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EXHIBIT 99.1
ASPEN TECHNOLOGY AUGMENTS BOARD OF DIRECTORS
NAMES STEPHEN BROWN, CHAIRMAN OF JOHN HANCOCK FINANCIAL SERVICES, AND STEPHEN
JENNINGS, DIRECTOR OF MONITOR GROUP AS NEWEST MEMBERS
CAMBRIDGE, Mass., June 26, 2000 /PRNewswire/ -- Aspen Technology, Inc. (Nasdaq:
AZPN), the leading provider of enterprise optimization and extended supply chain
solutions for the process industries, today announced that two new members will
join its Board of Directors, effective on July 1, 2000, the first day of its
fiscal year 2001. These individuals bring to AspenTech's Board extensive senior
executive and governance experience, as well as acknowledged expertise in
developing strategies and solutions to enhance corporate competitiveness.
Stephen L. Brown is Chairman of John Hancock Financial Services, Inc., and
served as Chief Executive Officer for the past eight years. Boston-based John
Hancock and its subsidiaries have more than $128 billion in assets under
management and over 9,700 employees in 7 countries. Prior to his position as
Chief Executive Officer, Brown served as President, as well as Chief Investment
Officer. Brown has been a member of the John Hancock board of directors since
1982 and has overseen the company's successful diversification into a broad
range of financial services businesses, as well as the recent transformation to
a publicly traded company. In addition to membership on many industry
association committees, as well as numerous civic, educational, and community
organization boards, Brown is a former director of the Federal Reserve Bank of
Boston, and serves as a director of Ionics, Incorporated, a trustee of
CareGroup, a trustee of the Alfred P. Sloan Foundation, and a member of the
executive committee of Massachusetts Capital Resource Company.
Stephen M. Jennings is a Director of the Monitor Group, where he is a member of
the Office of the Chairman and of the Consulting Group's Global Operating
Executive Committee. Monitor Group is a Boston-based family of professional
services firms dedicated to providing products and services that fundamentally
enhance the competitiveness of its clients, with more than 850 professionals in
25 offices around the world. Jennings joined Monitor as a consultant in 1988 and
was elected a Director in 1995. As a member of the Monitor management group,
Jennings currently has responsibility for North American operations. His client
relationships span a variety of industries, including pharmaceuticals, financial
services, consumer goods manufacturing, and primary metals, and his experience
includes development of corporate strategy, as well as enhancement of
shareholder value. Jennings presently serves as a director of LTX Corporation, a
Massachusetts-based semiconductor test equipment manufacturer.
The terms for both Brown and Jennings will expire at the Annual Meeting in 2002.
Their addition fills the board seat being vacated by Alison Ross, who is
retiring from Board service but will continue to serve as an advisor to
AspenTech, and increases the total number of directors to seven.
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"We are delighted to have attracted two such capable and experienced individuals
to join the AspenTech board," said Larry Evans, AspenTech Chairman and Chief
Executive Officer. "Steve Brown's stature and extensive senior management
experience will be invaluable, as we continue to consider a wide variety of
attractive investments in new programs, business models, and technologies. He's
been the CEO of a far larger, highly competitive enterprise, and I'm looking
forward to his counsel as we chart our strategy for continued growth. Steve
Jennings brings tremendous skills and vision, and keen understanding of the
business imperatives facing many of our customers. We are fortunate to be able
to draw upon his talent and knowledge as we plan new directions for AspenTech."
ABOUT ASPENTECH
Aspen Technology, Inc., is the leading supplier of integrated software and
solutions that enable process manufacturers to automate and optimize their
plants and extended supply chains, while enabling e-business. With deep process
knowledge, best-in-class technology, and strategic alliances with leading
business and technology partners, AspenTech offers the industry's broadest
family of scaleable solutions, allowing process manufacturers to achieve
competitive advantage in the Internet economy. AspenTech's Plantelligence(TM)
solutions automate and optimize critical business processes at the plant level.
AspenTech's Enterprise Optimization(TM) solutions extend the scope of
optimization across the enterprise and extended supply chain. AspenTech eSupply
Chain solutions enable manufacturers to link seamlessly to customers, suppliers
and on-line trading exchanges, creating a collaborative, flexible extended
enterprise. AspenTech employs more than 1,500 people worldwide. For more
information visit www.aspentech.com.
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Contact:
Lisa Zappala
Aspen Technology, Inc.
(617) 949-1387
