AspenTech Acquires Mtell

Aspen Technology, Inc., a leading provider of software and services to the process industries, announced it has acquired Mtelligence Corporation (known as Mtell), a San Diego, California-based pioneer in the field of predictive and prescriptive maintenance for asset performance optimization.

Mtell products enable companies to increase asset utilization and avoid unplanned downtime by accurately predicting when equipment failures will occur, understanding why they will occur, and prescribing what to do to avoid the failure.

“The acquisition of Mtell delivers another essential piece in support of our asset optimization strategy.  The aspenONE® suite is already the most comprehensive, integrated and easy-to-use environment for optimizing the performance of process plants and assets.  Adding Mtell will enable us to provide predictive and prescriptive maintenance capabilities that further differentiate our offerings, creating additional value for our customers and opening up new market opportunities.”Antonio Pietri, President & CEO, AspenTech

The products provide a low-touch, rapidly deployable, end-to-end solution that combines a deep understanding of operations and maintenance processes, real-time and historical equipment data and cutting-edge machine learning technologies.  As a result, customers can:

• Monitor the health of equipment, detect early failure symptoms, diagnose their root-cause and recommend the best responses to avoid the failure
• Continually learn and automatically adapt to changing equipment and process behaviors
• Automatically share findings across a network of similar equipment to improve the overall process performance.

Some of the world’s largest process manufacturing companies use Mtell software to detect and avoid failures well in advance of an actual breakdown, optimizing the performance of their assets.  Customer results have shown significant benefits including improved industrial safety, removal of risk, reduced failures, enhanced productivity and increased profitability.

Mtell products include:

Previse – Mtell’s flagship end-to-end machine learning solution that monitors equipment health 24/7, detects early indicators of degradation or failures, diagnoses the root cause and prescribes responses that prevent breakdowns and unplanned downtime.

Basis – A connected condition monitoring application that facilitates collaboration between operations and maintenance organizations to determine the best course of action for equipment alert conditions.

Reservoir – A high performance, scalable, big data repository that captures, manages and synchronizes large volumes of time series, event and asset data from multiple sources.

Summit – A remote monitoring center application for monitoring, analyzing and benchmarking asset performance.

“The acquisition of Mtell delivers another essential piece in support of our asset optimization strategy.  The aspenONE® suite is already the most comprehensive, integrated and easy-to-use environment for optimizing the performance of process plants and assets.  Adding Mtell will enable us to provide predictive and prescriptive maintenance capabilities that further differentiate our offerings, creating additional value for our customers and opening up new market opportunities.”Paul Rahilly, Founder and CEO, Mtell

The purchase price of the transaction was $37M.  Additional terms are disclosed in AspenTech’s Quarterly Report on Form 10-Q for the first quarter of Fiscal 2017 filed with the United States Securities and Exchange Commission.