By AECnews Staff
AspenTech and attorneys for the US Federal Trade Commission have jointly filed a proposed settlement that, if approved, would end the FTC’s ongoing complaint against AspenTech. Details of the settlement were not announced.
As a result of the settlement proposal, the administrative trial against AspenTech scheduled to begin July 30 will not occur.
AspenTech (Aspen Technologies, Inc., NASDAQ: AZPN) develops and sells software and implementation services for process engineering, including plant design. The FTC action began following AspenTech’s acquisition of Hyprotech in 2003. The FTC alleged that the merger of the two companies would significantly lessen competition for process and batch engineering design and simulation products, allegedly creating a monopoly situation in violation of federal law.
AspenTech says the proposed agreement would allow the continued sale of all of its software engineering products currently offered, including those acquired in the acquisition of Hyprotech. In announcing the proposed settlement, a company press release stated, “This proposed agreement would enable the company to resolve the FTC litigation on terms that it believes are favorable for its key stakeholders.”