AspenTech makes industrial software for asset-intensive industries — primarily oil & gas, refining, chemicals, and utilities. Customers use AspenTech's software to design, operate, and maintain complex industrial assets like refineries, chemical plants, and electrical grids. AspenTech sells directly to large industrial companies through an enterprise field sales force, with implementation handled by third-party partners. The company operates through four software suites: Engineering (process simulation and design tools), Manufacturing & Supply Chain (real-time planning and optimization for refiners and chemical plants), Asset Performance Management (predictive maintenance), and Digital Grid Management, or DGM (SCADA, grid optimization, and outage management for utilities). Heritage AspenTech accounts for roughly 87% of total Annual Contract Value, or ACV — the annualized value of all active contracts — which is AspenTech's primary business metric. Most revenue comes from multi-year term software licenses, producing a recurring, subscription-like revenue stream. A key feature of AspenTech's pricing model is tokenization: customers buy a pool of tokens for a suite and allocate them across any product within it, reducing friction for trying new tools and supporting upsell. DGM is AspenTech's fastest-growing suite, benefiting from global grid modernization and renewable energy integration. Emerson, which owns a majority stake in AspenTech, provides a distribution channel into adjacent industrial markets like pharma and metals, where AspenTech has historically had limited presence.