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Bentley Systems Bentley Systems

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Bentley Systems YII It all comes together in digital twins

23.12.2020 18:11  

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Network Rails Covid response recognised by Bentley award

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Bentley Systems Appoints Artem Avedian General Manager of Business Operations in Russia and the CIS

17.12.2020 1:00  

EXTON, Pa. – December 17, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, announced that it has appointed Artem Avedian as general manager of business operations in Russia and the Commonwealth of Independent States. In this role, he is responsible for Bentley’s regional sales strategy and business growth development. Based in Moscow, Avedian reports to Mattias Hemmingsson, regional director for Nordic and Baltic countries, as well as Russia and the CIS.

“I am excited to welcome Artem to his new role of general manager for Bentley Russia and the CIS,” Hemmingsson said. “In the region over the past few years, Bentley has seen an increasing interest in the integrated, multidiscipline solutions that it offers. I am convinced that Artem’s long professional experience in the market, his great leadership skills, and his ability to promote our company’s values will ensure the successful execution of Bentley’s business strategy and drive continued growth in the region.”

“I am excited to be joining a team of dedicated professionals that will solve complex and important tasks for advancing the modernization and digitalization of industrial, transport, and urban infrastructure,” Avedian said. “I am also looking forward to helping our users in Russia and the CIS implement modern design solutions and innovative technologies developed by Bentley Systems. I am sure that my colleagues, our users, and our partners will overcome the challenges we face and achieve successful results in all ongoing and future projects.”

Avedian has over 20 years of experience at management-level positions in business development and sales with both Russian and international companies. Prior to this appointment, he served as deputy CEO and sales director of CADFEM CIS, an authorized distributor of Ansys Inc. in Russia and the CIS, where he contributed to the company’s sales and revenue growth. He also worked for General Electric, Microsoft, and Dassault Systèmes in Russia and the CIS.

Avedian earned a master’s degree in aircraft design, construction, and production, as well as a Ph.D. in computer-aided design from the Moscow Aviation Institute.

Artem Avedian Profile Picture

Caption: Artem Avedian has joined Bentley Systems as general manager of business operations in Russia and the Commonwealth of Independent States.


About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries.

© 2020 Bentley, the Bentley logo, AssetWise, iTwin, MicroStation, and ProjectWise are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

Bentley Systems Appoints Artem Avedian General Manager of Business Operations in Russia and the CIS

17.12.2020 1:00  

EXTON, Pa. – December 17, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, announced that it has appointed Artem Avedian as general manager of business operations in Russia and the Commonwealth of Independent States. In this role, he is responsible for Bentley’s regional sales strategy and business growth development. Based in Moscow, Avedian reports to Mattias Hemmingsson, regional director for Nordic and Baltic countries, as well as Russia and the CIS.

“I am excited to welcome Artem to his new role of general manager for Bentley Russia and the CIS,” Hemmingsson said. “In the region over the past few years, Bentley has seen an increasing interest in the integrated, multidiscipline solutions that it offers. I am convinced that Artem’s long professional experience in the market, his great leadership skills, and his ability to promote our company’s values will ensure the successful execution of Bentley’s business strategy and drive continued growth in the region.”

“I am excited to be joining a team of dedicated professionals that will solve complex and important tasks for advancing the modernization and digitalization of industrial, transport, and urban infrastructure,” Avedian said. “I am also looking forward to helping our users in Russia and the CIS implement modern design solutions and innovative technologies developed by Bentley Systems. I am sure that my colleagues, our users, and our partners will overcome the challenges we face and achieve successful results in all ongoing and future projects.”

Avedian has over 20 years of experience at management-level positions in business development and sales with both Russian and international companies. Prior to this appointment, he served as deputy CEO and sales director of CADFEM CIS, an authorized distributor of Ansys Inc. in Russia and the CIS, where he contributed to the company’s sales and revenue growth. He also worked for General Electric, Microsoft, and Dassault Systèmes in Russia and the CIS.

Avedian earned a master’s degree in aircraft design, construction, and production, as well as a Ph.D. in computer-aided design from the Moscow Aviation Institute.

Artem Avedian Profile Picture

Caption: Artem Avedian has joined Bentley Systems as general manager of business operations in Russia and the Commonwealth of Independent States.


About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries.

© 2020 Bentley, the Bentley logo, AssetWise, iTwin, MicroStation, and ProjectWise are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

Bentley Systems Appoints Artem Avedian General Manager of Business Operations in Russia and the CIS

17.12.2020 1:00  

EXTON, Pa. – December 17, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, announced that it has appointed Artem Avedian as general manager of business operations in Russia and the Commonwealth of Independent States. In this role, he is responsible for Bentley’s regional sales strategy and business growth development. Based in Moscow, Avedian reports to Mattias Hemmingsson, regional director for Nordic and Baltic countries, as well as Russia and the CIS.

“I am excited to welcome Artem to his new role of general manager for Bentley Russia and the CIS,” Hemmingsson said. “In the region over the past few years, Bentley has seen an increasing interest in the integrated, multidiscipline solutions that it offers. I am convinced that Artem’s long professional experience in the market, his great leadership skills, and his ability to promote our company’s values will ensure the successful execution of Bentley’s business strategy and drive continued growth in the region.”

