Emerson Electric Co. said it will merge its software business with rival Aspen Technology (AspenTech) in an $ 11 billion deal that will bring together both companies’ expertise in industrial software applications. It’s the latest move by Emerson to support the rapid growth of digitization in the power generation industry.

“We saw an attractive opportunity to accelerate our software strategy to capitalize on the rapidly evolving industrial software landscape and advance Emerson’s high-value portfolio journey,” Emerson CEO Lal Karsanbhai said in a statement Oct. 11. AspenTech shareholders will receive $ 87 a share in cash and 0.42 share of stock in the new company, the companies said Monday. Emerson will contribute $ 6 billion of cash to the new venture, taking a 55% stake.

“Our customers are increasingly seeking partners to help realize stronger performance as they automate workflows in their facilities to optimize operations,” said Karsanbhai. “New AspenTech will become an engine for both acquisition and organic growth.”

Emerson, a technology and engineering company based in Ferguson, Missouri, continues its efforts to become an industrial software supplier.…

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