AspenTech acquires IIoT assets of venture backed RtTech Software

Aspen Technology, Inc. (NASDAQ: AZPN) has acquired the Cipher Industrial Internet of Things (IIoT) cloud-native software and edge connectivity assets of RtTech Software Inc. Financial terms were not disclosed.

Keith Flynn, co-founder and President & CEO of RtTech, along with other key technology and sales contributors will join AspenTech.

Co-founded by Flynn and Pablo Asirón, RtTech in February 2015 raised $3 million in Series A funding led by McRock Capital with participation of existing investor New Brunswick Innovation Foundation (NBIF).

RtTech’s Cipher software delivers on the IIoT promise of affordable, high performance connectivity for old, new, local and remote assets, without having to rip out and replace existing IT/OT (information technology/operational technology) infrastructures or business systems.

The acquisition strengthens AspenTech’s asset optimization strategy by providing sophisticated cloud and edge processing technology that captures and aggregates critical data from assets throughout the plant and across the enterprise. This holistic view of every plant’s connected assets will extend the modeling and machine learning abilities of aspenONE® software to continually deliver accurate and actionable insights that optimize asset, plant and enterprise performance throughout the entire lifecycle.
With Cipher, customers can eliminate the challenge of having to build and maintain their own IIoT infrastructure to connect their assets to the enterprise. Using the latest IIoT technology, Cipher works with almost any commercially available edge device. It supports a wide range of industry-standard communication and security protocols, enabling thousands of remote and local assets and devices (wired or wireless) to be connected to Cipher’s cloud-based data store for advanced analytics and asset optimization across the enterprise.

Cipher is a cloud-native application with multitenant capabilities leveraging a modern architecture design, based on Microsoft’s Azure Internet of Things platform. Key current components include:

  • Cipher Portal: Used on-premise and in the Cloud to create a rich, aggregated data store of asset information for advanced analytics and asset optimization.
  • Cipher Connect: Used “at the edge” to collect, cleanse and analyze data from sensors and other data sources. Cipher Connect supports a wide range of communication protocols including MQTT, OPC UA, OPC DA, Modbus, BACnet, Ethernet IP, Allen Bradley and MT Connect for connecting almost any asset or device. Data collected by Cipher Connect can be written to a Cipher Portal on-premise or in a public or private cloud for advanced analysis and asset optimization. Data can also be written to enterprise systems such as historians, APM, EAM (enterprise asset management) and ERP (enterprise resource planning) for use in business analysis and applications.

“The acquisition of RtTech Software technology delivers another essential piece in support of our asset optimization strategy. RtTech provides best-in-class cloud-based software and IIoT connectivity, delivering capabilities that allow for data cleansing and local analytics at the edge. Combining RtTech’s capabilities with AspenTech APM software will offer our customers comprehensive solutions for Industrial IoT, Analytics and Machine Learning, with both on-premise and cloud-based deployment options,” said Antonio Pietri, President & CEO, AspenTech.

“We look forward to being a key part of AspenTech’s Asset Optimization strategy, leveraging our best-in-class Industrial IoT and cloud-based technologies. AspenTech will also provide us with the go-to-market capabilities to bring Cipher to a broader range of customers,” said Flynn.

photo credit: RtTech

Ted Liu

Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.