“I am excited to be joining a team of dedicated professionals that will solve complex and important tasks for advancing the modernization and digitalization of industrial, transport, and urban infrastructure,” Avedian said. “I am also looking forward to helping our users in Russia and the CIS implement modern design solutions and innovative technologies developed by Bentley Systems. I am sure that my colleagues, our users, and our partners will overcome the challenges we face and achieve successful results in all ongoing and future projects.”

Avedian has over 20 years of experience at management-level positions in business development and sales with both Russian and international companies. Prior to this appointment, he served as deputy CEO and sales director of CADFEM CIS, an authorized distributor of Ansys Inc. in Russia and the CIS, where he contributed to the company’s sales and revenue growth. He also worked for General Electric, Microsoft, and Dassault Systèmes in Russia and the CIS.

Avedian earned a master’s degree in aircraft design, construction, and production, as well as a Ph.D. in computer-aided design from the Moscow Aviation Institute.


About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries.

© 2020 Bentley, the Bentley logo, AssetWise, iTwin, MicroStation, and ProjectWise are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

Bentley Systems Becomes Founding Member of Digital Twin Consortium

15.12.2020 17:39   Deepens Collaboration with Industry, Government and Academic Members to Advance Interoperability of Digital Twins

EXTON, Pa. – December 15, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, has elevated its participation in the Digital Twin Consortium by becoming a founding member. Having been a groundbreaker member since day one of the consortium’s launch in May of 2020, Bentley will deepen its collaboration as a founding member and become a member of its steering committee.


Defining Digital Twins

One way that Bentley is helping advance the Digital Twin Consortium’s mission is through defining the terminology used to describe digital twins. Casey Mullen, distinguished architect, strategic technologies at Bentley Systems, has contributed his expertise as a lead author of the Digital Twin Consortium’s definition of a digital twin. Mullen helped unveil the new definition during a panel discussion at the IOT Solutions World Congress on December 3, 2020.

The consortium’s digital twin definition is:

A digital twin is a virtual representation of real-world entities and processes, synchronized at a specified frequency and fidelity.

  • Digital twin systems transform business by accelerating holistic understanding, optimal decision-making, and effective action.
  • Digital twins use real-time and historical data to represent the past and present and simulate predicted futures.
  • Digital twins are motivated by outcomes, tailored to use cases, powered by integration, built on data, guided by domain knowledge, and implemented in IT/OT systems.

“I’ve enjoyed collaborating with representatives from diverse industries in the consortium’s Technology, Terminology, and Taxonomy Working Group to develop a set of practical definitions to inform those who are acquiring or implementing digital twins,” said Mullen.


Steering the Way

As a founding member, Bentley is also contributing its advice and technology expertise to the Digital Twin Consortium’s steering committee. Adam Klatzkin, vice president, iTwin Platform, at Bentley Systems, and Mullen are helping advance the Digital Twin Consortium’s strategic roadmap, working groups, and governance as members of the consortium’s steering committee.

“We are delighted that Bentley is a founding member of Digital Twin Consortium and is also a member of our steering committee,” said Dr. Richard Soley, executive director, Digital Twin Consortium. “The consortium looks forward to high-level guidance on digital twin technologies and continued contributions based on Bentley’s experience and knowledge of the infrastructure industry.”


An Open Platform for Digital Twins

Bentley’s collaboration with Digital Twin Consortium and its global ecosystem of digital twin users underscores its commitment to advancing open solutions for digital twins. Bentley provides iTwin.js, an open-source, software developer library for creating digital twin solutions for infrastructure. Bentley is also a member of buildingSMART International’s Digital Twin Working Group.

Bentley recently expanded its digital twin offerings with the iTwin Platform, a new platform-as-a-service offering for developers with openness as a guiding principle. The platform supports a broad range of design tools—Bentley and third-party—and file interchange formats including IFC. Klatzkin said, “The iTwin platform provides an open foundation for creating digital twin capabilities for modeling, simulation, project delivery, asset performance, and much more.”

To jump-start awareness and adoption of the iTwin digital twin platform, Bentley recently launched the iTwin Partner Program, the iTwin Ventures Fund, and hosted the inaugural iTwin Developer Conference.

DTC Badge Founder 

Caption: As a founding member, Bentley will help advance the consortium’s strategic roadmap, working groups, and governance to maximize the benefits of digital twins and accelerate the digital twin market.

Digital Twin Consortium was formed by non-profit trade association Object Management Group® with Ansys, Dell, Lendlease, and Microsoft, to demonstrate the value of digital twin technology and accelerate the digital twin market. As the authority in digital twins, the consortium brings together industry, government, and academia to drive consistency in the vocabulary, architecture, security, and interoperability of digital twin technology. Digital Twin Consortium aims to influence the direction of digital twin technology development, become the focal point for digital twin thought leadership, and promote, evolve, and refine digital twin best practices and benefits.


About Digital Twin Consortium

Digital Twin Consortium is The Authority in Digital Twin. It coalesces industry, government and academia to drive consistency in vocabulary, architecture, security and interoperability of digital twin technology. It advances the use of digital twin technology from aerospace to natural resources. Digital Twin Consortium is a program of Object Management Group.

www.digitaltwinconsortium.org

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries.

www.bentley.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, iTwin, iTwin.js, MicroStation, and ProjectWise are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners. 

