Aspen Technology Announces Completion of Federal Trade Commission Settlement and Agreement with Honeywell
CAMBRIDGE, Mass.--(BUSINESS WIRE)--Dec. 23, 2004--Aspen Technology, Inc. (Nasdaq: AZPNE), a leading provider of process industry enterprise operations management solutions, today announced that the Federal Trade Commission (FTC) gave final approval to the consent decree settling its action against AspenTech and to Honeywell International as the acquirer of AspenTech's operator training business and intellectual property of the Hyprotech engineering products. Following the FTC's approval, AspenTech and Honeywell closed the transaction described in its news release dated October 6, 2004. This approval constitutes a complete and final settlement of all issues raised in the complaint brought by the FTC in July 2002.
"We are extremely pleased that this transaction has been completed and fully resolves our litigation with the FTC," said Charles Kane, Interim CEO and Chief Financial Officer of AspenTech. "This is a win-win solution for all parties involved. The FTC resolves its complaint; AspenTech is able to continue marketing, selling and developing all of its existing and planned engineering software products, with the exception of those used exclusively in the operator training business; and customers will receive the high level of products, services, support and innovation they have come to expect from AspenTech.
"By putting the FTC complaint behind us and with more than 350 software developers worldwide committed to driving new innovation, customers can invest confidently in AspenTech's integrated solutions for the enterprise operations management market. Our ability to provide broad solutions for the engineering, plant operations, and supply chain business processes that underpin their operations differentiates us in the industry, and enables us to provide real-time data to forecast and simulate the economic impact of operational decisions."
About Aspen Technology
Aspen Technology, Inc. provides industry-leading software and implementation services that enable process companies to use simulation models to increase efficiency and profitability. aspenONE, a new generation of software solutions from the Company, represents a major step forward in helping process manufacturers achieve their strategic operational excellence initiatives. The first comprehensive offering to address the demands of the Enterprise Operations Management (EOM) market, aspenONE provides companies with integrated systems that enable them to manage and optimize their operational performance. Over 1,500 leading companies already rely on the Company's software, including Aventis, Bayer, BASF, BP, ChevronTexaco, Dow Chemical, DuPont, ExxonMobil, Fluor, GlaxoSmithKline, Shell, and Total. For more information, visit www.aspentech.com.
CONTACT: Aspen Technology, Inc.
Joshua Young, 617-949-1274
SOURCE: Aspen Technology, Inc.