Aspen Technology Acquires NeuralWare.CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sept. 4, 1997-- AspenTech to integrate neural network neural network or neural computing, computer architecture modeled upon the human brain's interconnected system of neurons. Neural networks imitate the brain's ability to sort out patterns and learn from trial and error, discerning and extracting technology into information management, advanced control and modeling solutions Aspen Technology Aspen Technology (NASDAQ: AZPN) provides software and professional services to the manufacturing and process industries which allows companies to model, manage, and control their operations. AspenTech was founded in 1981 by MIT professor Dr. , Inc., (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AZPN) announced today that it has acquired NeuralWare, Inc., a leading provider of neural network and related technologies. NeuralWare, based in Pittsburgh, Pa., provides neural network technology and tools in a variety of industries. The acquisition will be accounted for as a pooling-of-interests transaction. The 30 employees of NeuralWare will be retained by AspenTech and remain based in Pittsburgh. "This is a technology acquisition of enormous strategic value to AspenTech," said Larry Evans
Larry Melvyn Evans (born March 23, 1932) is an American chess grandmaster and journalist. He has won the U.S. Chess Championship four times. , chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AspenTech. "It provides us with state-of-the-art neural network technology that we will incorporate into our solutions for advanced control, process modeling and information management. The financial impact in fiscal 1998 is not material, but in the long-term broadens the range of problems that can be addressed using AspenTech solutions." "The merger with AspenTech allows NeuralWare to leverage the technology we have developed over the past 10 years. AspenTech is an ideal partner to see our extensive investment in modeling and process control solutions reach the marketplace. The merger also provides us the ability to continue to serve and support our traditional customer bases," observed Casey Klimasauskas, who will remain the chief technical officer. NeuralWare's neural network technology uses a sophisticated system of mathematical algorithms to analyze cause-and-effect relationships described by data. It creates a predictive empirical model for certain types of systems that cannot be modeled by traditional methods. For example, plant operators use neural net neural network also neural net n. A real or virtual device, modeled after the human brain, in which several interconnected elements process information simultaneously, adapting and learning from past patterns. Noun 1. tools to predict and monitor materials properties This is a list of materials properties. A materials property is an intensive, often quantitative property of a material, usually with a unit that may be used as a metric of value to compare the benefits of one material versus another to aid in materials selection. from plant operations data in certain situations where it is too costly to develop a theoretical model. These capabilities further strengthen plant operators' decisions, leading to a reduction in cycle time, reduced inventory and increased production of first-quality materials. NeuralWare's technology will be fully integrated with AspenTech's existing products, including DMCplus(TM) (advanced control), InfoPlus.21(TM) (information management) and ASPEN PLUS(R) (process design and optimization). Steve Ruzicka, who has been with AspenTech since 1987, will be heading this integration and managing the business. Ruzicka will relocate to Pittsburgh. "Our expertise in delivering advanced solutions by our team of more than 300 project engineers will be enhanced by employing this technology. The combination of neural nets neural nets - artificial neural network with our existing technologies creates a powerful solution," added Evans. "For example, neural networks can be installed in existing multi-variable control applications to improve our ability to calculate inferential in·fer·en·tial adj. 1. Of, relating to, or involving inference. 2. Derived or capable of being derived by inference. in properties and to provide tighter control of highly nonlinear processes such as grade transitioning in polymers manufacturing." In a separate release, AspenTech also announced today the acquisition of Special Analysis and Simulation Technologies (SAST SAST South Australia Standard Time (GMT+0930) SAST South African Standard Time SAST Scientific Assessment and Strategy Team (USGS) SAST Systems Administrator Simulation Trainer ), a global leader in dynamic simulation Dynamic Simulation is similar to a physics engine, the technology used in many powerful computer graphics software programs, like 3ds Max, Maya, Lightwave, and many others to simulate physical characteristics. and operator training services and applications. About AspenTech Aspen Technology, Inc., is a leading supplier of software and services for the analysis, design and automation of process manufacturing plants in industries such as chemical, petroleum, pharmaceuticals, electric power, pulp and paper, and metals. Process manufacturers use AspenTech's solutions to improve the way they design, operate and manage their plants. These solutions enable customers to reduce their raw material, energy and capital expenses, meet environmental and safety regulations, improve product quality and shorten the time required to get new production processes on stream. AspenTech employs more than 1,300 and is headquartered in Cambridge, Mass., with offices in 16 countries worldwide. About NeuralWare NeuralWare, Inc., a Pittsburgh, Pa.-based company, is the leading supplier and developer of neural network software Neural network software is used to simulate, research, develop and apply artificial neural networks, biological neural networks and in some cases a wider array of adaptive systems. for the development and deployment of innovative, intelligent, on-line solutions for commercial, industrial, government and scientific applications. -0- This press release contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include the risks set forth under the caption "Risk Factors" in Aspen Technology's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June 30, 1996, which factors are incorporated herein by reference. AspenTech, DMCplus, InfoPlus.21 and the aspen leaf logo are trademarks, and ASPEN PLUS is a registered trademark of Aspen Technology, Inc., Cambridge, Massachusetts. NeuralWorks Predict is a trademark and NeuralWorks is a registered trademark of NeuralWare, Inc. All other marks are trademarks of their respective owners. CONTACT: Aspen Technology, Inc. (USA) Toni Lee Rudnicki (617) 949-1472 tonilee.rudnicki@aspentech.com or Schwartz Communications, Inc. Christine Brodeur or Laura Kempke (617) 684-0770 cbrodeur@schwartz-pr.com |
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