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Aspen Technology

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Aspen Technology, Inc.
AspenTech
Company typePublic company
Nasdaq: AZPN (1994–2008, 2010–)
Russell 1000 Index component
Industry
FoundedAugust 12, 1981; 43 years ago (1981-08-12)
Headquarters
Bedford, Massachusetts
,
United States
Key people
Antonio J. Pietri, CEO
Number of employees
1,466 (2018) Edit this on Wikidata
Websitewww.aspentech.com
Footnotes / references
[1]

Aspen Technology, Inc., known as AspenTech, is a provider of software and services for the process industries headquartered in Bedford, Massachusetts, United States. AspenTech has 35 offices around the world, on all continents (excluding Antarctica).

History

Founded in 1981, AspenTech was born out 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.[2][3]

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).[4] 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.[5]

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.[6] 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.[7] 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.[8][9]

Aspen Technology was delisted from the NASDAQ on February 19, 2008 for failing to meet financial transparency guidelines of the NASDAQ exchange.[10] In February 2010 the company was relisted on the NASDAQ exchange.[11]

In July 2019, Aspen Technology signed an agreement to acquire Montreal-based Mnubo Inc.[12][13]

Corporate turnaround

Under former CEO Mark Fusco, AspenTech executed a corporate turnaround strategy. Examples of steps taken during this period included:[14]

  • 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.[15]

References

  1. ^ "Aspen Technology to re-list on Nasdaq". American City Business Journals. February 10, 2010.
  2. ^ AspenTech Corporate Overview http://www.aspentech.com/corporate/press/media_kit.aspx Archived 2013-09-27 at the Wayback Machine
  3. ^ Facts at a Glance http://www.aspentech.com/corporate/press/media_kit.cfm Archived 2008-04-30 at the Wayback Machine
  4. ^ FTC ruling on Hyprotech acquisition antitrust case "Archived copy". Archived from the original on 2008-06-02. Retrieved 2008-07-15.{{cite web}}: CS1 maint: archived copy as title (link)
  5. ^ "The Law Firm of Lasky & Rifkind, Ltd. Announces Class Action Lawsuit against Aspen Technology, Inc". November 15, 2004. Retrieved Jul 25, 2013.
  6. ^ "Aspen to restate four years' results".
  7. ^ "Aspen Technology Announces Completion of Audit Committee Investigation and Filing of Restated Annual Report with S.E.C."
  8. ^ https://www.reuters.com/article/hold-aspentech-plea/aspen-ex-ceo-pleads-guilty-faces-prison-term-idUSN2639683720070326
  9. ^ https://www.reuters.com/article/aspen-mcquillin-sentence/aspen-ex-ceo-sentenced-to-6-month-house-arrest-idUSN1734537920071017
  10. ^ Aspen Technology Notice of Delisting https://www.sec.gov/Archives/edgar/data/929940/000110465908026947/a08-12371_18k.htm
  11. ^ Jackie Noblett (2010-02-10). "Aspen Technology to re-list on Nasdaq". Boston Business Journal.
  12. ^ "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.
  13. ^ 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". Retrieved 2020-03-26. {{cite web}}: |first= has generic name (help)
  14. ^ AMR Research (2008-01-04). "Aspentech's Revamp and the Petroleum and Chemical Industries" (PDF). Archived from the original (PDF) on 2012-12-14. Retrieved 2008-04-14.
  15. ^ Boston Business Journal https://www.bizjournals.com/boston/blog/techflash/2013/05/aspentech-beats-estimates-in-q3-fusco.html
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