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Bentley Systems, Incorporated (symbol: BSY) is a global leader in providing comprehensive software solutions designed to support architects, engineers, geospatial professionals, constructors, and owner-operators in the design, construction, and operations of infrastructure. The company's offerings enable users to leverage information mobility across various disciplines and throughout the entire infrastructure lifecycle, ensuring better-performing projects and asset management.
Bentley's key products include MicroStation applications for information modeling, ProjectWise collaboration services for integrated project delivery, and AssetWise operations services to achieve intelligent infrastructure management. These solutions are complemented by Bentley's worldwide professional services and comprehensive managed services, ensuring robust support and service for users globally.
Bentley Systems is renowned for its strong commitment to its user community, delivering not just high-quality and integrated software solutions, but also pairing these products with exceptional service and support. The company offers a broad range of products via the cloud, desktop, and hybrid environments, catering to specific needs such as bridge and rail design.
Despite being relatively smaller than some of its peers, like Autodesk, Bentley Systems excels in its core specialty areas and has established a strong global presence. As of fiscal 2022, approximately 58% of the company's revenue was derived from outside the U.S., with significant contributions from regions such as EMEA (28%) and APAC (18%). The public works and utilities sector stands out as Bentley's largest end market, accounting for about two-thirds of the company's revenue.
With its focus on innovation and user-centric solutions, Bentley Systems continues to advance the infrastructure design and management industry, ensuring that its users can achieve unparalleled efficiency and performance in their projects.
Bentley Systems (BSY) has announced a quarterly dividend declaration. The company's Board of Directors has approved a $0.06 per share dividend for the fourth quarter of 2024. The dividend will be paid on December 12, 2024, to stockholders of both Class A and Class B common stock who are on record as of the close of business on December 3, 2024.
Seequent and the International Geothermal Association (IGA) have announced a strategic partnership to promote geothermal energy as a sustainable renewable energy source. Seequent's software currently supports over half of the world's geothermal electricity production. The partnership aims to build clear messaging for the industry and promote best practices, with Seequent becoming a Diamond Sponsor for the 2026 World Geothermal Congress.
The collaboration focuses on advancing geothermal energy's role in providing reliable baseload power, particularly for AI-enabled data centers. According to recent UN reports, geothermal energy has greater potential for mitigating emissions by 2035 than carbon capture, bioenergy, or reducing coal mining methane emissions. The European geothermal capacity could grow eight-fold by 2050, while the US Department of Energy predicts a 26-fold increase.
Bentley Systems (Nasdaq: BSY) reported its third quarter 2024 results, highlighting a 9.3% increase in total revenues to $335.2 million and a 12.0% rise in subscription revenues to $303.2 million. The company's ARR grew by 12% to $1,270.7 million. However, the operating income margin decreased to 20.5% from 24.0% last year. Net income per diluted share dropped to $0.13 from $0.16, while adjusted EPS increased to $0.24 from $0.22. Cash flows from operations improved to $86.1 million from $72.8 million. For the first nine months of 2024, total revenues were $1,003.3 million, up 9.3%, with subscription revenues at $907.8 million, up 12.4%. The company also announced a strategic partnership with Google and the acquisition of 3D geospatial company Cesium.
Blyncsy, a Bentley Systems (Nasdaq: BSY) company, has achieved the Google Cloud Ready - Sustainability designation in the Google Cloud Partner Advantage Program. The recognition comes for their AI-powered road maintenance and asset inventory technology, which helps state DOT agencies conduct automated roadway inspections using crowdsourced dash camera imagery and AI analytics.
The technology reduces carbon emissions by eliminating the need for manual road inspections, potentially removing thousands of pounds of carbon emissions annually per vehicle. Blyncsy's solution utilizes crowdsourced imagery from over 1 million vehicles, machine learning, and AI to provide intelligent roadway insights and automated asset management to local governments and state DOTs.
