Honeywell Process Solutions, in Phoenix, has announced a definitive agreement to acquire the intellectual property of the Hysys modeling software and the Operator Training Simulation (OTS) business from Aspen Technology, Inc., based in Cambridge, Mass.
With this acquisition, Honeywell says it reinforces its commitment to providing a comprehensive suite of advanced solutions for its customer base. Says Jack Bolick, president of Honeywell Process Solutions, “This acquisition not only allows us to obtain great new additions to our product portfolio, but we gain an incredible amount of process knowledge and experience from the new employees joining Honeywell. We are committed to ensuring a seamless transition of in-progress customer projects.”
The acquired technologies are expected to extend the capabilities of Honeywell’s Experion Process Knowledge System (PKS) by enhancing its ability to gather data from throughout the plant and couple it with the domain knowledge embedded in the Hysys models and advanced solutions. According to the company, turning data into knowledge will directly impact four main areas, resulting in: better process performance, better asset effectiveness, better business decision-making, and better operator effectiveness.
The terms of the transaction provide for a $6 million cash payment by Honeywell to AspenTech in consideration of a transfer of ownership of the intellectual property. Honeywell will assume $4 million of accounts receivable from AspenTech as part of the transaction.