Aspen Technology Inc. (AspenTech) (NASDAQ: AZPN) acquired from RtTech Software Inc. its Cipher Industrial Internet of Things (IIoT) edge connectivity software asset in December 2017.
AspenTech paid US $[mepr-active rule=”374″ ifallowed=”hide”]##Subscribe today to see our research on this and all other subscriber ONLY items##[/mepr-active][mepr-active rule=”374″]12 million for certain net assets, principally technology, from RtTech. The purchase price consisted of US $10.8 million of cash paid at closing and an additional US $1.2 million to be held back until December 2018 as security for certain representations, warranties, and obligations of the sellers.[/mepr-active]
RtTech’s former President & CEO, Keith Flynn, along with other key technology and sales contributors, joined Bedford, Massachusetts based AspenTech following the sale.
RtTech promoted Jeff Milton to President as the company continues to develop, support, and service its global customer base using its core suite of industrial apps for asset optimization and energy management called RtDUET and RtEMIS.
Co-founded by Flynn and Pablo Asirón, RtTech raised $3 million in Series A funding in February 2015 led by McRock Capital with participation of existing investor New Brunswick Innovation Foundation (NBIF).
photo credit: RtTech Software