Aspen Technology

Last updated
Aspen Technology, Inc.
AspenTech
Company type Public subsidiary
Industry
FoundedAugust 12, 1981;42 years ago (1981-08-12)
Headquarters
Bedford, Massachusetts, U.S.
Key people
Antonio J. Pietri (CEO)
RevenueIncrease2.svg US$598.7 million (2020) [1]
Increase2.svg US$271 million (2020) [1]
Increase2.svg US$250 million (2020) [1]
Number of employees
1,466 (2018)  OOjs UI icon edit-ltr-progressive.svg
Parent Emerson Electric (55%)
Website aspentech.com
Footnotes /references
[2]

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.

Contents

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. [3] [4]

Aspen held its IPO in November 1994. [5]

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). [6] 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. [7]

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. [8] 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. [9] 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. [10] [11]

In October 2007, Aspen moved its headquarters from Cambridge, Massachusetts to Burlington, Massachusetts. [12] [13]

Aspen Technology was delisted from the NASDAQ on February 19, 2008 for failing to meet the financial transparency guidelines of the NASDAQ exchange. [14] In February 2010 the company was relisted on the NASDAQ exchange. [15]

In November 2014, Aspen Technology moved its headquarters from Burlington to Bedford, Massachusetts. [16]

In July 2019, Aspen Technology signed an agreement to acquire Montreal-based Mnubo Inc. [17] [18]

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. [19]

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 USD 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. [20] [21] [22]

In October 2022, Aspen Technology announced the acquisition of inmation Software GmbH based in Cologne, Germany to strengthen their data management functionality. [23] In February 2023, announced the combination of its AIoT Hub with AspenTech Inmation, forming a rebranded business unit now called AspenTech DataWorks. [24]

Corporate turnaround

Under former CEO Mark Fusco, AspenTech executed a corporate turnaround strategy. Examples of steps taken during this period included: [25] [26]

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. [27]

Related Research Articles

Avid Technology, Inc. is an American technology and multimedia company that develops digital non-linear editing (NLE) systems, video editing software, audio editing software, music notation software and management and distribution services. It is based in Burlington, Massachusetts, and was founded in August 1987 by Bill Warner.

SonicWall is an American cybersecurity company that sells a range of Internet appliances primarily directed at content control and network security. These include devices providing services for network firewalls, unified threat management (UTM), virtual private networks (VPNs), virtual firewalls, SD-WAN, cloud security and anti-spam for email. The company also markets information subscription services related to its products. The company also assists in solving problems surrounding compliance with the Health Insurance Portability and Accountability Act (HIPAA) and the Payment Card Industry Data Security Standard (PCI-DSS).

<span class="mw-page-title-main">Emerson Electric</span> American multinational corporation

Emerson Electric Co. is an American multinational corporation headquartered in Ferguson, Missouri. The Fortune 500 company manufactures products and provides engineering services for industrial, commercial, and consumer markets. Emerson has approximately 86,700 employees and 170 manufacturing locations.

<span class="mw-page-title-main">Comverse Technology</span> American-Israeli technology company (1982–2013)

Comverse Technology, Inc., often referred to as simply Comverse, was a technology company located in Woodbury, New York in the United States, that developed and marketed telecommunications software. The company focused on providing value-added services to telecommunication service providers, in particular to mobile network operators. Comverse Technology had several wholly or partly owned subsidiaries. The name "Comverse" is a fusion of the words "communication" and "versatility".

KLA Corporation is an American capital equipment company based in Milpitas, California. It supplies process control and yield management systems for the semiconductor industry and other related nanoelectronics industries. The company's products and services are intended for all phases of wafer, reticle, integrated circuit (IC) and packaging production, from research and development to final volume manufacturing.

<span class="mw-page-title-main">Michael J. Saylor</span> American entrepreneur and business executive (born 1965)

Michael J. Saylor is an American entrepreneur and business executive. He is the executive chairman and co-founder of MicroStrategy, a company that provides business intelligence, mobile software, and cloud-based services. Saylor was MicroStrategy's chief executive officer from 1989 to 2022. He authored the 2012 book The Mobile Wave: How Mobile Intelligence Will Change Everything. He is also the sole trustee of Saylor Academy, a provider of free online education. As of 2016, Saylor had been granted 31 patents and had 9 additional applications under review. Saylor is an advocate of Bitcoin, stating that he believes it will replace gold as the global store-of-value asset.