Bentley Systems Becomes Founding Member of Digital Twin Consortium

15.12.2020 17:39   Deepens Collaboration with Industry, Government and Academic Members to Advance Interoperability of Digital Twins

EXTON, Pa. – December 15, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, has elevated its participation in the Digital Twin Consortium by becoming a founding member. Having been a groundbreaker member since day one of the consortium’s launch in May of 2020, Bentley will deepen its collaboration as a founding member and become a member of its steering committee.


Defining Digital Twins

One way that Bentley is helping advance the Digital Twin Consortium’s mission is through defining the terminology used to describe digital twins. Casey Mullen, distinguished architect, strategic technologies at Bentley Systems, has contributed his expertise as a lead author of the Digital Twin Consortium’s definition of a digital twin. Mullen helped unveil the new definition during a panel discussion at the IOT Solutions World Congress on December 3, 2020.

The consortium’s digital twin definition is:

A digital twin is a virtual representation of real-world entities and processes, synchronized at a specified frequency and fidelity.

  • Digital twin systems transform business by accelerating holistic understanding, optimal decision-making, and effective action.
  • Digital twins use real-time and historical data to represent the past and present and simulate predicted futures.
  • Digital twins are motivated by outcomes, tailored to use cases, powered by integration, built on data, guided by domain knowledge, and implemented in IT/OT systems.

“I’ve enjoyed collaborating with representatives from diverse industries in the consortium’s Technology, Terminology, and Taxonomy Working Group to develop a set of practical definitions to inform those who are acquiring or implementing digital twins,” said Mullen.


Steering the Way

As a founding member, Bentley is also contributing its advice and technology expertise to the Digital Twin Consortium’s steering committee. Adam Klatzkin, vice president, iTwin Platform, at Bentley Systems, and Mullen are helping advance the Digital Twin Consortium’s strategic roadmap, working groups, and governance as members of the consortium’s steering committee.

“We are delighted that Bentley is a founding member of Digital Twin Consortium and is also a member of our steering committee,” said Dr. Richard Soley, executive director, Digital Twin Consortium. “The consortium looks forward to high-level guidance on digital twin technologies and continued contributions based on Bentley’s experience and knowledge of the infrastructure industry.”


An Open Platform for Digital Twins

Bentley’s collaboration with Digital Twin Consortium and its global ecosystem of digital twin users underscores its commitment to advancing open solutions for digital twins. Bentley provides iTwin.js, an open-source, software developer library for creating digital twin solutions for infrastructure. Bentley is also a member of buildingSMART International’s Digital Twin Working Group.

Bentley recently expanded its digital twin offerings with the iTwin Platform, a new platform-as-a-service offering for developers with openness as a guiding principle. The platform supports a broad range of design tools—Bentley and third-party—and file interchange formats including IFC. Klatzkin said, “The iTwin platform provides an open foundation for creating digital twin capabilities for modeling, simulation, project delivery, asset performance, and much more.”

To jump-start awareness and adoption of the iTwin digital twin platform, Bentley recently launched the iTwin Partner Program, the iTwin Ventures Fund, and hosted the inaugural iTwin Developer Conference.

Digital Twin Consortium was formed by non-profit trade association Object Management Group® with Ansys, Dell, Lendlease, and Microsoft, to demonstrate the value of digital twin technology and accelerate the digital twin market. As the authority in digital twins, the consortium brings together industry, government, and academia to drive consistency in the vocabulary, architecture, security, and interoperability of digital twin technology. Digital Twin Consortium aims to influence the direction of digital twin technology development, become the focal point for digital twin thought leadership, and promote, evolve, and refine digital twin best practices and benefits.


About Digital Twin Consortium

Digital Twin Consortium is The Authority in Digital Twin. It coalesces industry, government and academia to drive consistency in vocabulary, architecture, security and interoperability of digital twin technology. It advances the use of digital twin technology from aerospace to natural resources. Digital Twin Consortium is a program of Object Management Group.

www.digitaltwinconsortium.org

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries.

www.bentley.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, iTwin, iTwin.js, MicroStation, and ProjectWise are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners. 

Bentley Systems Becomes Founding Member of Digital Twin Consortium

15.12.2020 17:39   Deepens Collaboration with Industry, Government and Academic Members to Advance Interoperability of Digital Twins

EXTON, Pa. – December 15, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, has elevated its participation in the Digital Twin Consortium by becoming a founding member. Having been a groundbreaker member since day one of the consortium’s launch in May of 2020, Bentley will deepen its collaboration as a founding member and become a member of its steering committee.


Defining Digital Twins

One way that Bentley is helping advance the Digital Twin Consortium’s mission is through defining the terminology used to describe digital twins. Casey Mullen, distinguished architect, strategic technologies at Bentley Systems, has contributed his expertise as a lead author of the Digital Twin Consortium’s definition of a digital twin. Mullen helped unveil the new definition during a panel discussion at the IOT Solutions World Congress on December 3, 2020.

The consortium’s digital twin definition is:

A digital twin is a virtual representation of real-world entities and processes, synchronized at a specified frequency and fidelity.

  • Digital twin systems transform business by accelerating holistic understanding, optimal decision-making, and effective action.
  • Digital twins use real-time and historical data to represent the past and present and simulate predicted futures.
  • Digital twins are motivated by outcomes, tailored to use cases, powered by integration, built on data, guided by domain knowledge, and implemented in IT/OT systems.

