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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 (Nasdaq:BSY) reported Q3 2021 revenues of $248.5 million, a 23.7% increase year-over-year. Adjusted revenues rose to $251.4 million, with subscription revenues also up by 24% at $212.2 million. Despite a GAAP net loss of $50.1 million due to a one-time compensation charge, adjusted net income reached $56.3 million. Annualized Recurring Revenue (ARR) stood at $903.8 million, reflecting a 26% growth. The company projects continued growth as infrastructure spending increases, despite challenges from ongoing CAPEX downturns in industrial sectors.
Bentley Systems (Nasdaq: BSY) has announced key executive promotions effective January 1, 2022.
Bentley Systems (Nasdaq: BSY) has announced the global expansion of its Bentley Education program, providing free access to over 60 software applications for students and educators. This initiative targets middle schools to universities, aimed at developing digital skills for future infrastructure professionals. Since its pilot launch in May 2021, the program attracted over 500,000 users. The Bentley Education portal offers comprehensive training resources and industry insights, aligning with the growing demand for skilled workers in infrastructure.
SewerAI, a leader in sewer condition assessment, has secured $1.5 million in a venture funding round from Bentley Systems through the Bentley iTwin Ventures Fund. This funding aims to enhance SewerAI's AI-based solutions for sewer inspections. The company's cloud platform, AutoCode™, improves the efficiency and accuracy of inspections, addressing a critical need in managing aging sewer infrastructure. With the support of Bentley, SewerAI will further develop its offerings, contributing to environmental health by aiding municipalities in complying with regulations like the Clean Water Act.
Bentley Systems (Nasdaq: BSY) has announced the release date for its third quarter 2021 operating results, which will occur on November 9, 2021, before market opening. A live webinar will be held on the same day at 8:15 a.m. EST. Additionally, key executives will participate in two investor conferences: the JP Morgan Digital Twin Seminar on November 11 and the Nasdaq International Investor Conference on November 30. Bentley Systems specializes in infrastructure engineering software, providing solutions for various sectors.
Bentley Systems (NASDAQ:BSY) has partnered with Strides Engineering to promote a rail predictive maintenance solution in the Asia Pacific region. This collaboration follows the successful implementation of a Predictive Decision Support System (PDSS) for Singapore's MRT North-South and East-West lines, improving reliability metrics and achieving over 1 million kilometers between failure (MKBF). The partnership aims to leverage both companies' strengths to enhance decision-making in rail maintenance while continuing the PDSS rollout on the Circle Line.
Bentley Systems has acquired OXplus, a leading rail asset management company based in the Netherlands, enhancing its Enterprise Asset Management capabilities. This strategic move coincides with the appointment of Dr. Mark Bew as CEO of The Cohesive Companies. OXplus supports global rail operators with digital solutions that improve asset performance and reduce operational costs. The acquisition aims to expand The Cohesive Companies' presence in Europe and optimize infrastructure outcomes, leveraging OXplus’ expertise in high-profile projects like the Riyadh Metro.
Bentley Systems (Nasdaq:BSY) announced the finalists for the 2021 Going Digital Awards in Infrastructure, recognizing 57 projects from nearly 300 nominations by over 230 organizations across 45 countries. The event is part of the virtual Year in Infrastructure series, running from November 1 to December 2, 2021, culminating in the announcement of winners on December 2. Bentley's chief marketing officer remarked on the resilience shown amidst the pandemic through the quality of nominations, emphasizing the role of digital advancements in infrastructure.
Bentley Systems (NASDAQ: BSY) has acquired Canadian software firm Minalytix, enhancing its Seequent business unit's cloud solutions for mining operations. Minalytix's MX Deposit platform streamlines drill hole and sample data management, supporting various mining activities such as exploration and production.
The integration is expected to improve data confidence and workflow efficiency for geologists and engineers, allowing real-time collaboration and offering a robust data management solution scalable for different company sizes.
Bentley Systems (Nasdaq: BSY) has announced a $0.03 per share dividend for Q3 2021, payable on September 9, 2021, to stockholders of record by September 1, 2021. The company, specializing in infrastructure engineering software, generates over $800 million in annual revenue and operates globally. Bentley's software solutions are vital for infrastructure projects across various sectors including transportation, utilities, and buildings. Future dividends depend on financial conditions, as noted in their forward-looking statements.
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