AspenTech acquires second McRock portfolio company

We have successfully exited our investment in mnubo, a Montreal-based Industrial Data Analytics & AI software company. AspenTech (NASDAQ: AZPN)  will acquire mnubo in a $102 million all cash transaction. This is the second company in McRock’s portfolio that AspenTech has acquired.
 
McRock initially invested in mnubo’s Series A financing in 2015 alongside White Star Capital. McRock invested further capital in mnubo’s 2018 Series B financing led by Munich-Re Ventures.  McRock’s Whitney Rockley has been a member of mnubo’s Board of Directors since McRock’s initial investment.
 
mnubo is widely considered one of the most innovative analytics companies. It helped ignite the AI movement in Canada and demonstrate that one analytics platform is capable of serving multiple markets including industrial ones. The acquisition of mnubo by AspenTech is further validation that we are building world-class tech companies that deliver exceptional returns to investors.
 
As part of todays’ announcement, AspenTech is opening a Montreal-based AI + IoT Center of Excellence to build on Montreal’s world-class AI talent pool. The majority of mnubo’s 60 employees are in engineering and data science. All mnubo employees are joining AspenTech and the business will continue to operate out of Montreal.

This is a huge win for the mnubo team, the Montreal AI ecosystem and McRock’s investors.

We have successfully exited our investment in mnubo, a Montreal-based Industrial Data Analytics & AI software company. AspenTech (NASDAQ: AZPN)  will acquire mnubo in a $102 million all cash transaction. This is the second company in McRock’s portfolio that AspenTech has acquired.
 
McRock initially invested in mnubo’s Series A financing in 2015 alongside White Star Capital. McRock invested further capital in mnubo’s 2018 Series B financing led by Munich-Re Ventures.  McRock’s Whitney Rockley has been a member of mnubo’s Board of Directors since McRock’s initial investment.
 
mnubo is widely considered one of the most innovative analytics companies. It helped ignite the AI movement in Canada and demonstrate that one analytics platform is capable of serving multiple markets including industrial ones. The acquisition of mnubo by AspenTech is further validation that we are building world-class tech companies that deliver exceptional returns to investors.
 
As part of todays’ announcement, AspenTech is opening a Montreal-based AI + IoT Center of Excellence to build on Montreal’s world-class AI talent pool. The majority of mnubo’s 60 employees are in engineering and data science. All mnubo employees are joining AspenTech and the business will continue to operate out of Montreal.

This is a huge win for the mnubo team, the Montreal AI ecosystem and McRock’s investors.