Aspen Technology, Inc., known as AspenTech, is a provider of software and services for the process industries headquartered in Bedford, Massachusetts. AspenTech has 35 offices globally. Founded in 1981, AspenTech was born out a joint research project between the Massachusetts Institute of Technology (MIT) and US Department of Energy—called the Advanced System for Process Engineering (ASPEN) Project. On July 15, 2004, AspenTech was required by the Federal Trade Commission to make divestitures in regard to an anti-trust ruling against its acquisition of HyproTech. This included divestment of batch and continuous simulation systems and integrated engineering software business (AXSYS). In the same year, a class action lawsuit was filed against Aspen Technology and its certain officers over issuance of misleading statements and improper revenue recognition. More information...
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