AspenTech to acquire Hyprotech

Aspen Technology agreed May 10 to acquire Hyprotech (Calgary, Alberta, Canada) from U.K.-based AEA Technology for $99 million. AspenTech says that joining forces with Hyprotech will allow it to broaden and deepen its process simulation and engineering offering, and expand into the upstream petroleum market with applications for modeling oil and gas production.

06/01/2002


Aspen Technology agreed May 10 to acquire Hyprotech (Calgary, Alberta, Canada) from U.K.-based AEA Technology for $99 million. AspenTech says that joining forces with Hyprotech will allow it to broaden and deepen its process simulation and engineering offering, and expand into the upstream petroleum market with applications for modeling oil and gas production. In addition, the acquisition is expected to enhance the value of AspenTech's end-to-end petroleum solution by creating one, open, unified process modeling framework from upstream production to downstream refining and marketing.

Consequently, AspenTech adds that users will be able to create, standardize and re-use more optimal designs; reduce the time to evaluate and implement process improvements; and lower manufacturing costs. This unified modeling environment will enable customers with joint petroleum and chemicals businesses to make more consistent, profitable design and operating decisions.





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