“I’ve enjoyed collaborating with representatives from diverse industries in the consortium’s Technology, Terminology, and Taxonomy Working Group to develop a set of practical definitions to inform those who are acquiring or implementing digital twins,” said Mullen.


Steering the Way

As a founding member, Bentley is also contributing its advice and technology expertise to the Digital Twin Consortium’s steering committee. Adam Klatzkin, vice president, iTwin Platform, at Bentley Systems, and Mullen are helping advance the Digital Twin Consortium’s strategic roadmap, working groups, and governance as members of the consortium’s steering committee.

“We are delighted that Bentley is a founding member of Digital Twin Consortium and is also a member of our steering committee,” said Dr. Richard Soley, executive director, Digital Twin Consortium. “The consortium looks forward to high-level guidance on digital twin technologies and continued contributions based on Bentley’s experience and knowledge of the infrastructure industry.”


An Open Platform for Digital Twins

Bentley’s collaboration with Digital Twin Consortium and its global ecosystem of digital twin users underscores its commitment to advancing open solutions for digital twins. Bentley provides iTwin.js, an open-source, software developer library for creating digital twin solutions for infrastructure. Bentley is also a member of buildingSMART International’s Digital Twin Working Group.

Bentley recently expanded its digital twin offerings with the iTwin Platform, a new platform-as-a-service offering for developers with openness as a guiding principle. The platform supports a broad range of design tools—Bentley and third-party—and file interchange formats including IFC. Klatzkin said, “The iTwin platform provides an open foundation for creating digital twin capabilities for modeling, simulation, project delivery, asset performance, and much more.”

To jump-start awareness and adoption of the iTwin digital twin platform, Bentley recently launched the iTwin Partner Program, the iTwin Ventures Fund, and hosted the inaugural iTwin Developer Conference.

DTC Badge Founder 

Caption: As a founding member, Bentley will help advance the consortium’s strategic roadmap, working groups, and governance to maximize the benefits of digital twins and accelerate the digital twin market.

Digital Twin Consortium was formed by non-profit trade association Object Management Group® with Ansys, Dell, Lendlease, and Microsoft, to demonstrate the value of digital twin technology and accelerate the digital twin market. As the authority in digital twins, the consortium brings together industry, government, and academia to drive consistency in the vocabulary, architecture, security, and interoperability of digital twin technology. Digital Twin Consortium aims to influence the direction of digital twin technology development, become the focal point for digital twin thought leadership, and promote, evolve, and refine digital twin best practices and benefits.


About Digital Twin Consortium

Digital Twin Consortium is The Authority in Digital Twin. It coalesces industry, government and academia to drive consistency in vocabulary, architecture, security and interoperability of digital twin technology. It advances the use of digital twin technology from aerospace to natural resources. Digital Twin Consortium is a program of Object Management Group.

www.digitaltwinconsortium.org

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries.

www.bentley.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, iTwin, iTwin.js, MicroStation, and ProjectWise are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners. 

Bentley Systems Becomes Founding Member of Digital Twin Consortium

15.12.2020 17:39   Deepens Collaboration with Industry, Government and Academic Members to Advance Interoperability of Digital Twins

EXTON, Pa. – December 15, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, has elevated its participation in the Digital Twin Consortium by becoming a founding member. Having been a groundbreaker member since day one of the consortium’s launch in May of 2020, Bentley will deepen its collaboration as a founding member and become a member of its steering committee.


Defining Digital Twins

One way that Bentley is helping advance the Digital Twin Consortium’s mission is through defining the terminology used to describe digital twins. Casey Mullen, distinguished architect, strategic technologies at Bentley Systems, has contributed his expertise as a lead author of the Digital Twin Consortium’s definition of a digital twin. Mullen helped unveil the new definition during a panel discussion at the IOT Solutions World Congress on December 3, 2020.

The consortium’s digital twin definition is:

A digital twin is a virtual representation of real-world entities and processes, synchronized at a specified frequency and fidelity.

  • Digital twin systems transform business by accelerating holistic understanding, optimal decision-making, and effective action.
  • Digital twins use real-time and historical data to represent the past and present and simulate predicted futures.
  • Digital twins are motivated by outcomes, tailored to use cases, powered by integration, built on data, guided by domain knowledge, and implemented in IT/OT systems.

“I’ve enjoyed collaborating with representatives from diverse industries in the consortium’s Technology, Terminology, and Taxonomy Working Group to develop a set of practical definitions to inform those who are acquiring or implementing digital twins,” said Mullen.


Steering the Way

As a founding member, Bentley is also contributing its advice and technology expertise to the Digital Twin Consortium’s steering committee. Adam Klatzkin, vice president, iTwin Platform, at Bentley Systems, and Mullen are helping advance the Digital Twin Consortium’s strategic roadmap, working groups, and governance as members of the consortium’s steering committee.

“We are delighted that Bentley is a founding member of Digital Twin Consortium and is also a member of our steering committee,” said Dr. Richard Soley, executive director, Digital Twin Consortium. “The consortium looks forward to high-level guidance on digital twin technologies and continued contributions based on Bentley’s experience and knowledge of the infrastructure industry.”


An Open Platform for Digital Twins

Bentley’s collaboration with Digital Twin Consortium and its global ecosystem of digital twin users underscores its commitment to advancing open solutions for digital twins. Bentley provides iTwin.js, an open-source, software developer library for creating digital twin solutions for infrastructure. Bentley is also a member of buildingSMART International’s Digital Twin Working Group.

