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Aspen Technology Announces CFO Transition


BURLINGTON, Mass.--(BUSINESS WIRE)--Feb. 25, 2009-- Aspen Technology, Inc. (OTC: AZPN.PK), a leading provider of software and services to the process industries, today announced that Brad Miller will be leaving his post as chief financial officer in order to pursue other interests, effective February 26, 2009. The Company also announced that it has begun an executive search process to replace Mr. Miller, and that Mark Fusco will serve as interim chief financial officer pending completion of the search.

Mark Fusco, chief executive officer of AspenTech, stated “The Company and the Board would like to thank Brad for his service over the past two years, and for his efforts in getting the Company on file with its new independent auditing firm. With this important milestone achieved, we have a framework in place to help the Company complete its outstanding filing requirements. We wish Brad the best of luck in his future endeavors.”

Fusco added, “I believe the Company’s customer facing operations are executing at a high level, as evidenced by the solid license bookings performance in the most recent quarter and first six months of fiscal 2009. I am confident in the company’s ability to continue executing at a high level, and believe that today’s announcement will not impact our targets for bringing the company’s financial reporting current.”

About AspenTech

AspenTech is a leading global supplier of software that optimizes process manufacturing – including oil and gas, petroleum, chemicals, pharmaceuticals 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

© 2009 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.

Forward Looking Statements This press release may contain forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may vary significantly from AspenTech’s expectations based on a number of risks and uncertainties, including, without limitation: fluctuations in AspenTech’s quarterly revenues, operating results and cash flow; difficulty in predicting quarterly revenue levels and operating results due to AspenTech’s lengthy sales cycle; economic downturn in the highly cyclical oil and gas, chemicals, petrochemicals and petroleum industries from which AspenTech derives a majority of its total revenues; substantial damages and expenses AspenTech might incur as the result of securities and derivative litigation and government investigations based on AspenTech’s restatement of its consolidated financial statements due to AspenTech’s prior software accounting practices; a determination that AspenTech has failed to comply with its existing consent decree with the Federal Trade Commission; failure to remedy effectively material weaknesses identified by AspenTech in its internal control over financial reporting; risks associated with the delisting of AspenTech’s common stock from The NASDAQ Stock Market; failure to manage international operations effectively, or failure to address the challenges associated with transacting business internationally; competition from software offered by current competitors and new market entrants, as well as from internally developed solutions; failure to develop new software products or enhance existing products and services; new accounting standards or interpretations of existing accounting standards that could adversely affect AspenTech’s operating results; failure to develop or maintain strategic alliance relationships; failure to raise capital when needed; and other risk factors described from time to time in AspenTech’s periodic reports filed with the Securities and Exchange Commission.

AspenTech cannot guarantee any future results, levels of activity, performance, or achievements. AspenTech expressly disclaims any current intention to update forward-looking statements after the date of this press release.

Source: Aspen Technology, Inc.

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