Montreal’s Mnubo acquired by Aspen Technology for $102m

Montreal’s IoT leader, Mnubo, acquired by US-based Aspen Technology for $102m CAD

Montreal-based Mnubo has been acquired by Massachusetts’ Aspen Technology, a maker of optimization software. This comes 18 months after Mnubo raised $16.5m in a series B round of investing. The acquisition transaction is valued at CAD $102m. Aspen Technology, last month, also acquired Sabisu, a UK-based company that provides flexible enterprise visualization and workflow solutions for real-time decision support.

Aspen Technology said Mnubo will be used to accelerate their asset optimization solutions, which will combine deep process expertise with AI and machine learning. The long-established Aspen Technologies helps its customers optimize the design, operation and maintenance of critical assets in complex, capital-intensive environments.

Established over seven years ago, Mnubo rapidly advanced in the Montreal tech space, achieving great success in helping clients to leverage rapidly evolving industrial IoT and had opened offices in Japan and seen gains in other foreign markets.

Frédéric Bastien, co-founder and CEO of Mnubo, said: “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 the industrial internet of things at enterprise scale, under the AspenTech umbrella.”

Jean-François Marcoux, managing partner and co-founder of White Star Capital – of which Mnubo is in their portfolio – said in a company blog post: “This is truly a success story of a Montreal AI company finding commercial success globally, as the announcement is a testament to White Star Capital’s commitment to the Quebec tech ecosystem.”