AspenTech, provider of industrial software, announces the completion of its transaction with Emerson, including the addition of Emerson’s OSI Inc. and geological simulation software (GSS) businesses to AspenTech. As part of the close of the transaction, Emerson reportedly has contributed $6 billion in cash to AspenTech, which will be received by AspenTech shareholders, in exchange for a 55% stake in AspenTech. In addition, Emerson and AspenTech enter into a commercial partnership that will enable AspenTech to penetrate new and existing markets. The company says it now employs more than 3,700 people located in 62 offices across 41 countries.
Since its founding in the early 1990s, OSI has been focused on optimizing transmission and distribution systems for utility companies in the power industry, which places the company in the middle of the global electrification imperative, including managing the complexity created from a broader set of renewables and other power sources, according to AspenTech. The utilities and power market represents a new opportunity for AspenTech to cross-sell existing offerings into its industrial customer base.
The GSS business, which will now be known as subsurface science and engineering (SSE), reportedly allows AspenTech to provide an end-to-end offering for the oil and gas supply chain with an extension to the chemicals supply chain. There is also a long-term sustainability growth opportunity as companies continue to leverage subsurface technologies for carbon sequestration, geothermal and hydro energy, and mining of rare earth metals for applications such as electric vehicle batteries, according to AspenTech.
Read the entire news release at www.aspentech.com
