Bentley Systems Strengths, Domain Expertise, and Key Differentiators
Bentley Systems is a provider of software solutions to engineers, architects, geospatial professionals, constructors, and owner-operators for the design, construction, and operations of infrastructure. Bentley’s MicroStation-based engineering and BIM applications, and its digital twin cloud services, advance the project delivery (ProjectWise) and the asset performance (AssetWise) of transportation and other public works, utilities, industrial and resources plants, and commercial and institutional facilities.
By embracing Windows Azure Platform-as-a-Service and Infrastructure Services, Bentley is aligned with Microsoft’s commitment to hybrid environments, comprising cloud and on-premises computing – a crucial factor in meeting the unique requirements of organizations that design, build, and operate the world’s infrastructure. In addition, the global footprint of Windows Azure is a major advantage as Bentley users are key contributors to projects worldwide.
Bentley Systems Recent Developments
On September 25, 2020, Bentley Systems completed their IPO. The selling stockholders sold 12,360,991 shares of Class B Common Stock at a public offering price of $22.00 per share. The Company did not sell any shares in the IPO and did not receive any of the proceeds from the sale of the Class B Common Stock sold by the selling stockholders;
• On November 17, 2020, Bentley Systems completed our follow-on public offering of 11,500,000 shares of Class B Common Stock at a public offering price of $32.00 per share. Bentley Systems sold 9,603,965 shares of Class B Common Stock (inclusive of 1,500,000 shares sold upon the exercise by the underwriters of their option to purchase additional shares of our Class B Common Stock). The selling stockholders sold 1,896,035 shares of Class B Common Stock. Bentley Systems received net proceeds of $294,429 after deducting expenses of $12,898.
• On August 28, 2020, Bentley Systems board of directors declared the Special Dividend of $1.50 per share of our common stock ($392,489 in the aggregate);
• For the year ended December 31, 2020, Bentley Systems recorded $15,102 of stock-based compensation expense related to the restricted stock and RSUs that vested as a result of the IPO;
In June 2020, Bentley Systems, a global provider of comprehensive software and digital twins services for advancing the design, construction, and operations of infrastructure, announced the acquisition of NoteVault, a San Diego-based provider of voice-based field automation for construction management. The acquisition expands Bentley’s SYNCHRO digital construction environment with mobile field applications to track and manage labor, materials, and equipment. Together, these comprehensive offerings further extend the value of digital twins across construction management, enabling projects to combine immersive 4D models of the construction progress with detailed up-to-date reports on resource expenditures, enabling more effective management of cost, schedule, and risk, leading to better project outcomes.
Bentley Systems Mergers and Acquisitions (M&A) Activities
Since their founding, Bentley Systems have purposefully pursued a strategy of regularly acquiring and integrating specialized infrastructure engineering software businesses, including 21 acquisitions over the past five years. Their average historical annual revenue growth rate from acquisitions over the last five years has been approximately 1.7% Examples of key recent acquisitions, along with their purposes, include: • PLAXIS (2018), SoilVision (2018), and Keynetix (2019), to become a world leader in geotechnical engineering modeling and simulation software and in geotechnical information management; • SYNCHRO (2018), to become a provider of 4D construction modeling software; • ACE Enterprise (2018), to integrate Bentley Systems with enterprise environments such as SAP and IBM’s Maximo; • Citilabs (2019), to add vehicle traffic simulation software (CUBE) and roadway movement data (Streetlytics) to lead to improved mobility digital twins for Digital Cities; • OrbitGT (2019), to add specialized capabilities for mobile mapping (such as vehicle-based scanning and photogrammetry) to Bentley Systems reality modeling offerings for Digital Cities; • GroupBC (2020), to bring additional common data environment solutions for construction projects and infrastructure assets, and federate to iTwin cloud services, extending the value of project and asset information through digital twins; and • Cohesive Solutions (2020), to bring digital integrator expertise for the convergence, through digital twin cloud services, of digital engineering models (ET), with IT and OT, for infrastructure assets in the utilities, energy, and facilities sectors. •Power Line Systems (2021), to complete the reach of BSY’s comprehensive portfolio for the lifecycle integration of grid infrastructure across electrical transmission, substation, and distribution assets, and communications towers. •Minalytix (2021), to extends Seequent’s cloud capabilities and solutions for mining, including greenfield exploration, resource development, and mining production. •Imago (2021), to expand Seequent’s technology solutions portfolio while boosting cloud capabilities to help geoscientists and engineers solve earth, environment, and energy challenges. •SPIDA (2021), to help address the challenges of transitioning to new renewable energy sources including for electric vehicle charging, of joint usage of utility poles to support broadband networks’ 5G expansion, and of modernizing and hardening the electric grid to maintain reliability and resilience. •Seequent (2021)
