Aspen Technology Acquisition & Valuation

Aspen Technology was acquired by Emerson Electric for $17B in January 2025, a 15.3x multiple on $1.1B of revenue.

Aspen Technology acquisition price

$17B

Acquired by Emerson Electric · Jan 2025

Aspen Technology revenue at acquisition

$1.1B

Last twelve months · Jan 2025

Aspen Technology revenue multiple at acquisition

15.3x

EV/Revenue · Jan 2025

Aspen Technology EBITDA multiple at acquisition

34.3x

EV/EBITDA · Jan 2025

Aspen Technology Overview

About Aspen Technology

Aspen Technology is a Bedford, Massachusetts-headquartered provider of industrial software for asset-intensive industries worldwide. The company develops AspenTech suites for process simulation, optimization, and supply chain planning used by refineries, chemical plants, and engineering firms. Its solutions support digital twins in oil and gas, chemicals, and mining sectors from over 40 offices globally.


Founded

1981

HQ

United StatesUnited States

Status

Acquired

Customer focus

B2B

Revenue model

Licensing, Subscription

Revenue

$1.1B (Jan 2025)

Valuation

$17B (Jan 2025)

Aspen Technology Acquisition

Aspen Technology was acquired by Emerson Electric for $17B on 27 January 2025.

The acquisition price implies a 15.3x revenue and 34.3x EBITDA multiple on $1.1B of revenue.

Emerson Electric completed its acquisition of all outstanding shares of Aspen Technology on March 12, 2025, for $265.00 per share in an all-cash transaction valued at $7.2 billion for the minority stake and $17.0 billion for the total company on a fully diluted basis. Aspen Technology is an industrial software company focused on process optimization, predictive maintenance, energy efficiency, and digital transformation solutions for process-intensive industries. Emerson, a global leader in industrial automation and control systems, had previously acquired a 55% majority stake in Aspen Technology in 2022 through a combination of its OSI and Geological Simulation Software businesses with Aspen Technology, and this transaction represents the completion of that strategic partnership by acquiring the remaining 45% minority stake. The acquisition commenced with a tender offer on February 10, 2025, which resulted in the purchase of approximately 72% of Aspen's outstanding shares by March 11, 2025, followed by a merger that converted remaining non-tendered shares into the right to receive the same $265.00 per share cash consideration. The deal marks a key milestone in Emerson's portfolio transformation strategy and is consolidated into Emerson's Control Systems & Software segment. With an enterprise value of $16.8 billion, the acquisition enhances Emerson's industrial software capabilities and enables the delivery of comprehensive end-to-end automation solutions across the value chain, from sensors to the cloud, while supporting performance optimization and sustainability initiatives for customers in process-intensive industries.

Aspen Technology acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
27 Jan 2025Strategic M&A$17B15.3x34.3x

Aspen Technology Valuation

Aspen Technology is currently valued at $17B, based on its secondary sale in January 2025.

The $7.2B round was led by Emerson Electric.

Aspen Technology valuation by funding round

Aspen Technology valuation by funding round
DateStageValuationRevenue Multiple
Jan 2025Secondary$17B14.9x

Aspen Technology Revenue

Aspen Technology's latest recorded revenue is $1.1B, as of its secondary sale in January 2025. At a $17B valuation, that implies a 14.9x revenue multiple.

Aspen Technology revenue by funding round

Aspen Technology revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Jan 2025$1.1B$17B14.9xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Aspen Technology Funding History

Aspen Technology has 1 recorded secondary share sale and no primary funding rounds.

Aspen Technology funding rounds

Aspen Technology funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jan 2025SecondaryEmerson Electric (lead)$7.2B$17BAspen Technology, Inc. (AspenTech) is a global software leader providing solutions for asset design, operation, and maintenance in industries facing resource demands and sustainability challenges. Emerson Electric Co., which already owned approximately 57% of AspenTech's shares following a 55% majority investment in 2022, agreed on January 27, 2025, to acquire all remaining outstanding common shares not already owned by Emerson for $265.00 per share in an all-cash tender offer. The transaction valued the minority stake acquired at $7.2 billion and the total company at a fully diluted market capitalization of $17.0 billion, with an enterprise value of $16.8 billion. The tender offer commenced on February 10, 2025, expired on March 11, 2025, with approximately 72% of the remaining shares tendered, and the acquisition completed on March 12, 2025, through a subsequent merger, making AspenTech a wholly owned subsidiary of Emerson. Emerson financed the deal using cash on hand and debt, integrating AspenTech to advance software-defined control and enhance its automation portfolio for hybrid, process, and discrete manufacturers. AspenTech's common stock ceased trading on NASDAQ post-acquisition.

Who has invested in Aspen Technology?

1 investor has backed Aspen Technology across its funding rounds, including Emerson Electric.

Lead investors include Emerson Electric.


