Aspen Technology acquires AI company Mnubo for $78mn

Mnubo enables industrial companies to assemble and deploy AI-driven IoT applications quickly, at enterprise scale

Antonio Pietri, president and CEO of Aspen Technology
Antonio Pietri, president and CEO of Aspen Technology

Aspen Technology, a global leader in asset optimisation software, has signed an agreement to pay $78mn to acquire Mnubo Inc., a Montreal-based provider of purpose-built artificial intelligence (AI) and analytics infrastructure for the Internet of Things (IoT).

"With the current pressures on margins, our customers need to yield higher outputs and drive higher efficiencies with existing assets," said Antonio Pietri, president and CEO of Aspen Technology. "When expertly applied, AI offers a significant competitive advantage in managing operations to the limits of performance without compromising safety.

Mnubo enables industrial companies to assemble and deploy AI-driven IoT applications quickly, at enterprise scale. The acquisition of Mnubo is expected to accelerate AspenTech’s vision for the next generation of asset optimisation solutions that combine deep process expertise with AI and machine learning. The acquisition is expected to close within the next five business days.

"The global adoption of AI and IoT technologies is powering the next wave of industrial-digital enterprises," said Frédéric Bastien, co-founder and CEO of Mnubo. "The Mnubo AI and analytics infrastructure was purpose-built to accelerate the digital transformation of traditional industries by democratising the power of artificial intelligence and machine learning..." 

In addition to deploying AI-powered applications, the ability to visualise vast quantities of information and analyse data is critical to the evolution of smart enterprise. To further enhance these capabilities AspenTech has acquired Sabisu Ltd., a UK-based company that provides a flexible enterprise visualisation and workflow solutions to deliver real-time decision support. AspenTech acquired Sabisu in June 2019.

“Sabisu can aggregate performance data from multiple sources, from historians to spreadsheets, from across the plant, country or world," said Tim Sharpe, co-founder and managing director of Sabisu. "When made available to engineering, operations, planning and maintenance teams, the comprehensive analysis can be used to significantly enhance uptime and efficiency. We are excited to join AspenTech and develop our technology to achieve actionable data insights that have been previously unobtainable." 

"By bringing the deep domain expertise of AspenTech together with Mnubo AI-driven IoT expertise and Sabisu visualisation, we can deliver innovation that helps our customers drive greater value from their existing data at scale," Pietro continued. "The actionable insights from AI powered applications will help AspenTech customers to achieve a truly smart enterprise. I am delighted to welcome the highly talented teams from both Mnubo and Sabisu to AspenTech."

The purchase price of the Mnubo transaction is agreed $78mn. Financial details for the Sabisu acquisition, which includes Argent & Waugh Ltd., are not disclosed.

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