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 Overview
Ownership: - NASDAQ:BSY
Number of Employees: 4104
Functional Markets: ERP Services and Operations Management, PLM, PPM, Procurement,
Key Verticals: Aerospace and Defense, Automotive, Communication, Construction, Consumer Packaged Goods, Federal Government, State and Local Government, Public Safety, Healthcare, Life Sciences, Manufacturing, Oil and Gas, Chemicals, Professional Services, Retail, Transportation, Utilities,
Bentley Systems Key Enterprise and Cloud Applications
Bentley Connect,
Bentley Systems Revenues, $M:
| Type/Year | 2020 | 2021 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Bentley Systems Revenue Breakdown By Type, $M:
| Type | License | Prof. Services | Hardware | Support & Maintenance | SaaS | PaaS | IaaS | Other (Non Enterprise Application Revenues) | Total |
|---|---|---|---|---|---|---|---|---|---|
| % of Total Revenues | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | 100% |
| Revenues, $M | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe | Subscribe |
Bentley Systems Enterprise Applications Revenues By Functional Markets, $M:
Bentley Systems Enterprise Applications Revenues By Verticals, $M:
Bentley Systems Revenues By Region, $M
| Region | % of Total Revenues | 2021 Total Revenues, $M | 2021 Enterprise Applications Revenues, $M | 2021 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Bentley Systems Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
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
No. of Bentley Systems Cloud Customers: x
No. of Bentley Systems Cloud Subscribers: x
Bentley Systems provide software solutions to over 34,000 accounts in 172 countries worldwide. Bentley Systems revenues are balanced and diversified between engineering and construction contracting firms who work together to deliver the design and construction of capital projects (representing 57%, 55%, and 54% of our 2020, 2019, and 2018 revenues, respectively), and their clients, the world’s public and private infrastructure asset owners and operators (representing 43%, 45%, and 46% of our 2020, 2019, and 2018 revenues, respectively). They do not have material account concentration. No account, including any group of accounts under common control or accounts that are affiliates of each other, represented more than 2.5% of our revenues in 2020, 2019, or 2018.
Bentley Systems Market Opportunities, M&A and Geo Expansions
In February 2019, Bentley Systems launched OpenUtilities DER Planning & Design Assessment Solutions, the latest of Bentley’s electric utility software offerings that provide decision support and cost-based models and simulations for Distributed Energy Resources (DER) integration.
In partnership with Siemens’ Digital Grid business unit, OpenUtilities Solutions for DER empowers electric utilities, electricity suppliers, and distribution network operators (DSO) with software applications to analyze, design, and evaluate DER interconnection requests through desktop and cloud-based services, while supporting the reliability and resilience of network operations.
The same month, Bentley Systems introduced a Mixed Reality App for Infrastructure Construction Projects Using Microsoft HoloLens 2. As a Microsoft mixed reality partner representing the architecture, engineering, and construction (AEC) industry, Bentley demonstrated how with SYNCHRO XR for HoloLens 2, users can interact collaboratively with digital construction models using intuitive gestures to plan, visualize, and experience construction sequencing."
Bentley Systems Risks and Challenges
Much more is needed before Bentley can migrate its users to the Cloud because of heavy amounts of legacy assets and engineering documents that have been installed among its large and small customers. Like its rival Autodesk—and like many other vendors of technical software—Bentley is moving its revenue model to subscriptions. It has multiple types of subscription accounts, it's highest being Enterprise Licensing Subscriptions (ELS), which now contributes 26% of revenue.
The market for Bentley Systems software solutions is highly competitive and subject to change. They compete against large, global, publicly traded companies that have resources greater than their own, and also against small, new, or geographically focused firms that specialize in developing niche software offerings. While Bentley Systems do not believe that any competitor offers a portfolio as comprehensive as theirs, they do face strong competition, varying by infrastructure lifecycle phase and sector
Bentley Systems Ecosystem, Partners, Resellers and SI
Bentley Systems rely on specialist channel partners in geographic regions where they do not currently have a meaningful presence and where, for many of their offerings, direct sales efforts are less economically feasible. Channel partners accounted for approximately 8% of 2020 revenue. Bentley Systems are establishing digital integrators such as DCW to serve as global channel partners. In addition, they have established a new business endeavor, DXW+, which offers practitioner subscriptions that include virtual support and advice from DXW’s engineering experts. DXW+ is available in selected and expanding geographies, and for individual professionals in any organization. Bentley Systems also benefit from additional sales resources and coverage from their digital co-venturers through various forms, including bundles of our offerings with theirs.
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:
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