Bentley recently expanded its digital twin offerings with the iTwin Platform, a new platform-as-a-service offering for developers with openness as a guiding principle. The platform supports a broad range of design tools—Bentley and third-party—and file interchange formats including IFC. Klatzkin said, “The iTwin platform provides an open foundation for creating digital twin capabilities for modeling, simulation, project delivery, asset performance, and much more.”

To jump-start awareness and adoption of the iTwin digital twin platform, Bentley recently launched the iTwin Partner Program, the iTwin Ventures Fund, and hosted the inaugural iTwin Developer Conference.

DTC Badge Founder 

Caption: As a founding member, Bentley will help advance the consortium’s strategic roadmap, working groups, and governance to maximize the benefits of digital twins and accelerate the digital twin market.

Digital Twin Consortium was formed by non-profit trade association Object Management Group® with Ansys, Dell, Lendlease, and Microsoft, to demonstrate the value of digital twin technology and accelerate the digital twin market. As the authority in digital twins, the consortium brings together industry, government, and academia to drive consistency in the vocabulary, architecture, security, and interoperability of digital twin technology. Digital Twin Consortium aims to influence the direction of digital twin technology development, become the focal point for digital twin thought leadership, and promote, evolve, and refine digital twin best practices and benefits.


About Digital Twin Consortium

Digital Twin Consortium is The Authority in Digital Twin. It coalesces industry, government and academia to drive consistency in vocabulary, architecture, security and interoperability of digital twin technology. It advances the use of digital twin technology from aerospace to natural resources. Digital Twin Consortium is a program of Object Management Group.

www.digitaltwinconsortium.org

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries.

www.bentley.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, iTwin, iTwin.js, MicroStation, and ProjectWise are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners. 

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15.12.2020 12:28  

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11.12.2020 12:23  

Bentley’s Year in Infrastructure dives deep into digital twins

10.12.2020 17:54  

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Schnitger Corp, US

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Bentley Systems and Microsoft to digitise urban planning

10.12.2020 17:50  

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The Record, UK

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Mark Bew's consultancy PCSG bought by Bentley

10.12.2020 17:45  

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BIM+, UK

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Built Environment Consultancy Acquired

10.12.2020 16:27  

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Siemens and Bentley help manage performance of oil & gas assets

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Gas to Power Journal, UK

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Smart Cities Rise Up with Digital Twins

8.12.2020 16:24  

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Bentley Systems acquires PCSG

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Shell’s deepwater business selects Bentley’s digital twin platform

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Microsoft partnership headlines Bentley’s YII news

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Shell locks in Bentley for digital contract

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FutureOn secures investment from Bentley Acceleration Fund for O&G Digitalisation

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Shell Deepwater selects Bentleys iTwin Platform for Project Delivery

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Shell Deepwater Selects Bentley’s iTwin Platform for Project Delivery

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Digital Twin and Cities of the Future

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Atkins establishes a detailed GIS using innovative technology

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Digital twin technology – a future UK export success?

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Infrastructure Intelligence, UK

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Two Australian finalists in Year in Infrastructure 2020 awards

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Bentley’s Year in Infrastructure (YII) Goes Live for the First Time

30.11.2020 20:02  

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Engineering.com, USA

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Bentley Systems Announces Finalists in the Year in Infrastructure 2020 Awards Program

30.11.2020 19:55  

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Manufacturing and Engineering Magazine, UK

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The Cohesive Companies announce the acquisition of UK-based Maximo solutions provider SRO Solutions

30.11.2020 17:51  

Will strengthen Cohesive Companies in the global maritime and resources industries

EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.

Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.

“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”

SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.

“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”

SDA At Sea

Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.

About The Cohesive Companies 

The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).

The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling).  www.cohesivecompanies.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

The Cohesive Companies announce the acquisition of UK-based Maximo solutions provider SRO Solutions

30.11.2020 17:51  

Will strengthen Cohesive Companies in the global maritime and resources industries

EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.

Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.

“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”

SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.

“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”

SDA At Sea

Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.

About The Cohesive Companies 

The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).

The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling).  www.cohesivecompanies.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

The Cohesive Companies announce the acquisition of UK-based Maximo solutions provider SRO Solutions

30.11.2020 17:51  

Will strengthen Cohesive Companies in the global maritime and resources industries

EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.

Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.

“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”

SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.

“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”

SDA At Sea

Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.

About The Cohesive Companies 

The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).

The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling).  www.cohesivecompanies.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

The Cohesive Companies announce the acquisition of UK-based Maximo solutions provider SRO Solutions

30.11.2020 17:51  

Will strengthen Cohesive Companies in the global maritime and resources industries

EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.

Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.

“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”

SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.

“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”

SDA At Sea

Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.

About The Cohesive Companies 

The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).

The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling).  www.cohesivecompanies.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

The Cohesive Companies announce the acquisition of UK-based Maximo solutions provider SRO Solutions

30.11.2020 17:51  

Will strengthen Cohesive Companies in the global maritime and resources industries

EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.

Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.

“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”

SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.

“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”

SDA At Sea

Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.

About The Cohesive Companies 

The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).

The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling).  www.cohesivecompanies.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

The Cohesive Companies announce the acquisition of UK-based Maximo solutions provider SRO Solutions

30.11.2020 17:51  

Will strengthen Cohesive Companies in the global maritime and resources industries

EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.

Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.

“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”

SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.

“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”

SDA At Sea

Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.

About The Cohesive Companies 

The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).

The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling).  www.cohesivecompanies.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

The Cohesive Companies announce the acquisition of UK-based Maximo solutions provider SRO Solutions

30.11.2020 17:51  

Will strengthen Cohesive Companies in the global maritime and resources industries

EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.

Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.

“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”

SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.

“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”

SDA At Sea

Caption: SRO Solutions replaced the British Antarctic Survey’s (BAS) current asset management system with IBM Maximo for their entire existing polar fleet of aircraft and ships, as well as implementing Maximo on the new Antarctic flagship RRS Sir David Attenborough.

About The Cohesive Companies 

The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).

The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling).  www.cohesivecompanies.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

The Cohesive Companies announce the acquisition of UK-based Maximo solutions provider SRO Solutions

30.11.2020 17:51  

Will strengthen Cohesive Companies in the global maritime and resources industries

EXTON, Pa. – November 30, 2020 - The Cohesive Companies, a wholly-owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY, the infrastructure engineering software company), today announced its acquisition of SRO Solutions (“SRO”) to extend its capabilities for marine and industrial infrastructure. Established in 2004, SRO introduced IBM’s Maximo to the maritime environment, managing projects across all seven continents for an extensive list of blue-chip owner-operators of assets on- and off-shore. SRO, a Gold Accredited IBM Business Partner, provides unique Maximo replication and zero downtime upgrade solutions.

Headquartered in Manchester, UK, SRO approaches each project with a disciplined agile methodology, underpinned by a rich engineering heritage and strong technical competence. SRO’s engineers, consultants, and project managers wield extensive experience in delivering Maximo solutions across a wide range of sectors, led by maritime and oil and gas. Products include SDU (SRO Data Utility), which eliminates downtime and provides upgrade and migration processes that permit businesses to keep running while software (for example, large Maximo instances) are being updated; and SDR (SRO Data Replication), which assures data synchronization across remote geographies and intermittent connections.

“We are excited to welcome Tony Lackey and the SRO team, with their technical expertise and hands-on knowledge of resources industries,” said Noah Eckhouse, CEO, The Cohesive Companies. “Our goal, as an autonomous digital integrator consultancy, is to support global owner-operators and their assets literally everywhere in going digital. Incorporating SRO’s comprehensive product and service offerings, and their uniquely deep experience in maintaining safety and regulatory compliance in challenging and low/no-bandwidth environments, will help our emerging digital twin offerings to reach the full extent of maritime and industrial assets.”

SRO Managing Director Tony Lackey said, “We are excited for SRO to join The Cohesive Companies, as we have worked for years with Cohesive in America and recently have also partnered on opportunities here in the UK. I would like to thank all the team at SRO for their work in making this milestone possible.

“It is timely that we are adding SRO’s Maximo solutions, and maritime and industrial expertise, to what The Cohesive Companies can now offer globally. Advancements in going digital are driving improvements in maritime, offshore and energy asset management – leading towards the breakthrough advantages of infrastructure digital twins. We know that together, we can deliver even more operational value for owner-operator organizations!”

About The Cohesive Companies 

The Cohesive Companies form a wholly-owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com).

The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through asset performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), Cohesive SRO (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions (leading North American reseller of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling).  www.cohesivecompanies.com

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, and The Cohesive Companies are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

Chengdu Leverages Digital Twins on Complex CNY 1.38 Billion Infrastructure Project

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Sir Robert McAlpine adopts new CDE solution

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Your chance to take part in digital ‘state of the nation’ survey

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Bentley Systems Incorporated Declares Fourth Quarter 2020 Dividend

23.11.2020 22:52  

EXTON, PA – November 23, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that its Board of Directors declared a $0.03 per share dividend for the fourth quarter of 2020. The cash dividend is payable on December 22, 2020 to all stockholders of record of Class A and Class B common stock as of the close of business on December 7, 2020.

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries.

This press release contains statements that are not historical in nature and that are intended to be, and are hereby identified as, "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including a statement regarding expectations as to payment of a quarterly cash dividend in the foreseeable future. Any future determination as to payment of dividends will depend upon the financial condition and results of operations of the company and such other factors as are deemed relevant by the board of directors. For example, macroeconomic conditions, pandemic consequences, a change in business needs including working capital, or a change in income tax law relating to dividends, could cause the company to decide not to pay a dividend in the future. A discussion of other risks and uncertainties is included in the company's filings with the SEC, including final prospectus filed with the Securities and Exchange Commission on September 24, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

Bentley Systems Incorporated Declares Fourth Quarter 2020 Dividend

23.11.2020 22:52  

 

EXTON, PA – November 23, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that its Board of Directors declared a $0.03 per share dividend for the fourth quarter of 2020. The cash dividend is payable on December 22, 2020 to all stockholders of record of Class A and Class B common stock as of the close of business on December 7, 2020.

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries.

