Aspen Technology- A Global Leader That Has Given Process Modeling And Optimization A New Direction.
Aspen Technology was formed in 1981 and its headquarters are currently based in Massachusetts, US. The company is mainly popular as AspenTech and it is famous all across the world for creating exceptionally good process modeling and optimization software. The demand for this type of software is high in several industries, especially where a lot of data is available but there are no first principle-based phenomenological models to use these data. The software of AspenTech helps several industries to model and do predictive analysis before installing heavy machinery or starting a production process physically. AspenTech has expanded its business across all the continents in the world except Antarctica.
About Aspen Technology
Aspen Technology has been thriving for the last four decades in the process industries. The products and services of the company are exclusively helpful for the chemical and mechanical industries where mechanical design is a very crucial part. Many educational institutions also buy software from Aspen to train students before jumping into a professional career. The company has more than 1,700 employees who are working from 30 locations across the globe. The main target of AspenTech is to maximize the efficiency of the companies, minimize waste generation with the help of optimization software, and deliver high returns over assets.
In the last four decades, ApenTech has also applied AI and ML to develop its software so that it can work more efficiently with data analytics. Recently, it has also expanded its services to offer software for industrial AI to achieve sustainability goals. The company has also established a partnership with Numaligarh Refinery Limited Partners such that the latter can achieve operational excellence. AspenTech has also received several awards like the Green Supply Chain Award, Best Modeling Technology, FIPI Digital Technology Provider of the Year, and many more.
History
AspenTech was founded as a result of a joint research project between MIT and the US Department of Energy. The latter granted the chemical engineers of MIT to go ahead with this research for innovation in the process industries. After a year AspenTech was formed, the company released its first product, Aspen Plus, and that today has become the number one software for chemical engineers for process modeling. Refineries are a very major part of the chemical industries and Aspen released the first planning software for refineries, Aspen PIMS in 1984. Ten years later the company filed its IPO and became a publicly-traded company listed on the Nasdaq Stock Market.
Aspen started acquiring other companies by the end of the 1990s and made a series of acquisitions (more than 25 good companies) to expand its horizon especially in making optimization software for various industries. In 2004, the company decided to release an integrated product suite, aspenONE that can be used across various sectors from engineering to supply chain processes. In 2006, the company established a new R&D center in Shanghai, China. 2009 was a big year for the company as it successfully launched the integrated suite aspenONE in nine different languages including Japanese, Portuguese, Russian, Spanish, Korean, Chinese, German, Italian, and French.
Success
With the expansion of the AspenTech market geographically, it started focusing on developing a product for companies of every size. So, in 2012 the company launched the aspenONE Desktop package so that the small and medium-sized companies can also use the software that is used by big multinational companies. In 2014, AspenTech was featured in Forbes as one of the World’s Most Innovative Growth Companies. To develop more AI-driven products, AspenTech acquired two companies, Mnubo and Sabisu in 2019. The company is currently researching to deliver products for a self-optimizing plant.
Antonio Pietri – CEO of Aspen Technology
Antonio Pietri is the CEO of AspenTech who joined the company in 1996 with the acquisition of Setpoint Inc. In 2002, he became the Vice President of Business Consulting in AspenTech followed by the Managing Director of the Asia-Pacific region. He became the CEO of the company in 2013. Pietri studied Chemical Engineering at the University of Tulsa followed by an MBA from the University of Houston.
Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more