26 July 2004 00:01 [Source: ICB Americas]
Aspen Technology Inc.’s proposed consent decree to settle proceedings from its 2002 acquisition of Hyprotech Ltd., a supplier of process simulation and engineering software, has been accepted for public comment by the Federal Trade Commission.
Under the proposed settlement agreement, AspenTech agrees to sell its operator training services business and rights to the Hyprotech product line to an FTC-approved buyer. AspenTech retains rights to continue selling and developing all of the engineering software products from Hyprotech, such as the Hysys family of products, but not including Axsys and Otiss products. AspenTech has agreed to sell the Axsys product line to Bentley Systems, a deal which is expected to close shortly.
“We are very pleased to obtain this initial settlement agreement that would resolve the proceeding and eliminate the ongoing uncertainty and associated legal expenses of this case,” says David McQuillin, president and CEO of AspenTech. “Under the agreement, we would be able to continue to sell and develop our comprehensive offering of process industry software products, including key products we acquired with the acquisition of Hyprotech.”
The consent decree does not become final until the FTC issues its final approval following the public comment period. AspenTech would then be allowed to complete a sale to an FTC-approved buyer within 60 to 90 days. If the company cannot complete a transaction, the FTC may appoint a trustee to carry out the process.
In another news, AspenTech and Schlumberger Information Services have formed a five-year alliance to provide upstream oil and gas business with real-time software solutions.
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