CAMBRIDGE, Mass.--(BUSINESS WIRE)--Oct. 8, 1996--Aspen Technology, Inc. (NASDAQ:AZPN), today announced it has completed the acquisition of B-JAC International, Inc., a leading supplier of detailed heat exchanger modeling software, based in Richmond, Virginia.

AspenTech is a leading supplier of computer-aided chemical engineering, on-line automation, and process information management software and services to help process manufacturers operate closer to potential through the entire manufacturing lifecycle. AspenTech chairman and CEO Lawrence B. Evans said, "The addition of the B-JAC software to our modeling family allows AspenTech to tightly link the B-JAC tools with our powerful ASPEN PLUS(r) software to provide our customers a common model, from design through to the specifications with their equipment manufacturers. Since virtually every process plant requires heat exchangers, the B-JAC acquisition allows us to build upon our leadership in process modeling."

The B-JAC acquisition will be accounted for as a stock-for-stock pooling transaction, with AspenTech acquiring all of B-JAC's stock for $3.4 million. "We anticipate that the earnings per share impact of the acquisition will be non-dilutive for the current fiscal year, ending June 30, 1997," stated AspenTech executive vice president and chief financial officer Mary A. Palermo.

In a separate release, AspenTech also announced today the acquisition of Cambridge Control's process control division, a consulting group based in the UK specializing in process manufacturing control application for the refining, petrochemical and pulp and paper industries.
B-JAC information

B-JAC International, based in Midlothian (Richmond) Virginia, is a major supplier of detailed heat exchanger equipment modeling software tools. These allow exchanger design and analysis at both the thermal and mechanical levels.

Founded in 1970, B-JAC is known for its fast, reliable and easy-to-use software that could evaluate heat exchange equipment in detail. B-JAC's software conforms with industry standards, and is the leading supplier of this software in the Microsoft Windows(tm) environment. Prior to the acquisition B-JAC was privately held with more than 700 companies using their products worldwide. Sales in the fiscal year ended April 30, 1996 were $2.5 million.

About AspenTech

Aspen Technology, Inc. is a leading supplier of software and services for the analysis, design and automation of process manufacturing plants in industries such as chemical, petroleum, pharmaceuticals, electric power, pulp and paper, and metals. Process manufacturers use AspenTech's solutions to improve the way they design, operate and manage their plants. These solutions enable customers to reduce their raw material, energy and capital expenses, meet environmental and safety regulations, improve product quality and shorten the time required to get new production processes on stream. Headquartered in Cambridge, MA, AspenTech employs more than 1,000 people with offices in 12 countries worldwide. Revenues for fiscal 1996 increased 80 percent to $103.6 million, compared with $57.5 million in fiscal year 1995.