Industrial software provider Aspen Technology has agreed to buy Mnubo, a Canada-based internet-of-things (IoT) analytics platform developer backed by reinsurance group Munich Re, in deal reported by Business Chief to be worth C$102m ($78.2m).
Mnubo provides a software platform that helps product manufactures assess the performance of connected devices and services through a combination of data analytics, machine learning and artificial intelligence (AI) technologies.
In February 2018, HSB Group, a subsidiary of Munich Re, led Mnubo’s $13.4m series B round, investing alongside venture capital funds McRock Capital and White Star Capital, as well undisclosed additional investors.
The two venture capital funds had previously invested approximately $5m in the company’s 2015 series A round.
The acquisition of Mnubo follows Aspen’s purchase of Sabisu, a UK-based AI-powered digital workspace operator for the oil and gas, manufacturing and chemicals industries, last month.
The corporate now plans to tap into both startups to deploy AI-powered applications that are capable of visualising large quantities of information and analysed data.
Antonio Pietri, president and chief executive at Aspen Technology, said: “By bringing the deep domain expertise of AspenTech together with Mnubo AI-driven IoT expertise and Sabisu visualisation, we can deliver innovation that helps our customers drive greater value from their existing data at scale.
“The actionable insights from AI-powered applications will help AspenTech customers to achieve a truly smart enterprise. I am delighted to welcome the highly talented teams from both Mnubo and Sabisu to AspenTech.”