Aspen Technology

{{Infobox company

| name = Aspen Technology, Inc.

| trade_name = AspenTech

| logo = Aspen Technology logo.svg

| type = Subsidiary

| traded_as = {{NASDAQ was|AZPN}}

| founded = {{Start date and age|1981|8|12}}

| industry = {{Unbulleted list|Software|Process Manufacturing}}

| key_people = Antonio J. Pietri (CEO)

| hq_location_city = {{nowrap|Bedford, Massachusetts, U.S.}}

| revenue = {{increase}} {{US$|598.7 million|link=yes}} (2020){{cite web |url= https://finance.yahoo.com/quote/AZPN/financials?p=AZPNI |access-date = 6 January 2021|title=Aspen Technology, Inc. (AZPN)}}

| operating_income = {{increase}} US$271 million (2020)

| net_income = {{increase}} US$250 million (2020)

| owner =

| parent = Emerson Electric (100%)

| website = {{URL|aspentech.com}}

| footnotes = {{cite news |url=https://www.bizjournals.com/boston/stories/2010/02/08/daily24.html| title=Aspen Technology to re-list on Nasdaq | work=American City Business Journals | date=February 10, 2010}}

}}

Aspen Technology, Inc., known as AspenTech, is a provider of software and services for the process industries headquartered in Bedford, Massachusetts. AspenTech has 35 offices globally.

History

Founded in 1981, AspenTech was born out of a joint research project between the Massachusetts Institute of Technology (MIT) and US Department of Energy—called the Advanced System for Process Engineering (ASPEN) Project.AspenTech Corporate Overview http://www.aspentech.com/corporate/press/media_kit.aspx {{Webarchive|url=https://web.archive.org/web/20130927173917/http://www.aspentech.com/corporate/press/media_kit.aspx |date=2013-09-27 }}Facts at a Glance http://www.aspentech.com/corporate/press/media_kit.cfm {{Webarchive|url=https://web.archive.org/web/20080430145603/http://www.aspentech.com/corporate/press/media_kit.cfm |date=2008-04-30 }}

Aspen held its IPO in November 1994.[https://ir.aspentech.com/resources/investor-faqs FAQs], Investor Relations website, Aspen Technology, Inc. Accessed 2024-01-11.

On July 15, 2004, AspenTech was required by the Federal Trade Commission to make divestitures in regard to an anti-trust ruling against its acquisition of HyproTech. This included divestment of batch and continuous simulation systems and integrated engineering software business (AXSYS).FTC ruling on Hyprotech acquisition antitrust case {{cite web|url=http://www.ftc.gov/opa/2004/07/aspen.shtm |title=FTC Orders Aspen Technology, Inc. To Divest Assets from its 2002 Purchase of Hyprotech, Ltd |accessdate=2008-07-15 |url-status = dead|archiveurl=https://web.archive.org/web/20080602232310/http://www.ftc.gov/opa/2004/07/aspen.shtm |archivedate=2008-06-02 }} In the same year, a class action lawsuit was filed against Aspen Technology and its certain officers over issuance of misleading statements and improper revenue recognition.{{cite press release|url=http://www.businesswire.com/news/home/20041115005917/en/Law-Firm-Lasky-Rifkind-Ltd.-Announces-Class |title= The Law Firm of Lasky & Rifkind, Ltd. Announces Class Action Lawsuit against Aspen Technology, Inc. |date=November 15, 2004 |accessdate=Jul 25, 2013}}

On November 24, 2004, the company restated results for the fiscal years ended June 2000 through June 2004 after its audit committee discovered the company improperly accounted for certain software licenses.{{cite web |url=http://www.ap.org/ |title= Aspen to restate four years' results}}

