Bentley Systems Inc Stock Price, News & Analysis

Bentley Systems (Nasdaq: BSY) has announced the appointment of James Lee as Chief Operating Officer. Lee joins from Google, where he served as General Manager for startups and artificial intelligence at Google Cloud. His prior experience includes 12 years at SAP, where he held COO positions for SAP Ariba, Fieldglass, and SAP Greater China.

The company is also consolidating its product development under Chief Technology Officer Julien Moutte. As a result, the Chief Product Officer role has become redundant, leading to Mike Campbell's departure from the company. This restructuring aims to better align product execution with technology strategy, particularly focusing on infrastructure AI opportunities.

Lee will be responsible for strengthening cross-functional alignment, driving operational excellence, and overseeing operations in China, Japan, and portfolio development, including Bentley Asset Analytics initiatives.

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.