Emerson's software units, AspenTech to merge in $11 billion deal
Information about Emerson's software units, AspenTech to merge in $11 billion deal
(Reuters) -Emerson Electric Co said on Monday it would merge its software units with smaller rival Aspen Technology in a deal for about $11 billion, boosting its industrial automation business that caters to a swathe of sectors ranging from utility and mining to chemicals and automotive.
The combined industrial software company will comprise Emerson’s grid modernization technology and geological simulation software, and AspenTech’s software offerings to mining, manufacturing, and pharmaceutical industries.
“We saw an attractive opportunity to accelerate our software strategy to capitalize on the rapidly evolving industrial software landscape,” Emerson Chief Executive Lal Karsanbhai said.
“Our customers are increasingly seeking partners to help realize stronger performance as they automate workflows.”
The merged entity’s software will also support sustainability needs in green energy markets such as biofuels, hydrogen and carbon capture, Emerson said.