Aspen Technology, Inc.:
Currency Hedging Review
GROUP PAPER
Dibuat sebagai Tugas kelompok untuk memenuhi kewajiban mata kuliah
MSTA 725– Corporate Risk Management
Faculty Member:
Dr. Ida Juda Widjojo
Dipersiapkan oleh:
Alfian Manullang
Andre Simandjaja
Andreas
Dewi Yudho Miranti
Johanes Santosa
Metta Dharmasaputra
Wong Sin Yung
Overview
Aspen Technology, Inc. (AspenTech) is a company that specialized in the development of simulation software for customers in process manufacturing industries, particularly the chemical industry. Starting operate in 1982, with headquarters in Cambridge, Massachusetts, this company developed and marketed simulation software for customers in process manufacturing industries in over 30 countries. In 1995, 52% of AspenTech’s software license revenues came from customers outside the United States.
In October 1994, AspenTech went public in a $31 million initial public offering, which included a $18 million primary offering and a$13 million secondary offering. This corporate action was intended to finance further R&D, to acquire externally developed technologies, and to allow early investors to monetize their holdings in the company.
In February 1995, AspenTech conducted a $23 million public offering, which included a $1 million primary offering and a $ 22 million secondary offering. As of the fall of 1995, this company was the only of the firms that specialized in simulation programs for the chemical, petroleum, and petrochemical industries that was publicly traded, with a market capitalization of about $200 million.
AspenTech had grown very rapidly. Until 1995, this firm also had experienced many changes in its business, including the acquisition of a United Kingdom subsidiary. Although in the first year of its operations in 1982, AspenTech lost $565,000 on sales of $182,000, over the next 13 years, this company’s sales grew rapidly as it became a major player in the process simulation segment of...