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Bentley Systems, Inc. (BSY) is a global leader in infrastructure engineering software, providing innovative solutions to advance the design, construction, and operation of infrastructure. The company specializes in software and cloud services that enable professionals to achieve sustainable and resilient outcomes across various sectors, including public works, utilities, industrial facilities, and commercial buildings. Bentley Systems offers a comprehensive portfolio of integrated software products and services, including subscriptions, perpetual licenses, and professional services.
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Subscriptions - Provides recurring access to software through Enterprise subscriptions, SELECT subscriptions, and Term license subscriptions, enabling users to leverage Bentley's infrastructure engineering solutions.
- Enterprise subscriptions - Tailored for large organizations requiring broad access to Bentley's software portfolio.
- SELECT subscriptions - Offers flexible licensing options for individual users and small teams.
- Term license subscriptions - Provides short-term access to Bentley's software for specific project needs.
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Perpetual Licenses - Delivers one-time access to software, recognized as revenue upon delivery or at the start of the subscription term.
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Services - Offers professional services, including recurring services and other specialized services, to support infrastructure projects and operations.
- Recurring services - Focuses on ongoing support and maintenance for infrastructure software users.
- Other services - Includes consulting and training to optimize the use of Bentley's software solutions.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Gregory S. Bentley ExecutiveBoard | Executive Chairperson and President | Trustee of Drexel University | Gregory S. Bentley is the Executive Chairperson and President at BSY, serving as President since June 1996 and assuming the Executive Chairperson role in July 2024. He previously served as CEO from August 2000 to July 2024. | |
Nicholas H. Cumins ExecutiveBoard | Chief Executive Officer | Nicholas H. Cumins has been the Chief Executive Officer of BSY since July 1, 2024 and serves as a director on the Board, with his directorship starting on September 5, 2024. Previously, he was the Chief Operating Officer from January 1, 2022 to June 30, 2024 and the Chief Product Officer from September 2020 to December 31, 2021. | View Report → | |
Brock Ballard Executive | Chief Revenue Officer | Brock Ballard has served as the Chief Revenue Officer at BSY since January 1, 2023. Previously, he joined BSY as Vice President and Regional Executive, Americas in 2020. | ||
David R. Shaman Executive | Chief Legal Officer and Secretary | David R. Shaman has been the Chief Legal Officer and Secretary at BSY since 2015, previously serving as Deputy General Counsel from 2006 to 2015, and he joined BSY in 1998. | ||
James Lee Executive | Chief Operating Officer (COO) | James Lee is the Chief Operating Officer at Bentley Systems since January 13, 2025, where he drives operational excellence and corporate development, including oversight of operations in China and Japan. | ||
Julien Moutte Executive | Chief Technology Officer (CTO) | Julien Moutte is the Chief Technology Officer (CTO) at BSY since April 1, 2023. Previously, he joined BSY as Vice President of Technology in January 2021. | ||
Werner Andre Executive | Chief Financial Officer | Werner Andre is the Chief Financial Officer of Bentley Systems, Incorporated (BSY) since January 1, 2022, responsible for global financial strategy and operations. He previously served as Chief Accounting Officer from 2020 until March 2024 and began his BSY career as Global Corporate Controller in 2015. | ||
Barry J. Bentley Board | Director | Barry J. Bentley is the Director at Bentley Systems, Incorporated, serving on the Board for several years. He co-founded the company in 1984, served as an executive officer until his retirement in 2019, and was Chairperson of the Board from 1984 to 1996, significantly contributing to its development. | ||
Brian F. Hughes Board | Director and Chairperson of the Audit Committee | Chairperson of the Audit Committee at CompoSecure, Inc. (since 2021); Director and Audit Committee member at Resolute Holdings Management, Inc. (since 2025) | Brian F. Hughes has served as a director and Chairperson of the Audit Committee at Bentley Systems since February 2020; he brings extensive financial oversight experience from his previous role as a partner at KPMG LLP. | |
Janet B. Haugen Board | Lead Independent Director | Board of Directors, Juniper Networks, Inc. (since May 2019); Board of Directors, NCR Voyix Corporation (since 2023, Audit Committee Chair, Compensation Committee Member); Board of Directors, West Pharmaceutical Services Inc. (since December 2024) | Janet B. Haugen has served as Lead Independent Director at BSY since December 2021, contributing to the company's oversight and governance. She has extensive experience from previous executive roles including CFO at Unisys Corporation and Audit Partner at Ernst & Young. | |
Keith A. Bentley Board | Director | Keith A. Bentley is a co-founder of Bentley Systems who has held leadership roles including President, CEO, CTO, and Technology Advisor before retiring at the end of 2023; he continues to contribute as a Director on the Board of Directors. | ||
Kirk B. Griswold Board | Director | Founding Partner of Argosy Capital Group, Inc. | Kirk B. Griswold has served as a director at BSY since 2002 and currently serves as Chairperson of the Nominating Committee, in addition to his roles on the Audit and Sustainability Committees. He is recognized for his expertise in engineering, project management, consulting, and finance. | |
Raymond B. Bentley Board | Director | Raymond B. Bentley has served as a Director at BSY since May 2015 and previously held the role of Executive Vice President from 1984 until his retirement at the end of 2021, where he was the lead developer for MicroStation and the chief architect in the core-graphics group. |
- Given that Open Sight Plus is still in early access with GA scheduled toward year‐end, what specific metrics will you monitor to evaluate its long-term impact on renewal activity and overall AI monetization?
