AspenTech acquires IoT and AI companies
Artificial intelligence, AI, means many different things, depending on the industry, use case and technological sophistication of the user. AspenTech, which makes chemical process design software as well as solutions that help process plants manage their assets more intelligently. Now, it’s getting into AI and data visualization as part of a bigger push into asset management and the Internet of Industrial Things.
The company announced two acquisitions today: Mnubo, which makes purpose-built AI and analytics platforms that enable companies to assemble and deploy AI-driven IoT applications at enterprise scale. AspenTech believes Mnubo’s technology will “accelerate the realization of AspenTech’s vision for the next generation of asset optimization solutions that combine deep process expertise with AI and machine learning”.
AspenTech also made public that it acquired Sabisu, maker of enterprise visualization and workflow solution this past June.
The company says the combo of Sabisu and Mnubo will enable it to deploy AI-powered applications and to visualize and analyze vast quantities of data, and to embed these technologies into existing and future products. “By combining first principle engineering models and deep process expertise with AI capabilities, these solutions will enable the automation of knowledge and data-driven decision-making for continuous improvement across the design, operation and maintenance lifecycle of industrial assets”, according to the press release.
Why do this? CEO Antonio Pietri says, “our customers need to yield higher outputs and drive higher efficiencies with existing assets … AI offers a significant competitive advantage in managing operations to the limits of performance without compromising safety. By bringing the deep domain expertise of AspenTech together with Mnubo AI-driven IoT expertise and Sabisu visualization, we can deliver innovation that helps our customers drive greater value from their existing data at scale. The actionable insights from AI-powered applications will help AspenTech customers to achieve a truly smart enterprise.”
AspenTech is spending Canadian $102 million (about US$80 million) for Mnubo. That acquisition is expected to close within the next five business days. Financial details for the Sabisu acquisition were not disclosed.