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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) has announced a collaboration with WSB to enhance digital construction management for civil infrastructure. The partnership introduces a new solution leveraging Bentley's SYNCHRO platform, aimed at addressing challenges in adopting digital workflows and infrastructure digital twins. WSB is the inaugural member of Bentley's Digital Integrator Program, focusing on technology integration for improved project delivery. This initiative targets common industry issues, such as reliance on outdated 2D workflows, by promoting model-based deliveries to enhance project efficiency and collaboration among stakeholders.
On March 7, 2023, ClimaTwin, a climate risk intelligence provider, introduced a software-as-a-service solution for energy infrastructure and electric utilities, leveraging integration with SPIDA, a Bentley Company (NASDAQ: BSY). This innovative solution offers a bottom-up approach to assess climate risks for individual assets, such as utility poles and substations. ClimaTwin aims to help stakeholders mitigate risks and prioritize adaptive spending across extensive asset networks. The integration allows users to visualize future climate impacts on millions of assets, providing them with actionable insights to enhance resilience against climate extremes.
Bentley Systems (NASDAQ: BSY) has announced the call for nominations for the 2023 Going Digital Awards in Infrastructure, aimed at recognizing innovative digital projects in the infrastructure sector. Nominations are open until May 8, 2023. Awards will be judged by industry experts, and finalists will be invited to present their projects in Singapore. Categories include Bridges, Construction, Roads, and more, focusing on measurable impacts in sustainability and infrastructure. Every nominated project will gain recognition across the global infrastructure community, enhancing their competitive edge and visibility.
Bentley Systems (Nasdaq: BSY) reported Q4 and full-year 2022 results, highlighting a 7.2% increase in total revenues to $286.9 million, and a 13.9% rise in annual revenues to $1,099.1 million. Subscription revenues grew by 12.7% to $251.5 million in Q4, contributing to a $1,036.5 million Annualized Recurring Revenue (ARR). Net income fell to $25.7 million in Q4, down from $38.6 million the previous year. For 2023, Bentley anticipates revenue growth of 9.5% to 12.5%, with a focus on digital infrastructure solutions amidst geopolitical challenges in China. The company also increased its quarterly dividend from $0.03 to $0.05 per share.
Bentley Systems (NASDAQ: BSY) announced key leadership changes as David Hollister, the Chief Investment Officer, retires on March 31, 2023. His role as CFO was handed over to Werner Andre in early 2022. Founder Keith Bentley will also step down as Chief Technology Officer in April 2023, transitioning to a Technology Advisor position, while Julien Moutte, currently Vice President of Technology, will take over as CTO. Both Hollister and Bentley will participate in the company's quarterly operating results presentation on February 28, 2023.
Bentley Systems (NASDAQ: BSY) has announced its acquisition of EasyPower, a software developer specializing in electrical engineering solutions. Based in Portland, Oregon, EasyPower enhances power distribution system design and analysis. This acquisition aims to integrate EasyPower's tools into Bentley's existing platforms, advancing infrastructure digital twins and improving safety, reliability, and sustainability within power systems. Bentley's CEO, Greg Bentley, emphasized the significance of simplifying complex electrical engineering problems to better align with modern infrastructure needs, while EasyPower's CEO noted the scale-up of their solutions across various sectors.
Bentley Systems (NASDAQ: BSY) will announce its Q4 and full year 2022 operating results, alongside a discussion of its 2023 outlook, on February 28, 2023, before the market opens. A live webinar will occur at 8:15 a.m. EST, accessible via a registration link on their website. Bentley Systems specializes in infrastructure engineering software, catering to various sectors including construction and utilities, and employs over 4,500 staff with annual revenues nearing $1 billion. Investors can expect insights on performance and future projections during the event.
Bentley Systems (Nasdaq: BSY) has announced a $0.05 per share dividend for Q1 2023, up by two cents from the previous dividend. The payment will be made on March 7, 2023 to shareholders on record by February 21, 2023. CFO Werner Andre highlighted that this increase demonstrates the company's strong cash flow and commitment to balanced capital allocation, which includes acquisitions and stock repurchases. Bentley Systems operates in the infrastructure engineering software sector, generating approximately $1 billion annually and employing over 4,500 people globally.
Bentley Systems (NASDAQ: BSY) has appointed Brock Ballard as Chief Revenue Officer, succeeding Gus Bergsma, who retires after contributing significantly since the company's acquisition of RAM International in 2005. Ballard, who joined Bentley in 2020, previously held sales leadership roles at major firms and is credited with driving considerable ARR growth. Additionally, Eric Boyer joins as Investor Relations Officer, aimed at enhancing investor communications. Boyer brings over 20 years of experience, having helped IHS Markit expand from $8 billion to $44 billion in market cap.
Bentley Systems (Nasdaq: BSY) announced the acquisition of Vetasi, an international consultancy focused on enterprise asset management (EAM) solutions, particularly IBM Maximo. This acquisition enhances Cohesive Group's capabilities, adding over 200 experts across Europe, Africa, and ASEAN. The integration aims to leverage synergies in cloud hosting and low-code development to provide enhanced service delivery. The deal positions Cohesive to better serve clients and expand its geographic reach, particularly in the EMEA and Asia Pacific regions.
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