Aspen Technology, Inc. (Bedford, Ma.; www.aspentech.com) has acquired Mtelligence Corp. (Mtell), a San Diego, California-based pioneer in the field of predictive and prescriptive maintenance for asset performance optimization.
Mtell products enable companies to increase asset utilization and avoid unplanned downtime by accurately predicting when equipment failures will occur, understanding why they will occur, and prescribing what to do to avoid the failure.
The products provide a low-touch, rapidly deployable, end-to-end solution that combines a deep understanding of operations and maintenance processes, real-time and historical equipment data and cutting-edge machine learning technologies. As a result, customers can onitor the health of equipment, detect early failure symptoms, diagnose their root-cause and recommend the best responses to avoid the failure, continually learn and automatically adapt to changing equipment and process behaviors and automatically share findings across a network of similar equipment to improve the overall process performance.
Some of the world’s largest process manufacturing companies use Mtell software to detect and avoid failures well in advance of an actual breakdown, optimizing the performance of their assets. Customer results have shown significant benefits including improved industrial safety, removal of risk, reduced failures, enhanced productivity and increased profitability.
The purchase price of the transaction was $37 million. Additional terms are disclosed in AspenTech’s Quarterly Report on Form 10-Q for the first quarter of Fiscal 2017 filed with the United States Securities and Exchange Commission.