AspenTech Acquires Mtell
October 27 2016 - 4:02PM
Business Wire
Will Add Predictive and Prescriptive
Maintenance Technology to aspenONE® Software; Extends Company’s
Asset Optimization Offerings
Aspen Technology, Inc. (NASDAQ: AZPN), a leading provider of
software and services to the process industries, announced it has
acquired Mtelligence Corporation (known as Mtell), a San Diego,
California-based pioneer in the field of predictive and
prescriptive maintenance for asset performance optimization.
Mtell products enable companies to increase asset utilization
and avoid unplanned downtime by accurately predicting when equipment failures will occur, understanding
why they will occur, and prescribing
what to do to avoid the failure.
The products provide a low-touch, rapidly deployable, end-to-end
solution that combines a deep understanding of operations and
maintenance processes, real-time and historical equipment data and
cutting-edge machine learning technologies. As a result, customers
can:
- Monitor the health of equipment, detect
early failure symptoms, diagnose their root-cause and recommend the
best responses to avoid the failure
- Continually learn and automatically
adapt to changing equipment and process behaviors
- Automatically share findings across a
network of similar equipment to improve the overall process
performance.
Some of the world’s largest process manufacturing companies use
Mtell software to detect and avoid failures well in advance of an
actual breakdown, optimizing the performance of their assets.
Customer results have shown significant benefits including improved
industrial safety, removal of risk, reduced failures, enhanced
productivity and increased profitability.
Mtell products include:
- Previse – Mtell’s flagship end-to-end
machine learning solution that monitors equipment health 24/7,
detects early indicators of degradation or failures, diagnoses the
root cause and prescribes responses that prevent breakdowns and
unplanned downtime.
- Basis – A connected condition
monitoring application that facilitates collaboration between
operations and maintenance organizations to determine the best
course of action for equipment alert conditions.
- Reservoir – A high performance,
scalable, big data repository that captures, manages and
synchronizes large volumes of time series, event and asset data
from multiple sources.
- Summit – A remote monitoring center
application for monitoring, analyzing and benchmarking asset
performance.
The purchase price of the transaction was $37M. Additional terms
are disclosed in AspenTech’s Quarterly Report on Form 10-Q for the
first quarter of Fiscal 2017 filed with the United States
Securities and Exchange Commission.
Supporting Quotes
Antonio Pietri, President & CEO, AspenTech
“The acquisition of Mtell delivers another essential piece in
support of our asset optimization strategy. The aspenONE® suite is
already the most comprehensive, integrated and easy-to-use
environment for optimizing the performance of process plants and
assets. Adding Mtell will enable us to provide predictive and
prescriptive maintenance capabilities that further differentiate
our offerings, creating additional value for our customers and
opening up new market opportunities.”
Paul Rahilly, Founder and CEO, Mtell
“Everyone at Mtell is excited to join the AspenTech team. Mtell
shares AspenTech’s vision for creating breakthrough technology that
generates the highest possible return over the lifetime of
industrial assets. I am especially excited about combining our
expertise in machine learning and maintenance workflows with
AspenTech’s leading innovative technology and dedicated sales and
customer success teams. We believe this will result in new and
exciting developments for Mtell customers as well as growth
opportunities for our employees.”
Supporting Resources
- Mtell web site
- aspenONE Engineering, Manufacturing and
Supply Chain solutions
- AspenTech YouTube channel
About AspenTech
AspenTech is a leading supplier of software that optimizes
process manufacturing – for energy, chemicals, engineering and
construction, and other industries that manufacture and produce
products from a chemical process. With integrated aspenONE
solutions, process manufacturers can implement best practices for
optimizing their engineering, manufacturing and supply chain
operations. As a result, AspenTech customers are better able to
increase capacity, improve margins, reduce costs and become more
energy efficient. To see how the world’s leading process
manufacturers rely on AspenTech to achieve their operational
excellence goals, visit www.aspentech.com.
© 2016 Aspen Technology, Inc. AspenTech, aspenONE and the Aspen
leaf logo are trademarks of Aspen Technology, Inc. All rights
reserved. All other trademarks are property of their respective
owners.
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version on businesswire.com: http://www.businesswire.com/news/home/20161027006673/en/
Media ContactAspenTechDavid Grip, +1
781-221-5273david.grip@aspentech.comorInvestor
ContactICRBrian Denyeau, +1
646-277-1251brian.denyeau@icrinc.com
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