Comscore is an American-based global media measurement and analytics company providing marketing data and analytics to enterprises; media and advertising agencies; brand marketers and publishers.

Integral Systems, Inc. was a manufacturer of satellite ground systems founded in 1982, and based in Columbia, Maryland in the United States. The company had supported over 205 satellite missions for communications, science, meteorological and earth resource applications. Integral's customers included government/commercial satellite operators, spacecraft/payload manufacturers and aerospace systems integrators. The company offered a commercial off-the-shelf (COTS) software product line for command and control, and employed approximately 769 people in the United States and Europe.

Cision Ltd. is a public relations and earned media software company and services provider. The company is incorporated in the Cayman Islands and headquartered in Chicago, Illinois. In addition to offering Cision-branded services, the company owns a portfolio of companies including PRNewswire, PRWeb, Bulletin Intelligence, L'Argus de la presse, Help a Reporter Out (HARO), CEDROM-SNI, Prime Research, and Canada Newswire.

ManTech International Corporation is an American defense contracting firm based in Herndon, Virginia. It was co-founded in 1968 by Franc Wertheimer and George J. Pedersen. The company uses technology to help government and industry clients. The company name "ManTech" is a portmanteau formed through the combination of "management" and "technology."

<span class="mw-page-title-main">GoTo (US company)</span> Software company

GoTo Technologies USA, Inc., formerly LogMeIn Inc., is a flexible-work provider of software as a service (SaaS) and cloud-based remote work tools for collaboration and IT management. The company was founded in 2003, and is based in Boston, Massachusetts. On February 2, 2022 the company was rebranded from LogMeIn to GoTo.

Proteon Therapeutics, Inc. is a developer of pharmaceuticals with offices in Waltham, Massachusetts and Kansas City, Missouri.

Piksel is a professional service and technology provider to the broadcast and media industries.

<span class="mw-page-title-main">DocuSign</span> American Technology Firm

DocuSign, Inc. is an American company headquartered in San Francisco, California, that allows organizations to manage electronic agreements with electronic signatures on different devices. As of 2019, DocuSign has about 475,000 clients in 180 countries. Signatures processed by DocuSign are compliant with the US ESIGN Act and the European Union's eIDAS regulation, including EU Advanced and EU, Qualified Signatures.

Huron Consulting Group, commonly known as Huron, is a management consulting firm offering services to the healthcare, life sciences, commercial, and higher education industries.

<span class="mw-page-title-main">ClickSoftware</span>

ClickSoftware is an American technology company which offers automated mobile workforce management and service optimization solutions for enterprise and small businesses, both for mobile and in-house resources. Since 2020, it has been a subsidiary of Salesforce.

<span class="mw-page-title-main">Mellanox Technologies</span> Israeli-American multinational supplier of computer networking products

Mellanox Technologies Ltd. was an Israeli-American multinational supplier of computer networking products based on InfiniBand and Ethernet technology. Mellanox offered adapters, switches, software, cables and silicon for markets including high-performance computing, data centers, cloud computing, computer data storage and financial services.

Thryv is a publicly traded software as a service (SaaS) company, providing customer relationship management and online reputation management software for small businesses. It has headquarters in Dallas and Texas, and operates in 48 states across the United States of America with more than 2,400 employees. The company began as a conglomerate of Yellow Pages companies. In June 2020, Thryv reported $1.3 billion in revenue over a twelve-month period.

Louis Tung Jung Hsieh is a Chinese businessman and lawyer and the global chief financial officer (CFO) and director of Hesai Group, a company supplying three-dimensional light detection and ranging (LiDAR) solutions. Hsieh joined Hesai as CFO in April 2021 and became a director in June 2021. He helped take the company public on Nasdaq in February 2023, with an initial public offering (IPO) that was oversubscribed by approximately 20 times.

Verafin Inc. is a fraud detection technology and anti-money laundering software subsidiary of Nasdaq, Inc. based in St. John's, Newfoundland and Labrador, Canada. The company was established in 2003 by Jamie King, Brendan Brothers, and Raymond Pretty.

