankings
For the seventh year in a row, we are the Highest-Rated Test Subsystems Supplier in the TechInsights Customer Satisfaction Survey.
Industry satisfaction surveys provide leading indicators of market share trajectory. Consistent top rankings suggest continued share gains; declining scores would signal competitive threats.
Bull Case: The Essential AI Infrastructure Play
The bull case for Technoprobe rests on several interconnected arguments:
AI Chip Complexity Drives Testing Demand: Every NVIDIA H100, every AMD MI300, every custom AI accelerator from Google, Amazon, and Microsoft requires wafer-level testing. As these chips become larger, more complex, and more valuable, testing intensity increases. Technoprobe's MEMS technology is particularly well-suited to the high-density, high-current requirements of AI accelerator testing.
Vertical Integration Compounds Advantages: The acquisitions of Microfabrica, Harbor Electronics, and DIS have created an integrated capability stack that competitors would need years to replicate. This isn't just about cost savings—it's about speed of innovation and customer responsiveness.
Teradyne Partnership Validates Strategy: Having the world's largest ATE company invest $500+ million into Technoprobe represents extraordinary third-party validation. Teradyne could have acquired Technoprobe outright; instead, they structured a partnership that preserves Technoprobe's independence while deepening collaboration.
Market Consolidation Opportunity: The probe card market remains fragmented beyond the top three players. Technoprobe has demonstrated acquisition capability and integration expertise. Further consolidation could strengthen market position.
Margin Expansion Runway: Gross margins have expanded from 42% to 45%+ despite rapid revenue growth. As the company scales, operating leverage could drive further margin improvement.
Bear Case: Cyclicality and Customer Concentration
The bear case raises legitimate concerns:
Semiconductor Cyclicality: The semiconductor industry is notoriously cyclical. While the AI boom has driven extraordinary growth, industry downturns historically hit equipment suppliers disproportionately. Probe cards are consumables (used once per chip design), which provides some buffer, but overall testing investment tracks semiconductor production volumes.
Customer Concentration: Technoprobe's largest customers—likely TSMC, Intel, and Samsung—could represent significant revenue concentration. Loss of a major customer relationship, whether through competitive loss or geopolitical disruption, would materially impact results.
Competitive Response: FormFactor, as the larger competitor, has more resources to invest in R&D and potential acquisition capacity. If the market leader decides to compete more aggressively on price or capability, Technoprobe's margins could compress.
Valuation Premium: At current market capitalizations, Technoprobe trades at significant premiums to traditional industrial companies. The valuation assumes continued growth and margin expansion; any disappointment could drive meaningful multiple compression.
Tariff and Trade Risk: With significant US revenue exposure and European manufacturing base, Technoprobe sits at the intersection of multiple trade relationship risks.
Conclusion: The Garage That Changed Semiconductor Testing
Giuseppe Crippa started Technoprobe in his garage at age 54, formally incorporated at 60, and lived to see the company valued at billions of euros before his passing in July 2025. That biographical arc alone makes this story remarkable. But the strategic lessons are equally compelling.
Technoprobe succeeded by combining multiple advantages: technology leadership (TPEG™ MEMS), vertical integration (from materials to device interfaces), customer intimacy (seven consecutive years as top-rated supplier), and long-term orientation (family ownership enabling patient capital deployment).
The company now stands at the intersection of the most powerful trends in technology: AI, advanced semiconductor packaging, and the relentless march toward smaller, faster, more powerful chips. Every one of those chips needs to be tested. And increasingly, the device making contact between tester and wafer carries the Technoprobe name.
From a garage in Merate to three continents and 3,300 employees. From retirement project to strategic partner of the world's largest semiconductor companies. From Italy to everywhere chips are made.
Innovation really does begin with someone willing to start.
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