Aspen Technology, Inc., known as AspenTech, is a provider of software and services for the
process industries
Process manufacturing is a branch of manufacturing that is associated with formulas and manufacturing recipes, headquartered in
Bedford, Massachusetts
Bedford is a town in Middlesex County, Massachusetts, United States. The population of Bedford was 14,383 at the time of the 2020 United States Census.
History
''The following compilation comes from Ellen Abrams (1999) based on information ...
. AspenTech has 35 offices globally.
History
Founded in 1981, AspenTech was born out a joint research project between the
Massachusetts Institute of Technology
The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the ...
(MIT) and
US Department of Energy
The United States Department of Energy (DOE) is an executive department of the U.S. federal government that oversees U.S. national energy policy and manages the research and development of nuclear power and nuclear weapons in the United State ...
—called the Advanced System for Process Engineering (ASPEN) Project.
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). 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
The revenue recognition principle is a cornerstone of accrual accounting together with the matching principle. They both determine the accounting period in which revenues and expenses are recognized. According to the principle, revenues are recog ...
.
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.
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. 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.
Aspen Technology was delisted from the NASDAQ on February 19, 2008 for failing to meet financial transparency guidelines of the NASDAQ exchange. In February 2010 the company was relisted on the NASDAQ exchange.
In July 2019, Aspen Technology signed an agreement to acquire Montreal-based Mnubo Inc.
In September 2020, Aspen Technology has partnered with Wood (Aberdeen, Scotland). The collaboration will allow Aspen's Mtell clients to create foretelling strategies focused on industrial AI and machine learning.
Corporate turnaround
Under former CEO
Mark Fusco
Mark Edward Fusco (born March 12, 1961) is an American former professional ice hockey player who appeared in 80 National Hockey League (NHL) regular season games for the Hartford Whalers in 1984–85. As an amateur, Fusco won the Hobey Baker Awar ...
, AspenTech executed a corporate turnaround strategy. Examples of steps taken during this period included:
* 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
Burlington may refer to:
Places Canada Geography
* Burlington, Newfoundland and Labrador
* Burlington, Nova Scotia
* Burlington, Ontario, the most populous city with the name "Burlington"
* Burlington, Prince Edward Island
* Burlington Bay, no ...
,
; Manufacturing and Supply Chain Center of Excellence in
Houston
Houston (; ) is the most populous city in Texas, the most populous city in the Southern United States, the fourth-most populous city in the United States, and the sixth-most populous city in North America, with a population of 2,304,580 in ...
,
Texas
Texas (, ; Spanish language, Spanish: ''Texas'', ''Tejas'') is a state in the South Central United States, South Central region of the United States. At 268,596 square miles (695,662 km2), and with more than 29.1 million residents in 2 ...
; Quality Assurance Center in
Shanghai
Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flow ...
,
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
.
* 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]
References
External links
*
* https://www.bostonglobe.com/business/2012/10/01/nashua-expansion-marks-long-comeback-for-aspen-technology/yRKcfeQXDMHNrTDvSmIXJK/story.html (2012)
MES software
Software companies based in Massachusetts
Companies based in Bedford, Massachusetts
Software companies established in 1981
1981 establishments in Massachusetts
Software companies of the United States
1981 establishments in the United States
Companies established in 1981
2022 mergers and acquisitions
Companies listed on the Nasdaq
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