Chiyoda Expands Use of AspenTech's Process Engineering Solutions
CAMBRIDGE, Mass., Oct 23, 2006 (BUSINESS WIRE) -- Aspen Technology, Inc. (NASDAQ: AZPN), today announced that Chiyoda Corporation, Japan's leading engineering and construction firm, has signed a new multi-year license agreement for AspenTech's process engineering solutions. The agreement provides Chiyoda with increased access to a broad range of applications, including Aspen HYSYS(R), Aspen Plus(R), Aspen Icarus(TM) and Aspen Zyqad(TM). The applications will help Chiyoda deliver superior, cost-effective solutions to its customers in the gas processing, chemical and refining industries.
"The strong demand for Chiyoda's engineering and construction services, particularly in the gas processing sector, means that our engineers require tools that will help them work efficiently and collaborate effectively across the organization," said Mr. Takashi Kubota, Managing Director, Technology & Engineering , Chiyoda Corporation. "AspenTech's range of integrated process engineering applications provides our teams with a standard toolset which will enable them to improve their productivity and consistency, and further enhance the quality and value of the services we provide."
The new agreement builds on the existing relationship between the two companies by providing Chiyoda with access to an expanded range of AspenTech's process engineering technologies. The applications enable workflow-based solutions that are designed to increase engineering efficiency, and are used for key functions like designing and optimizing new processes, estimating, and the detailed engineering of process units. The agreement includes the Aspen Zyqad collaborative engineering platform which will help Chiyoda to streamline its engineering work processes and improve collaboration between both internal and external teams.
"Chiyoda is recognized as a leading supplier of engineering and construction services to the process industries," said Blair Wheeler, Senior Vice President, AspenTech. "The decision to expand their usage of AspenTech's engineering solutions reflects the value that these technologies deliver to engineering service providers and their clients, and will enable Chiyoda to maximize their engineering efficiency."
License revenue from this project was recognized in the fiscal quarter ended June 30, 2006.
Chiyoda Corporation, headquartered in Yokohama, Japan, provides services on a global basis in the field of engineering, procurement and construction for gas processing, refineries and other hydrocarbon and industrial plant projects, particularly for LNG, GTL and DME. For more information, visit www.chiyoda-corp.com.
Aspen Technology, Inc. provides industry-leading software and professional services that help process companies improve efficiency and profitability by enabling them to model, manage and control their operations. The new generation of integrated aspenONE(TM) solutions is aligned with the key industry business processes, providing manufacturers the capabilities they need to optimize operational performance, make real-time decisions and synchronize the plant and supply chain. Over 1,500 leading companies already rely on AspenTech's software, including Bayer, BASF, BP, Chevron Corporation, DuPont, ExxonMobil, Fluor, GlaxoSmithKline, Sanofi-Aventis, Shell and Total. For more information, visit www.aspentech.com.
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: AspenTech's plan to improve operational performance may not be implemented effectively; AspenTech has identified material weaknesses in its internal controls with respect to software license revenue recognition and other matters, that, if not remedied effectively, could result in material misstatements; risks around securities litigation and investigations; AspenTech's lengthy sales cycle makes it difficult to predict quarterly operating results; fluctuations in AspenTech's quarterly operating results; AspenTech's dependence on customers in the cyclical chemicals, petrochemicals and petroleum industries; the possibility of new accounting standards or the interpretation of existing accounting standards affecting our financial results; AspenTech's ability to raise additional capital as required; intense competition; AspenTech's need to develop and market products successfully; reliance on relationships with strategic partners; challenges associated with international operations; 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.
AspenTech, aspenONE, Aspen HYSYS, Aspen Plus, Aspen Icarus, Aspen Zyqad and the aspen leaf logo are trademarks of Aspen Technology, Inc., Cambridge, Mass.
SOURCE: Aspen Technology, Inc.
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