- Considering your discussion on data centers operating like “mini cities,” how do you plan to capture the overseas opportunity, and which revenue segments—commercial or industrial—do you see as the primary growth drivers?
- With permitting reform identified as a bipartisan priority, can you detail how you expect its timeline to impact project backlogs and the acceleration of related infrastructure investments?
- As China now represents less than 2.5% of your total ARR and is experiencing continued structural declines, what strategic adjustments are you implementing to mitigate further losses in that region?
- Regarding asset analytics, which shows potential in both construction and operations, how will you differentiate the revenue model for one-time construction usage versus recurring operational monitoring, and what performance indicators will you use?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Key competitor in Public Works/Utilities applications, project delivery systems, and Commercial/Facilities applications. Competes in areas such as product features, performance, reliability, and price. | |
Key competitor in Public Works/Utilities applications and Commercial/Facilities applications. Competes in areas such as product features, performance, reliability, and price. | |
Hexagon AB | Key competitor in Public Works/Utilities applications, Resources applications, and Industrial applications. Competes in areas such as product features, performance, reliability, and price. |
AVEVA unit of Schneider Electric | Key competitor in Resources applications, Industrial applications, and asset performance systems. Competes in areas such as product features, performance, reliability, and price. |
Dassault Systèmes | Key competitor in Resources applications and Industrial applications. Competes in areas such as product features, performance, reliability, and price. |
Nemetschek SE | Key competitor in Commercial/Facilities applications. Competes in areas such as product features, performance, reliability, and price. |
Key competitor in project delivery systems. Competes in areas such as product features, performance, reliability, and price. | |
Aspen Technology, Inc. | Key competitor in asset performance systems. Competes in areas such as product features, performance, reliability, and price. |
Esri | Key competitor in asset performance systems. Competes in areas such as product features, performance, reliability, and price. |
GE Vernova | Key competitor in asset performance systems. Competes in areas such as product features, performance, reliability, and price. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Cesium | 2024 | Acquired on September 6, 2024, Cesium’s platform for immersive 3D geospatial environments bolsters Bentley’s iTwin platform by enabling integrated visualization and digital twin construction, with CEO Patrick Cozzi joining as Chief Platform Officer. |
EasyPower | 2023 | Completed on February 23, 2023, EasyPower brings proven electrical design and analysis software that fills key gaps within Bentley’s portfolio, particularly in power systems engineering for industrial and commercial applications, and is expected to deliver high-margin, sticky revenue. |
Flow State Solutions | 2023 | Announced on October 11, 2023, this acquisition strengthens Seequent’s subsurface capabilities by integrating geothermal simulation software—combining Flow State’s Volsung portfolio with Leapfrog Energy—to provide an end-to-end solution for optimizing geothermal assets. |
Blyncsy | 2023 | Announced on August 14, 2023, Blyncsy’s AI and computer vision technology for transportation operations enhances Bentley’s digital twin ecosystem by automating roadway safety and maintenance data collection, thereby reducing manual effort and improving asset analytics. |
Power Line Systems | 2022 | Completed on January 31, 2022 for approximately $696 million (net of cash acquired), this deal added a leader in overhead power transmission line design to Bentley’s portfolio, funded via cash and credit facilities along with tax benefits, ultimately strengthening its grid integration capabilities. |
Recent press releases and 8-K filings for BSY.
- Q4 Strong Financial Performance: Total revenues reached $350 million with GAAP operating income of $61 million, largely driven by subscription revenue (90% of total) .
- Robust 2025 Guidance: Full-year revenue guidance of $1,461M to $1,510M in constant currency with expectations of an adjusted operating margin around 28.5%, low double-digit ARR growth, and approximately 100bps margin expansion, supported by strong free cash flow .
- Recurring Revenue Growth: Annualized Recurring Revenue reached $1.283B in Q4 with a 12% YoY growth and 110% net revenue retention .
- Dividend Increase: The Board raised the quarterly cash dividend effective Q1 2025, declaring a $0.07 per share dividend .
- Strategic Product Innovation: Emphasis on AI-driven solutions with enhancements including Open Site Plus and Bentley Asset Analytics, along with streamlined product development .
- Leadership Update: James Lee has been appointed as COO to bolster operational excellence and consolidate product development under CTO Julien Moutte .