On March 15, 2005, the company announced that the Audit Committee of the Company's Board of Directors had completed its previously announced financial review and the company had restated its financials for each of the fiscal years ended June 30, 2000 through June 30, 2004.{{cite web |url=https://www.sec.gov/Archives/edgar/data/929940/000104746905006587/a2153752zex-99_1.htm |title= Aspen Technology Announces Completion of Audit Committee Investigation and Filing of Restated Annual Report with S.E.C.}} The company's former CEO, David McQuillin, was sentenced in 2007 to 6 months' house arrest and 3 years' probation after pleading guilty to falsifying revenue figures.{{Cite news|url=https://www.reuters.com/article/hold-aspentech-plea/aspen-ex-ceo-pleads-guilty-faces-prison-term-idUSN2639683720070326|title = Aspen ex-CEO pleads guilty, faces prison term|newspaper = Reuters|date = 26 March 2007}}{{Cite news|url=https://www.reuters.com/article/aspen-mcquillin-sentence/aspen-ex-ceo-sentenced-to-6-month-house-arrest-idUSN1734537920071017|title = Aspen ex-CEO sentenced to 6-month house arrest|newspaper = Reuters|date = 17 October 2007}}

In October 2007, Aspen moved its headquarters from Cambridge, Massachusetts to Burlington, Massachusetts.[https://www.controleng.com/articles/new-headquarters-aspen-technology-moves-to-help-employees/ "New headquarters: Aspen Technology moves to help employees"], Control Engineering Staff, Control Engineering, October 25, 2007. Accessed 2024-01-11.[https://ir.aspentech.com/news-releases/news-release-details/aspen-technology-announces-new-corporate-headquarters Aspen Technology Announces New Corporate Headquarters], October 3, 2007, press release, Aspen Technology, Inc. Accessed 2024-01-11.

Aspen Technology was delisted from the NASDAQ on February 19, 2008 for failing to meet the financial transparency guidelines of the NASDAQ exchange.Aspen Technology Notice of Delisting https://www.sec.gov/Archives/edgar/data/929940/000110465908026947/a08-12371_18k.htm In February 2010 the company was relisted on the NASDAQ exchange.{{cite news | url = http://boston.bizjournals.com/boston/stories/2010/02/08/daily24.html | title = Aspen Technology to re-list on Nasdaq | publisher = Boston Business Journal | author = Jackie Noblett | date = 2010-02-10}}

In November 2014, Aspen Technology moved its headquarters from Burlington to Bedford, Massachusetts.[https://www.aspentech.com/en/resources/press-releases/aspentech-opens-new-global-headquarters-in-bedford-ma2147492842 "AspenTech Opens New Global Headquarters in Bedford, MA"], November 12, 2014, press release, Aspen Technology, Inc. Accessed 2024-01-11.

In July 2019, Aspen Technology signed an agreement to acquire Montreal-based Mnubo Inc.{{Cite web|url=https://www.businesswire.com/news/home/20190712005076/en/Aspen-Technology-Acquires-Mnubo-Sabisu-Deliver-Scalable|title=Aspen Technology Acquires Mnubo and Sabisu to Deliver Scalable AI-Driven Solutions for the Smart Enterprise|date=2019-07-12|website=www.businesswire.com|language=en|access-date=2020-03-26}}{{Cite news|url=https://business.financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/aspen-technology-acquires-mnubo-and-sabisu-to-deliver-scalable-ai-driven-solutions-for-the-smart-enterprise|title=Aspen Technology Acquires Mnubo and Sabisu to Deliver Scalable AI-Driven Solutions for the Smart Enterprise {{!}} Financial Post|last=Releases|first=Business Wire News|newspaper=Financial Post|date=2019-07-12|language=en-CA|access-date=2020-03-26}}

In September 2020, Aspen Technology partnered with Wood (Aberdeen, Scotland). The collaboration will allow Aspen's Mtell clients to create foretelling strategies focused on industrial AI and machine learning.{{Cite web|last=|first=|date=10 September 2020|title=ASPEN TECHNOLOGY AND WOOD FORM PARTNERSHIP TO DELIVER APM TECHNOLOGIES|url=https://www.chemengonline.com/aspen-technology-and-wood-form-partnership-to-deliver-apm-technologies/|access-date=9 October 2020|website=Chemical Engineering}}