This press release contains statements that are not historical in nature and that are intended to be, and are hereby identified as, "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including a statement regarding expectations as to payment of a quarterly cash dividend in the foreseeable future. Any future determination as to payment of dividends will depend upon the financial condition and results of operations of the company and such other factors as are deemed relevant by the board of directors. For example, macroeconomic conditions, pandemic consequences, a change in business needs including working capital, or a change in income tax law relating to dividends, could cause the company to decide not to pay a dividend in the future. A discussion of other risks and uncertainties is included in the company's filings with the SEC, including final prospectus filed with the Securities and Exchange Commission on September 24, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

Bentley Systems Incorporated Declares Fourth Quarter 2020 Dividend

23.11.2020 22:52  

 

EXTON, PA – November 23, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that its Board of Directors declared a $0.03 per share dividend for the fourth quarter of 2020. The cash dividend is payable on December 22, 2020 to all stockholders of record of Class A and Class B common stock as of the close of business on December 7, 2020.

About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries.

This press release contains statements that are not historical in nature and that are intended to be, and are hereby identified as, "forward looking statements" as defined in the Private Securities Litigation Reform Act of 1995, including a statement regarding expectations as to payment of a quarterly cash dividend in the foreseeable future. Any future determination as to payment of dividends will depend upon the financial condition and results of operations of the company and such other factors as are deemed relevant by the board of directors. For example, macroeconomic conditions, pandemic consequences, a change in business needs including working capital, or a change in income tax law relating to dividends, could cause the company to decide not to pay a dividend in the future. A discussion of other risks and uncertainties is included in the company's filings with the SEC, including final prospectus filed with the Securities and Exchange Commission on September 24, 2020, and our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.

AWWA Recognizes Hydraulics Expert and Bentley Fellow Thomas Walski for Papers that Focus on Digital Twins and Low Pressure in Water Systems

23.11.2020 14:14  

Wins for “Risk and Resilience Assessment Isn’t Optional Anymore” and for Co-authoring “Pressure-dependent Demand under Pressure-deficient Conditions” 

EXTON, Pa. – November 19, 2020 – Bentley Systems, Incorporated, (Nasdaq: BSY), the infrastructure engineering software company, has announced that the American Water Works Association (AWWA) has awarded Bentley Fellow and Senior Product Manager Thomas Walski, Ph.D., P.E., with the AWWA 2020 Opflow Publications Award and the Division Best Paper Award in Engineering & Construction. The Opflow Publications Award recognizes the contribution of information directed at operating personnel of water utility systems in the areas of science, technology, and water supply operations. The Division Best Paper Award annually recognizes an author or authors from each AWWA technical and education division published in either AWWA Water Science or Journal AWWA from January to December of the previous year.  

Walski won the AWWA 2020 Opflow Publications Award for “Risk and Resilience Assessment Isn’t Optional Anymore.” The paper discusses how digital twins can help water system operators meet risk assessment and emergency planning standards mandated by America’s Water Infrastructure Act of 2018. Additionally, it demonstrates how digital twins can address pipe breaks, power outages, fires, and contamination within water systems.  

Walski won the Division Best Paper Award in the Engineering & Construction category for “Pressure-dependent Demand under Pressure-deficient Conditions.” He co-authored the paper with Michael Havard, Bruce Yankelitis, and Jon Youells, former students at Wilkes University, and Brian Whitman, professor of environmental engineering at Wilkes University. The paper addresses how water systems behave when pressures become very low, such as during emergencies, and how to perform hydraulic analysis of those conditions using Bentley Systems’ WaterGEMS software.  

James Cooper, vice-chair, AWWA Engineering & Construction Division, said, “Congratulations to Dr. Walski and the supporting authors as recipients of the ‘2020 Best Paper Award’ from the AWWA Engineering & Construction Division. This research improves our understanding and modeling of hydraulics and is the latest in a decades-long trend of work resulting in advancement of the water sector.” 

“Tom’s research really clarifies how water distribution systems operate under dynamic conditions, which has implications on public health and asset management,” said Ken Mercer, editor-in-chief, AWWA Water Science and Journal AWWA, American Water Works Association. “As his group wrote, systems can be stressed during pipe breaks, fires, and major shutdowns or simply due to a lack of capacity. Tom’s research of the dynamics of water distribution systems furthers the water industry’s understanding and control of buried infrastructure that is vital to maintain public health and support community development.” 

“Winning either of these prestigious awards is quite an accomplishment, but winning both in the same year is truly extraordinary,” said Gregg Herrin, vice president of water infrastructure at Bentley. “For his entire career, Tom has made tremendous contributions to the industry, and we are proud that he continues doing so as a Bentley colleague.”  

Walski has worked at Bentley since 2000, and also serves as an adjunct faculty member at Wilkes University. He is currently a fellow of American Society of Civil Engineers, a lifetime member of American Water Works Association, and a member of the Water Environment Federation. 

 

About Bentley Systems 

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries. www.bentley.com  

© 2020 Bentley Systems, Incorporated. Bentley, the Bentley logo, AssetWise, iTwin, MicroStation, ProjectWise, and WaterGEMS are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.   

Digital twins: Where does the value lie?

19.11.2020 17:48  

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Finalists for Bentley’s Year in Infrastructure

19.11.2020 17:29  

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Bentley Systems Announces Finalists in the Year in Infrastructure 2020 Awards Program

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Bentley Systems 2020 YII: Transformation across industry

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Bentley Systems to Present at the RBC Global Technology, Internet, Media & Telecom Conference

13.11.2020 20:25  

EXTON, PA – November 13, 2020 Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced that Greg Bentley, Bentley Systems’ chief executive officer, will present virtually at the RBC Global Technology, Internet, Media & Telecom Conference on Tuesday, November 17, 2020 at approximately 4:00 p.m. Eastern time.

