Aspen Technology shareholders approve executive pay, elect directors

BEDFORD, MA – At the recent annual meeting of Aspen Technology, Inc. (NASDAQ:AZPN), a $15.77 billion market cap technology company whose stock is trading near its 52-week high after gaining 27% over the past six months, shareholders cast their votes on several key issues, including the election of board members and executive compensation. The meeting, which took place on December 17, 2024, saw all eight director nominees being elected to the board to serve until the next annual meeting in 2025.

The elected board members include Patrick M. Antkowiak, Thomas F. Bogan, Karen M. Golz, David J. Henshall, Ram R. Krishnan, Antonio J. Pietri, Arlen R. Shenkman, and Robert M. Whelan, Jr. Their election was confirmed with a majority of votes, with the detailed results indicating broad support for the slate of nominees.

In addition to the board elections, shareholders ratified the appointment of KPMG LLP as the company's independent public accounting firm for the fiscal year 2025. The decision was made with an overwhelming majority of votes in favor, showcasing confidence in KPMG's role as the company's auditor.

Another significant outcome of the meeting was the advisory approval of the compensation of Aspen Technology's named executive officers. This "say on pay" vote, though non-binding, reflects shareholder satisfaction with the company's executive compensation strategy.

According to InvestingPro analysis, the company maintains a "GOOD" overall financial health score and is scheduled to report its next earnings on January 22, 2025. As per the Securities Exchange Act of 1934, the company has duly reported these outcomes in a Form 8-K filed with the Securities and Exchange Commission on December 19, 2024.For investors seeking deeper insights into Aspen Technology's governance and financial metrics, InvestingPro offers comprehensive analysis through its detailed Pro Research Report, one of 1,400+ available for top US stocks.

In other recent news, Aspen Technology, widely known as AspenTech, has seen a steady increase in its annual contract value (ACV), reaching $941 million, a 9.4% year-over-year rise. This was disclosed during its Q1 2025 earnings call, where they also reported total bookings and revenue of $151 million and $216 million respectively. However, there was a temporary dip in free cash flow, which was marked as negative $6 million due to collection timing issues.

AspenTech has also announced the acquisition of Open Grid Systems to strengthen its Digital Grid Management suite. The company is targeting approximately 9% ACV growth and $340 million in free cash flow for fiscal 2025. In addition, Baird, a financial services firm, has increased its price target for AspenTech to $275 from the previous $250, maintaining an Outperform rating on the company's stock.

The company has formed a special committee to evaluate a recent proposal from Emerson (NYSE:EMR) Electric Co., which owns a 57.4% majority of AspenTech's outstanding common shares. The committee is comprised of three independent directors and has appointed Qatalyst Partners and Citi as independent financial advisors.

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