Benzinga | May 12, 2021 12:21PM EDT

Aspen Technology Is Exploring Minority Stake Divestment: Bloomberg

* Industrial software company Aspen Technology Inc (NASDAQ: AZPN) is exploring options for a potential minority stake sale involving large industrial firms and buyout funds, Bloomberg reports.

* Aspen manufactured software for companies in chemicals, manufacturing, energy, metals, and mining industries.

* Big industrial companies had considered Aspen as a potential acquisition target.

* Aspen's high price expectations and management reluctance prevented it from becoming a full acquisition target.

* Last year, AVEVA Group PLC (OTC: AVEVF) (OTC: AVVYY) agreed to acquire industrial software maker Osisoft for $5 billion. Emerson Electric Co (NYSE: EMR) agreed to buy Open Systems International Inc for $1.6 billion.

* In 2018, Rockwell Automation Inc (NYSE: ROK) agreed to make a $1 billion equity investment in industrial software company PTC Inc (NASDAQ: PTC) as part of a strategic partnership.

* Last December, Honeywell International Inc (NYSE: HON) agreed to acquire Sparta Systems for $1.3 billion to gain life sciences industry technology. Honeywell decided to transfer its listing to the Nasdaq to emphasize its technology focus.

* Price action: AZPN shares traded higher by 1.3% at $139.3 on the last check Wednesday.