Bentley Systems Named Top-Tier Software Vendor by APPS RUN THE WORLD in the APPS and CLOUD TOP 500 Market Report

Bentley Systems Strengths, Domain Expertise, and Key Differentiators

Bentley Systems is a foremost provider of infrastructure engineering software, distinguished by its commitment to delivering innovative solutions that drive global infrastructure advancements. The company's industry-leading software portfolio serves as a cornerstone for professionals and organizations across diverse sectors. These solutions are instrumental in the design, construction, and operational phases of critical infrastructure elements, including roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities.

Powered by the cutting-edge iTwin Platform for infrastructure digital twins, Bentley Systems' offerings include MicroStation and Bentley Open applications, providing sophisticated modeling and simulation capabilities. Furthermore, the company extends its reach with Seequent’s specialized software tailored for geoprofessionals and the Bentley Infrastructure Cloud, which integrates ProjectWise for streamlined project delivery, SYNCHRO for efficient construction management, and AssetWise for seamless asset operations. This comprehensive suite of solutions positions Bentley Systems at the forefront of the industry, addressing the intricate needs of a broad spectrum of infrastructure stakeholders.

Bentley Systems Recent Developments

In May 2023, Seequent, recognized as The Bentley Subsurface Company, unveiled Leapfrog Energy, a strategic expansion of its offerings into the energy industry. This move is positioned to address the complex challenges arising from the dynamic transition within the energy sector. Leapfrog Energy integrates Seequent's globally acclaimed geological modeling solution and geostatistical capabilities, leveraging the company's extensive expertise in geothermal, mining, civil engineering, and environmental domains. This targeted industry solution, Leapfrog Energy, facilitates a swift comprehension of subsurface properties, utilizing even limited data sets. Its applications include the identification of energy resources, assessment of ground conditions for offshore wind projects, and the identification of suitable locations for carbon capture, utilization, and storage. Seequent's foray into the energy sector through Leapfrog Energy underscores the company's commitment to delivering innovative solutions in response to the evolving needs of the industry.

Seequent also launched SLOPE3D, an advanced slope stability analysis tool designed to empower geotechnical engineers and engineering geologists in the creation of safer slope designs. Expanding on the well-established capabilities of GeoStudio's trusted 2D SLOPE/W product, SLOPE3D represents an intuitive limit equilibrium solution tailored for the comprehensive analysis of rock and soil slopes in diverse applications, including but not limited to hillslopes, open pit mines, and engineered structures such as dams and levees within mining and civil projects. This innovative tool equips professionals with the necessary insights to enhance the safety and reliability of slope designs.

Bentley Systems Mergers and Acquisitions (M&A) Activities

Bentley has consistently executed a strategic approach to acquiring and integrating specialized infrastructure engineering software businesses, totaling 36 acquisitions in the last five years. As a publicly traded entity, the company has leveraged its status to make impactful platform acquisitions, significantly enhancing both scale and platform capabilities.

Key platform acquisitions include: • Blyncsy (2023), a provider of cutting-edge artificial intelligence services tailored for departments of transportation. This strategic move is aimed at fortifying Bentley's iTwin Ventures portfolio, which places a distinct emphasis on the digital twin ecosystem. The integration of Blyncsy's breakthrough AI services is poised to enhance the capabilities supporting operations and maintenance activities within the realm of transportation infrastructure. This acquisition underscores Bentley Systems' commitment to accelerating the development and widespread adoption of highly valuable infrastructure asset analytics. • Power Line Systems (2022): This strategic acquisition focuses on the design, analysis, and management of overhead electric power transmission lines and structures. Integrated into our grid digital twin solutions, Power Line Systems completes our comprehensive portfolio, covering the entire lifecycle integration of grid infrastructure, including electrical transmission, substation, distribution assets, and communications towers. • Seequent (2021): Followed by complementary programmatic acquisitions, Seequent has empowered infrastructure digital twin capabilities. This enhancement allows for the incorporation of modeling and simulation of full subsurface depths, contributing to the advancement of infrastructure resilience and sustainability. Geoprofessionals benefit from improved insights into environmental conditions and mitigation of associated risks.

Bentley strategically engages in numerous and frequent programmatic acquisitions, often designed to "fill white space" within its ecosystem and enhance existing platform comprehensiveness. This programmatic growth is considered an integral part of the company's mainstream business performance, distinct from platform acquisitions. Over the past five years, the average annualized recurring revenues growth rate from programmatic acquisitions, measured on a constant currency basis, has been approximately 1.5%.

