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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) reported strong Q2 2021 results with total revenues reaching $222.9 million, a 21.0% year-over-year increase. Subscription revenues grew 17.6% to $185.5 million. The company’s annualized recurring revenue (ARR) stood at $882.4 million, reflecting a 23% growth rate. Despite positive trends, GAAP operating income decreased to $32.2 million from $44.6 million year-over-year. The recent acquisition of Seequent contributed $4.0 million to revenues and $90.6 million to ARR. The 2021 revenue outlook was updated to $945-$960 million.
Bentley Systems (Nasdaq: BSY) announced the acquisition of Imago Inc., which specializes in cloud-based geoscientific imagery software. This strategic move aims to enhance Seequent's technology portfolio and cloud capabilities, aiding geoscientists in addressing earth, environmental, and energy challenges. Imago's platform facilitates the efficient management of geological images, integrating seamlessly with Seequent's existing tools like Leapfrog and Oasis montaj. The acquisition is poised to improve operational efficiency and decision-making in the mining industry, thus expanding Bentley’s market reach.
Bentley Systems (Nasdaq: BSY) has announced the release date for its second quarter 2021 operating results, scheduled for August 10, 2021, before market opening. A live Zoom webinar will occur at 8:15 a.m. Eastern time on the same day, accessible via registration. Additionally, Greg Bentley, the CEO, will present at the KeyBanc Technology Leadership Virtual Forum on August 11, 2021. Webcast and replay options will be available on the Investor Relations website following the events. Bentley Systems provides infrastructure engineering software to enhance global infrastructure.
Bentley Systems (Nasdaq: BSY) announced the acquisition of Denmark's Aarhus GeoSoftware, enhancing Seequent's solutions in operational groundwater management and sustainability projects. The AGS software suite, including AGS Workbench, offers advanced geophysical data processing for environmental projects. This acquisition is expected to improve subsurface investigations and modeling, integrating AGS capabilities with Seequent’s offerings for better groundwater management and infrastructure risk assessment. Seequent aims to leverage AGS's software globally for improved decision-making in sustainability.
Bentley Systems, a leader in infrastructure engineering software, has priced a private offering of $500 million in convertible senior notes due 2027. An additional $75 million may be available for purchase. The notes yield 0.375% interest and can be converted into shares of Bentley’s Class B common stock at a conversion price of approximately $83.23 per share. The proceeds, estimated at $487 million, will be used for repaying existing debt and related transaction costs. The offering is set to close on June 28, 2021.
Bentley Systems plans to offer $500 million in convertible senior notes due 2027, with a potential additional $75 million option for initial purchasers. The offering, available only to qualified institutional buyers, aims to repay existing debt and fund capped call transactions. The Notes are unsecured and will accrue interest payable semiannually. The conversion can occur into cash or shares of Class B common stock, subject to market conditions. This press release also contains forward-looking statements regarding potential risks and uncertainties associated with the offering.
Accel-KKR has finalized the sale of its majority stake in Seequent to Bentley Systems (BSY) for $900 million in cash and approximately 3.1 million shares of BSY, valued at around $200 million. This transaction, first announced in March 2021, reflects Accel-KKR's growth equity investment in Seequent since September 2018, which included acquisitions enhancing its geological modeling capabilities. Accel-KKR’s investment approach emphasized partnership with management, leading to rapid growth and a recognition as the 2019 'Investor of the Year'.
Bentley Systems and Dodge Data & Analytics released a report highlighting significant underutilization of digital tools in civil construction.
Key findings reveal that 39% of civil contractors lack project management software, while 66% do not use model-based technology. However, those using these tools report improved project outcomes, including a 83% reduction in schedule delays.
Interest in adopting these technologies is growing among non-users, indicating potential for market expansion as infrastructure demand increases.
Bentley Systems, Incorporated (Nasdaq: BSY) has completed the acquisition of Seequent Holdings Limited for approximately $900 million in cash and around 3,141,342 BSY Class B shares. This transaction is aimed at enhancing Bentley's portfolio in infrastructure engineering software and is expected to contribute positively to the company's financial outlook. Bentley will provide an update on its full-year 2021 financial outlook during its second quarter results announcement scheduled for August 10, 2021.
Bentley Systems (Nasdaq: BSY) announced its acquisition of SPIDA Software, specialists in utility pole system software. Founded in 2007, SPIDA offers advanced modeling and data management tools for utility providers in North America. This acquisition will integrate SPIDA’s solutions into Bentley’s OpenUtilities software, addressing the transition to renewable energy, 5G expansion, and enhancing grid reliability. The deal will add 26 new employees to Bentley, but is not expected to impact financial results significantly.
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