Business

Aspen Tech buys Montreal-based AI company Mnubo Inc. for $102 million

Montreal-based tech firm Mnubo Inc. has been snapped up by Aspen Technology Inc. for $102 million. Mnubo has been developing artificial intelligence and analytics infrastructure for industrial companies to deploy internet-connected equipment.

Montreal-based tech firm has been developing artificial intelligence and analytics infrastructure

Montreal-tech firm Mnubo has been developing artificial intelligence and analytics infrastructure for industrial companies to deploy internet-connected equipment. It has been acquired by Aspen Tech. (Pixabay/geralt)

Montreal-based tech firm Mnubo Inc. has been snapped up by Aspen Technology Inc. for $102 million.

Mnubo has been developing artificial intelligence and analytics infrastructure for industrial companies to deploy internet-connected equipment.

The technology allows companies like manufacturers to automatically monitor equipment to detect problems and improve efficiencies.

Aspen says the acquisition, set to close within five business days, will help it improve the next generation of solutions through artificial intelligence and machine learning.

Mnubo CEO Frederic Bastien, who co-founded the company in 2012, says the company's Montreal location has allowed the company to attract some of the best talent in the space.

Massachusetts-based Aspen says it has also acquired UK-based Sabisu Ltd., which specializes in data visualization and workflow solutions.