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Cambridge-based Aspen Technology Inc. last week announced the release of its newest application in style: with the signing of Citgo as one of its first major customers for its PetroVantage product.
Aspen Tech supplies software to the process industries, and has carved out a niche that last year led to annual revenues of about $380 million.
With the release of PetroVantage, the 21-year-old company is hoping to capitalize on streamlining processes for a potentially lucrative industry petroleum.
"The opportunity for companies to extract value using PetroVantage, from well head to gas pump, is substantial," said David McQuillin, Aspen Tech's chief operating officer and chief executive-elect. "The key part of this application is the trading and logistics capabilities."
McQuillin said that PetroVantage can save companies hundreds of thousands of dollars per day.
The application has been in pilot testing for the last eight months, with Citgo operating as- a pilot site.
The Tulsa, Okla., company announced it would deploy the PetroVantage across its entire enterprise to figure out cost-cutting measures and meet customer demands at 14,000 retail locations in 47 states. While the application isn't actually used at the...