BENTLEY SYSTEMS Business Summary

Bentley Systems, Inc. (BSY) operates as a leading provider of infrastructure engineering software, employing a high-density subscription-based revenue model that accounts for approximately 92% of its total annual recurring revenue (ARR). The company’s business is primarily segmented into Public Works and Utilities (representing roughly 59% of ARR) and Industrial and Resources, with core product offerings including MicroStation for modeling, ProjectWise for project delivery, and AssetWise for operational management. Its growth strategy is increasingly centered on the iTwin Platform, which facilitates infrastructure digital twins to optimize the entire lifecycle of assets such as bridges, rail networks, and water systems. Within the competitive landscape, Bentley Systems competes directly with Autodesk, Trimble, Hexagon, and Esri; while it is smaller in total revenue than Autodesk, Bentley maintains a dominant market position in specialized heavy infrastructure and civil engineering niches where it is recognized for superior service and deep domain expertise. Founded in 1984 by the Bentley brothers—Keith, Barry, Raymond, Greg, and Scott—the company remained family-led for four decades until a historic leadership transition in July 2024. Nicholas Cumins currently serves as the Chief Executive Officer, marking the first non-family member to hold the position, bringing a pedigree from SAP and Scytl to lead the company’s AI-driven digital twin evolution. The executive team is further anchored by Chief Technology Officer Julien Moutte, who succeeded Keith Bentley in 2023, and Chief Financial Officer Werner Andre. Greg Bentley continues to influence strategic direction as Executive Chair of the Board, alongside fellow founders Keith and Raymond Bentley. Notable institutional backing includes a significant strategic stake held by Siemens AG (approximately 11.7%), alongside major holdings from Vanguard and BlackRock, reflecting the company’s stability as a critical player in global infrastructure technology.