Aspen Technology completes acquisition of Setpoint; Previously announced acquisition strengthens, extends AspenTech's on-line automation and information management product offerings.CAMBRIDGE, Mass.--(BUSINESS WIRE)--Feb. 20, 1996 -- 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) today reported that it has completed its previously announced acquisition of Setpoint, Inc., a leading supplier of on-line automation and information management software and services to the process manufacturing The manufacturing industry that uses process control systems. See process control. industries. Setpoint posted revenues of approximately $45 million for the year ended December 31, 1995. AspenTech purchased all of the stock of Setpoint for approximately $26.3 million (subject to certain downward post-closing adjustments). "I am very pleased that we were able to complete the acquisition of Setpoint in such a short period of time," explained 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. , AspenTech's chairman and chief executive officer. "As we announced in January, it is part of AspenTech's strategy to expand our business from primarily off-line research and development applications to include on-line production applications. The completed Setpoint acquisition and the January 1996 acquisition of Dynamic Matrix Control Corporation will ensure AspenTech's position as a leader in the process information management, advanced control and optimization markets. We now will be able to provide our customers with a comprehensive integrated technology that uses consistent models across the life-cycle of a process for better analysis and implementation of controls." AspenTech has worked with Setpoint in a strategic alliance to deliver process optimization Process optimization is the practice of making changes or adjustments to a process, to get results. Optimization is the use of specific techniques to determine the most cost effective and efficient solution to a problem or design for a process. solutions since 1993. Setpoint, formerly a subsidiary of Alcatel Alsthom (France), was founded in 1977 as one of the first independent firms to provide advanced automation systems to the process industries. Setpoint is headquartered 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 , and has 435 employees. In a separate release today, AspenTech announced that it has settled all pending legal claims between Dynamic Optimization Technology Products, Inc. and its principals, A.M. Morshedi and Jeffrey Renfro, and Dynamic Matrix Control Corporation (DMCC DMCC Dubai Multi Commodities Centre DMCC Data Management and Coordinating Center DMCC Data Management Coordinating Committee DMCC Diploma in the Medical Care of Catastrophes DMCC Division Movement Control Center DMCC Depot Maintenance Control Center ) and its founder Charles Cutler Sir Charles Benjamin Cutler, KBE, ED (20 April 1918 - 23 September 2006) was an Australian politician, holding office for 28 years as an elected member of the New South Wales Legislative Assembly, who served as NSW Deputy Premier for 10 years and Country Party leader for 16 years. . Separately, AspenTech acquired A.M. Morshedi's 19 percent equity ownership of DMCC for $3 million. 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 is headquartered in Cambridge, Massachusetts, with offices in eight countries worldwide. CONTACT: Mary A. Palermo Aspen Technology, Inc. (617) 577-0100 |
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