Market Overview

AspenTech Acquires Fidelis Group, LLC

Share:
BEDFORD, Mass.--(BUSINESS WIRE)--

Aspen Technology, Inc. (NASDAQ: AZPN), a leading provider of software and services to the process industries, announced it has acquired Fidelis Group, LLC of Lake Jackson, Texas. Fidelis is a leading provider of asset reliability software that process industry companies use to predict and optimize asset performance. Customers use the software to mitigate risk and achieve significant capital expense savings and increased availability.

Many owner-operators mandate risk analysis for all large capital projects, typically those above five million dollars in capital spending. Asset reliability analysis is performed in these projects, to assess expected plant availability and mitigate risks that could disrupt plant production.

Fidelis Group offers two asset reliability software products, Fidelis Titan 2 and Fidelis WST:

  • Owner-operators in chemicals, upstream, refining and power use Fidelis Titan 2 as a discrete event simulation tool for asset reliability modeling, to optimize designs, debottleneck existing assets and increase availability. Engineering & Construction companies also use Titan 2 to evaluate process reliability and availability required to meet their design guarantees. Customers using Titan 2 can achieve capital expense savings by optimizing redundancy systems and intermediate storage, while ensuring high plant availability.
  • Fidelis WST is a Warehouse Spare Part Sufficiency Tool that optimizes parts stocking strategies to ensure high availability, while reducing spare part inventory costs that can represent tens of millions of dollars in capital expense.

The aspenONE® suite provides market leading process engineering, manufacturing, and supply chain optimization capabilities. The addition of Fidelis Group asset reliability capabilities will eventually enable AspenTech to offer the process industry's first process optimization software that includes reliability modeling -- for more reliable designs, higher plant availability, reduced CAPEX and improved plant operations throughout the asset lifecycle.

The acquisition supports AspenTech's increased focus on asset optimization, by enabling customers to optimize the design, operation and maintenance of their assets throughout the asset lifecycle.

Terms of the transaction were not disclosed.

Supporting Quotes

Antonio Pietri, President & CEO, AspenTech
"The aspenONE suite is the most comprehensive, integrated and easy-to-use environment for process optimization. Adding Fidelis Group's leading technology will enable AspenTech to provide asset reliability capabilities that are critical for effective risk mitigation in process plants. Asset reliability is also an essential piece of a holistic approach to asset optimization. We will continue to work with our customers to maximize the highest possible financial return over the lifetime of their process industry assets."

Supporting Resources

About AspenTech

AspenTech is a leading supplier of software that optimizes process manufacturing – for energy, chemicals, pharmaceuticals, engineering and construction, and other industries that manufacture and produce products from a chemical process. With integrated aspenONE solutions, process manufacturers can implement best practices for optimizing their engineering, manufacturing and supply chain operations. As a result, AspenTech customers are better able to increase capacity, improve margins, reduce costs and become more energy efficient. To see how the world's leading process manufacturers rely on AspenTech to achieve their operational excellence goals, visit www.aspentech.com.

NOTE: Aspen Technology may provide information regarding possible future product developments including new products, product features, product interfaces, integration, design, architecture, etc. that may be perceived to represent "product roadmaps." Any such information is for discussion purposes only and does not constitute a commitment by Aspen Technology to do or deliver anything in these product roadmaps or otherwise. Any such commitment must be explicitly set forth in a written contract between the customer and Aspen Technology, executed by an authorized officer of each company.

© 2016 Aspen Technology, Inc. AspenTech, aspenONE and the Aspen leaf logo are trademarks of Aspen Technology, Inc. All rights reserved. All other trademarks are property of their respective owners.

Media
AspenTech
David Grip, +1 781-221-5273
david.grip@aspentech.com
or
Investors
ICR
Brian Denyeau, +1 646-277-1251
brian.denyeau@icrinc.com

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com