Aspen Technology Investors

Investors in Aspen Technology by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Aspen Technology

Aspen Technology has acquired 11 companies to date.

Last acquisition by Aspen Technology was on November 4th 2024. Aspen Technology acquired Open Grid Systems for $45M.


Latest Acquisitions by Aspen Technology

Open Grid Systems
Inmation
Micromine
OptiPlant
Description
Open Grid Systems is a Bristol-headquartered software firm delivering model-driven engineering tools for electrical power utilities. The company supports open standards like CIM and IEC 61850, providing simulation platforms and consultancy for smart grid integration across Europe and North America.
Inmation is a Karlsruhe-based provider of industrial IoT middleware for real-time data integration across PLCs, SCADA systems, and cloud platforms. Their uaGate hardware and software connect Siemens, Rockwell, and Schneider Electric devices, enabling analytics for manufacturing plants in Germany, the United States, and China.
Micromine is a Perth-headquartered developer of software for the mining industry spanning exploration, data management, resource estimation, mine design, planning, and production control. Founded in 1986, its multilingual platforms operate at thousands of sites globally with local expert support and ongoing enhancements from dedicated research teams.
OptiPlant is a software provider of AI-powered 3D conceptual design and automation tools for owner-operators and EPC firms in energy sectors, optimizing front-end engineering designs to lower capital costs, enhance safety, and minimize environmental effects.
HQ CountryUnited KingdomGermanyAustraliaUnited States
HQ City
Glasgow
Cologne
Perth
San Francisco, CA
Deal Date4 Nov 202424 Oct 202227 Jul 20229 Dec 2020
Valuation$45M$87M$623Mundisclosed
EV/Revenue
EV/EBITDA

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Aspen Technology Competitors

Aspen Technology competitors include listed companies like Baosight, Chrysos Corp., PSI Software and Hansen Technologies, and private ones like Celonis and Temporal Technologies.

Public and private companies comparable to Aspen Technology
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BaosightChinaChinaPublicly listed$1.6B$281M$5.9B3.2x
Chrysos Corp.AustraliaAustraliaPublicly listed$63M$19M$531M8.5x
PSI SoftwareGermanyGermanyPublicly listed$329M($7M)$836M2.5x
Hansen TechnologiesAustraliaAustraliaPublicly listed$275M$52M$491M1.9x
CelonisGermanyMunichPrivate$400M-$13B32.5x
Temporal TechnologiesUnited StatesSeattle, WAPrivate$250M-$13B50.2x

Aspen Technology Public Comps

Aspen Technology is no longer listed, but its public comps include PTC, Snap-on, Nextracker, Bentley Systems, Hexagon, Procore, Baosight, Topicus, ServiceTitan and Octave Intelligence.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
PTC$2.7B$1.1B5.8x5.8x14.0x11.8x
Snap-on$5.2B$1.4B3.7x3.9x13.2x13.0x
Nextracker$3.6B$747M3.2x2.9x15.3x12.9x
Bentley Systems$1.5B$429M7.1x6.5x24.7x18.0x
Hexagon$6.2B$1.7B4.2x5.0x15.2x14.0x
Procore$1.3B($3M)5.5x5.0x(2275.8x)20.2x
Baosight$1.6B$281M3.5x3.2x20.3x17.6x
Topicus$1.8B$393M3.4x3.0x15.3x10.6x

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Common questions about Aspen Technology

When was Aspen Technology founded?Aspen Technology was founded in 1981.
Where is Aspen Technology headquartered?Aspen Technology is headquartered in United States.
Is Aspen Technology publicly listed?No, Aspen Technology was acquired by Emerson Electric in January 2025.
Who acquired Aspen Technology?Aspen Technology was acquired by Emerson Electric in January 2025.
How much was Aspen Technology acquired for?Aspen Technology was acquired for $17B in January 2025, a 15.3x revenue multiple.
What is Aspen Technology's valuation?Aspen Technology was last valued at $17B in its secondary sale in January 2025.
Who are Aspen Technology's investors?Aspen Technology's investors include Emerson Electric.
What is Aspen Technology's revenue?Aspen Technology's latest recorded revenue is $1.1B (January 2025).
What is Aspen Technology's revenue multiple?Aspen Technology's latest valuation implies a 14.9x revenue multiple ($17B valuation on $1.1B of revenue).
Which companies are comparable to Aspen Technology?Companies comparable to Aspen Technology include Baosight, Chrysos Corp., PSI Software, Hansen Technologies, Celonis and Temporal Technologies.
How many companies has Aspen Technology acquired?Aspen Technology has acquired 11 companies, including Open Grid Systems, Inmation, Micromine, OptiPlant and Camo Analytics.
What was the largest acquisition by Aspen Technology?The $623M acquisition of Micromine in July 2022 is the largest acquisition Aspen Technology has made to date.

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