In May 2022, Aspen Technology was merged with the industrial software businesses of Emerson Electric, OSI Inc. and Geological Simulation Software, to form a new corporate entity, still called Aspen Technology. Emerson paid US$6 billion and received a controlling interest (55%) of the common stock of the new entity. The stock ticker of Aspen did not change, although the CIK number was changed.[https://www.emerson.com/documents/corporate/emerson-to-accelerate-software-strategy-to-capitalize-on-high-growth-industry-verticals-technology-segments-in-transaction-aspentech-en-us-7784224.pdf Emerson and Aspen Technology Creating an Enhanced High-Performance Industrial Software Leader], presentation, Emerson and Aspentech, October 11, 2021. Accessed 2024-01-11.[https://www.aspentech.com/en/resources/press-releases/azpn-5-16-2022-transaction-release Aspen Technology Completes Emerson Transaction, Expanding High-Performance Global Industrial Software Leadership], May 16, 2022, press release, Aspen Technology, Inc. Accessed 2024-01-11.[https://www.sec.gov/Archives/edgar/data/1897982/000114036122014886/ny20001355x18_424b3.htm SEC filing, prospectus, rule 424(b)(3)], Aspen Technology, Inc., file no. 333-262106, CIK number 0001897982, 2022-04-18. Accessed 2024-01-11.

In October 2022, Aspen Technology announced the acquisition of inmation Software GmbH based in Cologne, Germany to strengthen their data management functionality. {{Cite web |title=AspenTech acquires inmation |url=https://www.aspentech.com/en/resources/press-releases/aspentech-acquires-inmation |access-date=2023-10-26 |website=www.aspentech.com}} In February 2023, announced the combination of its AIoT Hub with AspenTech Inmation, forming a rebranded business unit now called AspenTech DataWorks.{{Cite web |date=2023-02-06 |title=Aspen Technology Combines inmation Software and AIoT Hub to Advance Customers' Digital Transformation Strategies |url=https://www.businesswire.com/news/home/20230206005154/en/Aspen-Technology-Combines-inmation-Software-and-AIoT-Hub-to-Advance-Customers%E2%80%99-Digital-Transformation-Strategies |access-date=2023-10-26 |website=www.businesswire.com |language=en}}

In January 2025, Emerson agreed to buy the remaining 43% stake in Aspen for $7.2 billion.{{Cite news |last=Valle |first=Sabrina |date=January 27, 2025 |title=Emerson to buy remaining stake in AspenTech for $7.2 billion |url=https://www.reuters.com/markets/deals/emerson-buy-rest-aspentech-265-per-share-2025-01-27/ |publisher=Reuters}}

Corporate turnaround

Under former CEO Mark Fusco, AspenTech executed a corporate turnaround strategy. Examples of steps taken during this period included:{{cite web

|author = AMR Research

|title = Aspentech's Revamp and the Petroleum and Chemical Industries

|date = 2008-01-04

|url = http://www.aspentech.com/publication_files/AMR_Research_AspenTech_Revamps_20080108.pdf

|accessdate = 2008-04-14

|archive-url = https://web.archive.org/web/20120209171157/http://www.aspentech.com/publication_files/AMR_Research_AspenTech_Revamps_20080108.pdf

|archive-date = 2012-02-09

|url-status = dead

}}{{Cite web |last=Sharma |first=Gaurav |title=AspenTech Boss Ups Asset Optimization Plays As Big Oil Goes Into Digital Overdrive |url=https://www.forbes.com/sites/gauravsharma/2018/06/19/aspentech-boss-ups-asset-optimization-plays-as-big-oil-goes-into-digital-overdrive/ |access-date=2023-06-25 |website=Forbes |language=en}}

Consolidating facilities with regional head offices in the Americas, EMEA and Asia Pacific.
Reducing the R&D facilities from 19 to 3 globally—Process Modeling based in Burlington, Massachusetts; Manufacturing and Supply Chain Center of Excellence in Houston, Texas; Quality Assurance Center in Shanghai, China.
Reorganizing the professional services business unit—new organization structure and management, and streamlining operations.

On April 30, 2013, AspenTech announced that Mark Fusco would retire as President & CEO effective September 30, 2013. On October 1, 2013, Antonio Pietri became AspenTech President & CEO.Boston Business Journal https://www.bizjournals.com/boston/blog/techflash/2013/05/aspentech-beats-estimates-in-q3-fusco.html