Blyncsy, a Bentley Systems (Nasdaq: BSY) company, has published a comprehensive public map of U.S. interstate highways displaying key roadway assets. The map utilizes AI image analysis of crowdsourced dash camera footage from over 1 million vehicles to detect more than 40 different road conditions and asset inventory issues in near-real time. This includes guardrail damage, missing signage, and road striping problems.
The system provides state DOTs with an efficient, cost-effective solution for monitoring highway safety and maintenance through an open API, offering advantages over traditional methods like LiDAR or manual road inspections. The data helps agencies better address safety, maintenance, and repair operations, particularly during natural disasters.
Bentley Systems announced the winners of the 2024 Going Digital Awards at their Year in Infrastructure event in Vancouver, Canada. The awards honor innovative use of Bentley software in infrastructure projects. 250 projects from 36 countries were nominated, with winners selected from 36 finalists across 12 categories.
Key winners include:
- JMT for Bridges and Tunnels
- Proicere for Construction
- Mott MacDonald and HDR for Facilities, Campuses, and Cities
- PowerChina Zhongnan Engineering for Process and Power Generation
- Department of Public Works and Highways for Roads and Highways
Additionally, Bentley recognized 16 projects with Founders' Honors, chosen by the company's founders to reflect their mission of advancing infrastructure for better quality of life.
Bentley Systems has announced the general availability of new Carbon Analysis capabilities in iTwin Experience to assess and reduce carbon impacts for more sustainable infrastructure. These capabilities enable infrastructure engineers to simplify carbon reporting, visualize embodied carbon, and rapidly explore alternatives for better designs.
The new features deliver a 'cradle-to-gate' assessment of a design's carbon footprint, from raw material extraction until it leaves the factory's gate. They seamlessly integrate design data with chosen carbon assessment tools, allowing professionals to link carbon footprints directly to design choices and see impacts dynamically change across iterations.
Key benefits include automated material quantification, easy reporting, and in-content 3D visualizations. WSP, an early user, reported significant time savings in creating carbon reports, reducing feedback loops from months to days.
Bentley Systems (Nasdaq: BSY) has unveiled OpenSite+, a groundbreaking generative AI application for civil site design. This innovative software promises to deliver optimized, accurate site designs up to 10 times faster than traditional methods. Key features include:
1. Enhanced Design Experience with Copilot: Enables real-time design changes through natural language interactions.
2. Layout Optimization: AI-powered design layout agent evaluates thousands of options in real-time.
3. Automated Drawing Production: Accelerates drawing production by up to 10 times with AI-powered annotation and labeling.
4. Smart Design Tools: Intelligent, editable objects for faster project completion.
OpenSite+ is built on Bentley's iTwin platform, ensuring seamless collaboration and data-centric workflows. Early adopter Joe Viscuso from Pennoni praised the software as a 'game-changer' for streamlining workflows and improving project completion times.
Bentley Systems unveiled its vision for open data ecosystems to advance infrastructure engineering at its Year in Infrastructure 2024 conference. CEO Nicholas Cumins emphasized the importance of open, flexible, and collaborative data sharing to address global infrastructure challenges. Bentley introduced its Base Infrastructure Schema, an open-source framework for structuring and organizing infrastructure data.
The company announced a partnership with Google to integrate geospatial data with Bentley's software, building on its recent acquisition of Cesium. Cumins highlighted AI as a paradigm shift for the industry, introducing OpenSite+ with generative AI capabilities and Bentley Asset Analytics, a new product portfolio leveraging AI for infrastructure asset management.
Bentley Systems has announced a strategic partnership with Google to integrate Google's high-quality geospatial content with Bentley's infrastructure engineering software and digital twin platform. This collaboration aims to improve infrastructure design, construction, and operation.
Key points of the partnership include:
- Integration of Google Maps Platform's geospatial content, including Photorealistic 3D Tiles, into Bentley software
- Collaboration with Google Cloud for AI-driven asset analytics insights
- Leveraging Bentley's recent acquisition of Cesium, creator of the 3D Tiles open standard used by Google
The partnership is expected to enhance digital workflows, address climate risk and aging infrastructure challenges, and improve project resilience and sustainability.
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