Moncton’s RtTech Sells Cipher Product to Massachusetts Company
RtTech Software of Moncton has sold a key product to Bedford, Mass.-based Aspen Technology, providing a capital injection for the company and the growth of two operations in the Moncton area.
Aspen said in a statement Tuesday it purchased RtTech’s Cipher Industrial Internet of Things software and associated assets for an undisclosed price. The buyer will bring on board RtTech CEO Keith Flynn and seven other Moncton-based employees to continue with this business.
Meanwhile, RtTech itself will continue to build its business with the products it has been selling since the beginnings of the company six years ago.
“This is a phenomenal exit,” said Flynn in an interview this morning. “It had the unanimous approval of all our shareholders.”
Read more in Entrevestor.