Software company Aspen Technology (AspenTech) has acquired Montreal tech company Mnubo for CA$102mn (US$78.15mn)
Mnubo provides AI and analytics for IoT products, working with industrial companies to deliver at enterprise scale. AspenTech framed the acquisition as part of its ambition to bring AI and machine learning into its asset optimization solutions.
"The global adoption of AI and IoT technologies is powering the next wave of industrial-digital enterprises. The Mnubo AI and analytics infrastructure was purpose-built to accelerate the digital transformation of traditional industries by democratizing the power of artificial intelligence and machine learning. Our location in Montreal’s world-class AI ecosystem enables AspenTech to establish a Centre of Excellence for these cutting-edge technologies, and to attract some of the best talent in this space. We are very excited to continue to develop innovative AI solutions that target IIoT at enterprise scale, under the AspenTech umbrella,” said Frédéric Bastien, co-founder and CEO of Mnubo.
The deal was announced alongside the acquisition of the UK’s Sabisu, experts in information visualization, and was expected to close within 5 business days of July 12.
“With the current pressures on margins, our customers need to yield higher outputs and drive higher efficiencies with existing assets. When expertly applied, 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 AIpowered 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,” said Antonio Pietri, president and CEO of Aspen Technology.