Update: AspenTech acquisition of RtTech IIoT assets

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.

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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

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