Montreal MNubo acquired for $102m

Mnubo, Montreal based startup, specializing in artificial intelligence , said it was being acquired by an American company, Aspen Technology.

Aspen Technology is also known as AspenTech, is a provider of software and services for the process industries headquartered in Bedford, Massachusetts which is near Boston. AspenTech has spent more than $100m to get mNubo. Mnubo was started in 2012 and employs about 50 employees mostly in Montreal. $100m is not that much money for AspenTech as it is publicly traded company with over $9.2 billion dollars in the market.

We have profiled Mnubo few years ago in our Canadian Startup profiles: Montreal Startup Mnubo Making Devices Smart.

Mnubo’s product is to analyze massive amount of data from different sensors. They specialize in agriculture and manufacturing. For example, just recently they were able to help reduce water consumption by 25% in the State of California.

Frédéric Bastien, co-founder and CEO of Mnubo, said in the company PR:

“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.”

Bastien is not new to this acquisition rodeo however. He has sold his previous company Blueslice Networks for $35m to another US company.

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