Plant Solutions, an AspenTech partner since the companys inception in 2000, provides software and professional services for process companies in Australia, New Zealand and Papua New Guinea.
Plant Solutions focuses on process simulation and modeling, dynamic simulation, model deployment, performance management, heat exchanger network pinch analysis and distillation column targeting—key processes in oil and gas—and consulting and implementation services.
"This acquisition fits perfectly with our stated strategy of strengthening our presence in the important Asia-Pacific market," Antonio Pietri, senior vice president and managing director of Regional Operations - Asia Pacific for AspenTech, said in a statement. "Our customers in the region have come to expect access to a wide range of AspenTechs software and a high level of technical expertise from Plant Solutions, and were confident this will only increase with the full integration of Plant Solutions into AspenTech."
AspenTech made the news in January 2006 when criminal and civil charges were filed against David McQuillin, the companys former CEO, alleging securities fraud violations. Charges filed by the U.S. Attorney for the Southern District of New York and the Securities & Exchange Commission accused McQuillin of plotting to exaggerate the companys software revenues between January 2001 and September 2002.
Prosecutors in the criminal case against McQuillin alleged that in the heat of competition—as McQuillin, then chief operating officer, was vying for the CEO spot with another AspenTech COO—McQuillin tried to inflate revenues to meet the companys quarterly projections.
According to AspenTech, based in Cambridge, Mass, the transactions in question were originally reflected in the companys financial statements. Following a self-initiated investigation by AspenTechs audit committee, the transactions were restated in March 2005. The charges against McQuillin have not been settled; he is no longer with the company.