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PROSPECTUS SUPPLEMENT NO. 7                     FILED PURSUANT TO RULE 424(b)(3)
TO PROSPECTUS DATED DECEMBER 10, 1998           REGISTRATION NO. 333-63439


                                   $86,250,000

                             ASPEN TECHNOLOGY, INC.

          5 1/4% CONVERTIBLE SUBORDINATED DEBENTURES DUE JUNE 15, 2005


     This Prospectus Supplement supplements the information we provided in our
December 10, 1998 Prospectus relating to our 5 1/4% Convertible Subordinated
Debentures due June 15, 2005 and the shares of our common stock that we must
issue upon conversion of those Debentures, and in our Prospectus Supplements No.
1, No. 2, No. 3, No. 4, No. 5 and No. 6. This Prospectus Supplement is not
complete without the supplemented Prospectus, and we have not authorized anyone
to deliver or use this Prospectus Supplement without the supplemented
Prospectus.

     In this Prospectus Supplement, we use capitalized terms that we defined in
the Prospectus. You should read the Prospectus to understand those terms. Unless
we indicate otherwise, the information in this Prospectus Supplement is as of
August 27, 1999.

     We are providing this Prospectus Supplement to update the following
information to the table in the Prospectus under the caption "Selling
Securityholders":
PRINCIPAL AMOUNT OF SHARES OF COMMON SHARES OF COMMON DEBENTURES BENEFICIALLY STOCK BENEFICIALLY STOCK BENEFICIALLY OWNED PRIOR TO THE OWNED PRIOR TO THE SHARES OF OWNED AFTER THE OFFERING AMOUNT OF OFFERING COMMON OFFERING ----------------------- DEBENTURES -------------------- STOCK ------------------ SELLING SECURITYHOLDER NUMBER PERCENT(1) OFFERED(2) NUMBER(3) PERCENT(4) OFFERED(3) NUMBER PERCENT(4) ---------------------- ------ ---------- ---------- --------- ---------- ---------- ------ ---------- Brookside Capital Partners Fund, L.P........... $2,275,000 2.6% $2,275,000 42,950 * 42,950 -- --
- ------------ * Less than one percent. (1) For purposes of this Prospectus Supplement only, we have calculated this percentage on the basis of $86,250,000 aggregate principal amount of Debentures outstanding on August 27, 1999. (2) This Selling Securityholder has indicated that it may offer all of the Debentures that it owns. As a result, no Debentures will be owned after the offering. (3) For purposes of this Prospectus Supplement only, we have calculated this number using the conversion rate described on the front cover page of the Prospectus. (4) For purposes of this Prospectus Supplement only, we have calculated this percentage on the basis of 25,169,382 shares of common stock outstanding on August 27, 1999. THE DATE OF THIS PROSPECTUS SUPPLEMENT IS AUGUST 31, 1999.