Recent examples of programmatic acquisitions and their purposes include: • EasyPower (2023), a leading developer of design and analysis software tools, including arc flash solutions, for electrical engineering professionals. • Vetasi (2022), acquired through Cohesive, adds the largest IBM Maximo and enterprise asset management system consultancy team across Europe, Africa, and ASEAN countries, with headquarters in the United Kingdom and operations based in Poland, Indonesia, South Africa, Spain, Ukraine, and Australia. • Adina R&D (2022): Introduction of nonlinear simulation capabilities to enhance the comprehensive modeling and simulation software portfolio for infrastructure engineering. • SPIDA Software (2021): Enrichment of grid digital twin solutions with expertise in the design, analysis, and management of utility pole systems, crucial for the "last mile" of critical infrastructure in energy and communications. • Vista Data Vision (2021): Integration of intrinsic IoT capabilities for infrastructure digital twins, enabling the incorporation of real-time sensor data and standardizing the "infrastructure IoT" ecosystem for seamless IT/OT/ET integration.g the "infrastructure IoT" ecosystem for seamless IT/OT/ET integration. • Inro (2021): Inclusion of traffic simulation software for multi-modal mobility digital twins. • Cohesive Solutions (2020): Acquired for digital integrator expertise, facilitating the convergence of digital engineering models (ET) with IT and OT for infrastructure assets in the utilities, energy, and facilities sectors. • GroupBC (2020): Addition of common data environment solutions for construction projects and infrastructure assets, federating to iTwin cloud services, thereby extending the value of project and asset information through digital twins.

Bentley Systems Customers in ARTW Customer Database

Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Bentley Systems applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Bentley Systems and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Bentley Connect, customers.

Bentley Systems Key Enterprise and Cloud Applications

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Bentley Systems Direct vs Indirect sales

Bentley Systems Customers - Breakdown by Geo, Size, Vertical and Product

List of Verified Bentley Systems Customers

No. of Bentley Systems Customers: 39000

No. of Bentley Systems Enterprise Applications Customers: 39000

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No. of Bentley Systems Cloud Subscribers: x

Bentley Systems extends its software solutions to a global clientele of over 40,000 accounts across 194 countries. The company's revenue stream exhibits a strategic balance and diversification, primarily stemming from collaborations with engineering and construction contracting firms dedicated to capital project design and construction.

In 2022, these partnerships accounted for 50% of total revenues, maintaining a consistent trend with 56% and 57% in 2021 and 2020, respectively. Simultaneously, Bentley's client base, comprising public and private infrastructure asset owners and operators, contributed 50%, 44%, and 43% to total revenues in 2022, 2021, and 2020, respectively. This resilient revenue distribution underscores Bentley's sustained influence across the global infrastructure landscape.

Bentley Systems Market Opportunities, M&A and Geo Expansions

In March 2023, Bentley Systems has entered a non-exclusive commercial agreement to boost the adoption of Infrastructure IoT. In this strategic move, Worldsensing is acquiring sensemetrics' Thread connectivity device business from Bentley, expanding its hardware portfolio. Bentley is also the lead investor in Worldsensing’s Series D capital raise. Worldsensing's acquisition of Thread enhances options for customers needing adaptive sensor integrations, providing broadband sensor connectivity for dynamic sensors. With optional features like 4G/LTE, wireless mesh networking, and a battery pack, Thread, combined with Worldsensing's offerings, will drive new growth opportunities. Worldsensing becomes a preferred sensor connectivity partner to Bentley, and Bentley becomes a preferred IoT software partner to Worldsensing, offering users an integrated end-to-end sensor management solution.

In November 15, 2022, Bentley Systems introduced the Bentley Infrastructure Cloud. This integrated suite of enterprise systems spans the entire lifecycle and value chain of global infrastructure. Fueled by the iTwin Platform and seamlessly integrating with Bentley's engineering applications, Bentley Infrastructure Cloud enhances the creation, delivery, and ongoing operation of digital twins for superior infrastructure management. The cloud platform includes ProjectWise for project delivery, SYNCHRO for construction, and AssetWise for asset operations, all leveraging digital twin technologies powered by iTwin. This advancement enables automated and intrinsic mapping to Bentley’s infrastructure schemas, making data more accessible without disrupting existing workflows and offering significant opportunities for improved collaboration, productivity, and quality.

Bentley Systems Risks and Challenges

Since its inception, Bentley has executed a strategic approach to acquiring and integrating various software assets and businesses. However, there is a recognition that future identification of suitable acquisition candidates may pose challenges. Even if potential candidates are identified, the successful completion of business combinations on commercially acceptable terms is not guaranteed. The exploration and pursuit of acquisition opportunities may necessitate significant management and financial resources. While consummating acquisitions considered to be successful is a goal, these transactions entail inherent risks. Such risks include the potential failure to achieve anticipated synergies and revenue increases, challenges in incorporating and integrating acquired technologies or software solutions with existing offerings and applications, difficulties in managing the technologies or lines of business of the acquired company, and entering new markets with limited prior experience where competitors may hold stronger market positions.

Bentley Systems Ecosystem, Partners, Resellers and SI

Bentley strategically delivers its offerings to the market predominantly through direct sales channels, which contributed to approximately 92% of the total revenues in 2022.

In regions where Bentley lacks a significant presence or for certain offerings where direct sales efforts may be less economically viable, the company relies on specialist channel partners. These channel partners played a substantial role, contributing approximately 8% to the total revenues in 2022. This dual approach allows Bentley to optimize its market reach and effectiveness by combining direct engagement with clients and leveraging the expertise of trusted partners in specific geographic areas.

Bentley Systems Cloud Infrastructure Insights

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Research Methodology

Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.

Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).

For additional information on our methodologies, here's the link: