AspenTech Completes Emerson Transaction, Expanding High-Performance Global Industrial Software Leadership
May 16 2022 - 4:10PM
Business Wire
New, diversified company boasts broader scale,
capabilities and solutions
Aspen Technology, Inc. (NASDAQ:AZPN) (“AspenTech” or “the
Company”), a global leader in industrial software, today announced
the completion of its transaction with Emerson Electric Co.
(NYSE:EMR) (“Emerson”), including the addition of Emerson’s OSI
Inc. and Geological Simulation Software (GSS) businesses to
AspenTech. As part of the close of the transaction, Emerson has
contributed $6.0 billion in cash to AspenTech, which will be
received by AspenTech shareholders, in exchange for a 55% stake in
AspenTech. In addition, Emerson and AspenTech have entered into an
enhanced commercial partnership that will enable AspenTech to
penetrate new and existing markets. The Company now employs more
than 3,700 people located in 62 offices across 41 countries.
AspenTech offers customers a highly differentiated industrial
software portfolio with the capabilities to optimize the entire
asset lifecycle across a wide range of industry verticals. With
this new set of solutions, AspenTech is now increasingly well
positioned to help customers solve for the complexity of the dual
challenge: meeting the increasing demand for resources from a
rapidly growing population in a profitable and sustainable
manner.
“Industrial leaders are at the forefront of addressing the dual
challenge, and we are excited to apply our newly combined expertise
and innovation to help them achieve their sustainability and
profitability objectives,” said Antonio Pietri, President and CEO
of AspenTech. “Today, we are the ‘new’ AspenTech, offering our
customers even greater scale, capabilities and innovation, across a
diverse range of industries with the addition of OSI and GSS.”
Combined Company
Since its founding in the early 1990s, OSI has been focused on
optimizing transmission and distribution systems for utility
companies in the power industry, which places the company in the
middle of the global electrification imperative, including managing
the complexity created from a broader set of renewables and other
power sources. The utilities and power market represents a new
opportunity for AspenTech to cross-sell our existing solutions into
our industrial customer base.
The GSS business, which will now be known as Subsurface Science
and Engineering (SSE), allows AspenTech to provide an end-to-end
solution for the oil and gas supply chain with an extension to the
chemicals supply chain, ensuring a complete interlock from
reservoir to the gas station and into chemicals production. There
is also a long-term sustainability growth opportunity as companies
continue to leverage subsurface technologies for carbon
sequestration, geothermal and hydro energy, and mining of rare
earth metals for applications such as electric vehicle
batteries.
“We have received overwhelmingly supportive feedback from
customers who are excited about our new innovations and the
addition of leading technology unlocked through this transaction,”
added Pietri. “They already understand the benefits that this
combination will bring in helping them achieve higher levels of
efficiency and innovation to enhance business performance and meet
sustainability goals.
“We believe OSI and GSS customers will realize significant value
in partnering with AspenTech and benefit from our 40-year history
of innovation and software leadership in capital-intensive
industries. Particularly for those companies in the early phases of
digitalization, AspenTech can guide them through their journey,
leveraging our expertise from helping revolutionize the oil and gas
and chemical industries.”
For more information on the transaction, visit the AspenTech
transaction page.
About AspenTech
Aspen Technology, Inc. (NASDAQ: AZPN) is a global software
leader helping industries at the forefront of the world’s dual
challenge meet the increasing demand for resources from a rapidly
growing population in a profitable and sustainable manner.
AspenTech solutions address complex environments where it is
critical to optimize the asset design, operation and maintenance
lifecycle. Through our unique combination of deep domain expertise
and innovation, customers in capital-intensive industries can run
their assets safer, greener, longer and faster to improve their
operational excellence. To learn more, visit AspenTech.com.
© 2022 Aspen Technology, Inc. AspenTech and the Aspen leaf logo
are trademarks of Aspen Technology, Inc. All rights reserved.
Forward-Looking
Statements
Statements in this press release that are not strictly
historical may be “forward-looking” statements, which involve risks
and uncertainties, and AspenTech undertakes no obligation to update
any such statements to reflect later developments. These risks and
uncertainties include the scope, duration and ultimate impacts of
the COVID-19 pandemic and the Russia-Ukraine conflict, as well as
economic and currency conditions, market demand, including related
to the pandemic and oil and gas price declines and volatility,
pricing, protection of intellectual property, cybersecurity,
tariffs, competitive and technological factors, inflation, among
others, as set forth from time to time in the reports AspenTech
will file with the Securities and Exchange Commission (the “SEC”),
including annual reports on Form 10-K, periodic quarterly reports
on Form 10-Q, periodic current reports on Form 8-K and other
documents filed with the SEC. These risks, as well as other risks
associated with the transaction with Emerson, have been more fully
discussed in the Definitive Proxy Statement on Schedule 14A filed
with the SEC by AspenTech on April 18, 2022.
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version on businesswire.com: https://www.businesswire.com/news/home/20220516005927/en/
Media Contact Len Dieterle AspenTech +1 781-221-4291
len.dieterle@aspentech.com
Investor Contact Brian Denyeau ICR +1 646-277-1251
brian.denyeau@icrinc.com
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