BEDFORD, Mass.–(BUSINESS WIRE)–Aspen Technology, Inc. (NASDAQ: AZPN), a global leader in industrial software, announced today that its Board of Directors has authorized a new share repurchase program for up to $100 million of its outstanding shares of common stock in fiscal years 2023 and 2024, subject to the terms of the program.
The program includes an accelerated share repurchase (“ASR”) agreement with JPMorgan Chase Bank, National Association (“JPMorgan”), to repurchase up to $100 million of AspenTech’s common stock. The final settlement of the transactions under the ASR agreement is expected to take place in the first quarter of fiscal year 2024, subject to early acceleration by JPMorgan.
“Our primary capital allocation priority continues to be acquisitions that support our long-term strategic growth,” said Antonio Pietri, President and Chief Executive Officer of AspenTech. “However, our strong balance sheet and base of recurring cash flows also provide us with the opportunity to execute this buyback program, which is in line with our capital allocation strategy.”
About AspenTech
Aspen Technology, Inc. (NASDAQ: AZPN) is a global software leader helping industries at the forefront of the world’s dual challenge meet the increasing demand for resources from a rapidly growing population in a profitable and sustainable manner. AspenTech solutions address complex environments where it is critical to optimize the asset design, operation and maintenance lifecycle. Through our unique combination of deep domain expertise and innovation, customers in capital-intensive industries can run their assets safer, greener, longer and faster to improve their operational excellence. To learn more, visit AspenTech.com.
