Aspen Technology Acquires SAST.CAMBRIDGE, Mass.--(BUSINESS WIRE)--Sept. 4, 1997-- AspenTech to incorporate dynamic analysis and operator training services into current offerings 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 Special Analysis and Simulation Technologies, Ltd., (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. SAST's net revenues for its fiscal year ended March 31, 1997, were approximately $5 million. Total consideration for the acquisition was $11 million, primarily in the form of common stock, accounted for as a pooling-of-interests transaction. 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. "SAST is a strategic acquisition that greatly strengthens our ability to deliver custom solutions based on the application of dynamic simulation," 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 will enable us to better serve the growing demand for operator training, online decision support solutions and improved plant operability Operability is the ability to keep a system in a functioning and operating condition. In a computing systems environment with multiple systems this includes the ability of products, systems and business processes to work together to accomplish a common task such as finding and . The outstanding SAST team of engineers brings expertise complementary to that of the AspenTech organization." AspenTech will retain the 55 employees of London, England-based SAST and will continue to base SAST-related activities out of the United Kingdom headquarters, as well as Fife, Scotland, and Denver, Colo. John Derbyshire
The SAST engineering team presently delivers custom dynamic simulators for use in operations, plant design, turn-key operator training applications, pipeline network management and modeling two-phase flow In fluid mechanics, two-phase flow occurs in a system containing gas and liquid with a meniscus separating the two phases. Historically, probably the most commonly-studied cases of two-phase flow are in large-scale power systems. . To date, SAST has completed more than 400 dynamic simulation projects for clients, demonstrating the company's capability to deliver high-quality software products and services. Over the next year, AspenTech plans to take advantage of its own sales and marketing strength and global presence to deliver the SAST solutions to a broader range of markets. The SAST installed base provides opportunities to sell AspenTech's other products in oil and gas, refining, petrochemical and power markets. AspenTech will continue to develop and support SAST's two software tools for implementing dynamic models in the project business. OTISS(TM), SAST's flagship dynamic simulation system, provides an environment for developing dynamic models. MUSIC, the company's multi-simulation configuration technology, enables models from different environments to work together. Dynamic models developed by SAST can be integrated with AspenTech's modeling, advanced control, optimization and production management solutions using MUSIC. Over the longer term, AspenTech plans to integrate the best capabilities of OTISS with AspenTech's existing SPEEDUP(R) and DynaPLUS(TM) products for dynamic simulation. The MUSIC system provides a framework for achieving this integration quickly in the short term. In the long term, AspenTech will develop a migration path to combine the technologies to produce best-of-breed products. In a separate release, AspenTech also announced today the acquisition of NeuralWare, Inc., a leading provider of 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 and tools. About AspenTech Aspen Technology, Inc., is a leading supplier of software and services for the analysis, design and automation of process manufacturing The manufacturing industry that uses process control systems. See process control. 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 SAST Special Analysis and Simulation Technologies, Ltd., (SAST) is an established specialist engineering consultancy company dedicated to providing the most comprehensive dynamic simulation services available. Founded in 1979, the company has grown to provide dynamic modeling solutions to customers worldwide in the oil and gas, refining, petrochemical and power markets. SAST has offices in the United Kingdom as well as a U.S. office in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . -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. DynaPLUS, AspenTech and the aspen leaf logo are trademarks and SPEEDUP is a registered trademark of Aspen Technology, Inc., Cambridge, Massachusetts This article is about the city of Cambridge in Massachusetts. For the English university town, see Cambridge, England. For other places, see Cambridge (disambiguation). Cambridge, Massachusetts is a city in the Greater Boston area of Massachusetts, United States. . OTISS is a trademark of Special Analysis and Simulation Technologies, Ltd. 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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