References

  1. 1 2 3 "Aspen Technology, Inc. (AZPN)" . Retrieved 6 January 2021.
  2. ↑ "Aspen Technology to re-list on Nasdaq". American City Business Journals . February 10, 2010.
  3. ↑ AspenTech Corporate Overview http://www.aspentech.com/corporate/press/media_kit.aspx Archived 2013-09-27 at the Wayback Machine
  4. ↑ Facts at a Glance http://www.aspentech.com/corporate/press/media_kit.cfm Archived 2008-04-30 at the Wayback Machine
  5. ↑ FAQs, Investor Relations website, Aspen Technology, Inc. Accessed 2024-01-11.
  6. ↑ FTC ruling on Hyprotech acquisition antitrust case "FTC Orders Aspen Technology, Inc. To Divest Assets from its 2002 Purchase of Hyprotech, Ltd". Archived from the original on 2008-06-02. Retrieved 2008-07-15.
  7. ↑ "The Law Firm of Lasky & Rifkind, Ltd. Announces Class Action Lawsuit against Aspen Technology, Inc" (Press release). November 15, 2004. Retrieved Jul 25, 2013.
  8. ↑ "Aspen to restate four years' results".
  9. ↑ "Aspen Technology Announces Completion of Audit Committee Investigation and Filing of Restated Annual Report with S.E.C."
  10. ↑ "Aspen ex-CEO pleads guilty, faces prison term". Reuters. 26 March 2007.
  11. ↑ "Aspen ex-CEO sentenced to 6-month house arrest". Reuters. 17 October 2007.
  12. ↑ "New headquarters: Aspen Technology moves to help employees", Control Engineering Staff, Control Engineering, October 25, 2007. Accessed 2024-01-11.
  13. ↑ Aspen Technology Announces New Corporate Headquarters, October 3, 2007, press release, Aspen Technology, Inc. Accessed 2024-01-11.
  14. ↑ Aspen Technology Notice of Delisting https://www.sec.gov/Archives/edgar/data/929940/000110465908026947/a08-12371_18k.htm
  15. ↑ Jackie Noblett (2010-02-10). "Aspen Technology to re-list on Nasdaq". Boston Business Journal.
  16. ↑ "AspenTech Opens New Global Headquarters in Bedford, MA", November 12, 2014, press release, Aspen Technology, Inc. Accessed 2024-01-11.
  17. ↑ "Aspen Technology Acquires Mnubo and Sabisu to Deliver Scalable AI-Driven Solutions for the Smart Enterprise". www.businesswire.com. 2019-07-12. Retrieved 2020-03-26.
  18. ↑ Releases, Business Wire News (2019-07-12). "Aspen Technology Acquires Mnubo and Sabisu to Deliver Scalable AI-Driven Solutions for the Smart Enterprise | Financial Post". Financial Post. Retrieved 2020-03-26.{{cite news}}: |first= has generic name (help)
  19. ↑ "ASPEN TECHNOLOGY AND WOOD FORM PARTNERSHIP TO DELIVER APM TECHNOLOGIES". Chemical Engineering. 10 September 2020. Retrieved 9 October 2020.
  20. ↑ Emerson and Aspen Technology Creating an Enhanced High-Performance Industrial Software Leader, presentation, Emerson and Aspentech, October 11, 2021. Accessed 2024-01-11.
  21. ↑ Aspen Technology Completes Emerson Transaction, Expanding High-Performance Global Industrial Software Leadership, May 16, 2022, press release, Aspen Technology, Inc. Accessed 2024-01-11.
  22. ↑ SEC filing, prospectus, rule 424(b)(3), Aspen Technology, Inc., file no. 333-262106, CIK number 0001897982, 2022-04-18. Accessed 2024-01-11.
  23. ↑ "AspenTech acquires inmation". www.aspentech.com. Retrieved 2023-10-26.
  24. ↑ "Aspen Technology Combines inmation Software and AIoT Hub to Advance Customers' Digital Transformation Strategies". www.businesswire.com. 2023-02-06. Retrieved 2023-10-26.
  25. ↑ AMR Research (2008-01-04). "Aspentech's Revamp and the Petroleum and Chemical Industries" (PDF). Archived from the original (PDF) on 2012-02-09. Retrieved 2008-04-14.
  26. ↑ Sharma, Gaurav. "AspenTech Boss Ups Asset Optimization Plays As Big Oil Goes Into Digital Overdrive". Forbes. Retrieved 2023-06-25.
  27. ↑ Boston Business Journal https://www.bizjournals.com/boston/blog/techflash/2013/05/aspentech-beats-estimates-in-q3-fusco.html


This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.