 

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries.  www.bentley.com.

 

Bentley Systems Announces Pricing of Public Offering of Common Stock

13.11.2020 2:17   EXTON, Pa., U.S.A. – November 12, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley”), the infrastructure engineering software company, today announced the pricing of the public offering of 10,000,000 shares of its Class B common stock, consisting of 8,103,965 shares to be issued and sold by Bentley and 1,896,035 shares to be sold by existing stockholders of Bentley, at a price to the public of $32.00 per share. Bentley granted the underwriters in the offering a 30-day option to purchase from Bentley up to an additional 1,500,000 shares of Class B common stock. The offering is expected to close on November 17, 2020, subject to customary closing conditions.

Bentley intends to use the net proceeds from the sale of its shares in the offering to repay existing indebtedness under its credit facilities.  Bentley will not receive any proceeds from the sale of shares by the selling stockholders. 

Goldman Sachs & Co. LLC and BofA Securities are acting as lead book-running managers and RBC Capital Markets, Baird and KeyBanc Capital Markets are also acting as joint book-running managers for the offering. Mizuho Securities is acting as a co-manager for the offering.

A registration statement on Form S-1 relating to the offering has been filed with, and declared effective by, the SEC. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. 

The offering is being made only by means of a prospectus. Copies of the prospectus related to the offering, when available, may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department at 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526 or by e-mail at prospectus-ny@ny.email.gs.com, or BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, by email at dg.prospectus_requests@bofa.com.

About Bentley Systems

Bentley Systems is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries.

Forward Looking Statements 

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include statements relating to, among other things, risks and uncertainties related to market conditions, the risk that the public offering will not be consummated on the terms or in the amounts contemplated or otherwise, and the satisfaction of customary closing conditions related to the public offering. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the “Risk Factors” section of Bentley’s registration statement relating to the offering. Except as required by law, Bentley has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

Bentley Systems Announces Pricing of Public Offering of Common Stock

12.11.2020 2:17   EXTON, Pa., U.S.A. – November 12, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley”), the infrastructure engineering software company, today announced the pricing of the public offering of 10,000,000 shares of its Class B common stock, consisting of 8,103,965 shares to be issued and sold by Bentley and 1,896,035 shares to be sold by existing stockholders of Bentley, at a price to the public of $32.00 per share. Bentley granted the underwriters in the offering a 30-day option to purchase from Bentley up to an additional 1,500,000 shares of Class B common stock. The offering is expected to close on November 17, 2020, subject to customary closing conditions.

Bentley intends to use the net proceeds from the sale of its shares in the offering to repay existing indebtedness under its credit facilities.  Bentley will not receive any proceeds from the sale of shares by the selling stockholders. 

Goldman Sachs & Co. LLC and BofA Securities are acting as lead book-running managers and RBC Capital Markets, Baird and KeyBanc Capital Markets are also acting as joint book-running managers for the offering. Mizuho Securities is acting as a co-manager for the offering.

A registration statement on Form S-1 relating to the offering has been filed with, and declared effective by, the SEC. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. 

The offering is being made only by means of a prospectus. Copies of the prospectus related to the offering, when available, may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department at 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526 or by e-mail at prospectus-ny@ny.email.gs.com, or BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, by email at dg.prospectus_requests@bofa.com.

About Bentley Systems

Bentley Systems is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries.

Forward Looking Statements 

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include statements relating to, among other things, risks and uncertainties related to market conditions, the risk that the public offering will not be consummated on the terms or in the amounts contemplated or otherwise, and the satisfaction of customary closing conditions related to the public offering. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the “Risk Factors” section of Bentley’s registration statement relating to the offering. Except as required by law, Bentley has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

Watch Now 2020 Q3 Earnings

11.11.2020 6:28  

Bentley Systems Announces Launch of Public Offering of Common Stock

10.11.2020 23:28  

EXTON, Pa., U.S.A. – November 10, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley”), the infrastructure engineering software company, today announced the launch of the public offering of 10,000,000 shares of its Class B common stock, consisting of 8,103,965 shares to be issued and sold by Bentley and 1,896,035 shares to be sold by existing stockholders of Bentley. Bentley expects to grant the underwriters in the offering a 30-day option to purchase from Bentley up to an additional 1,500,000 shares of Class B common stock. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed or as to the actual size or terms of the offering.

Bentley intends to use the net proceeds from the sale of its shares in the offering to repay existing indebtedness under its credit facilities. Bentley will not receive any proceeds from the sale of shares by the selling stockholders. 

Goldman Sachs & Co. LLC and BofA Securities are acting as lead book-running managers and RBC Capital Markets, Baird and KeyBanc Capital Markets are also acting as joint book-running managers for the proposed offering. Mizuho Securities is acting as a co-manager for the proposed offering.

A registration statement on Form S-1 relating to the proposed offering has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. 

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering may be obtained by contacting Goldman Sachs & Co. LLC, Attention: Prospectus Department at 200 West Street, New York, New York 10282, by telephone at 1-866-471-2526 or by e-mail at prospectus-ny@ny.email.gs.com, or BofA Securities, Attn: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, North Carolina 28255-0001, by email at dg.prospectus_requests@bofa.com.

About Bentley Systems

Bentley Systems is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries.

Forward Looking Statements 

This press release contains forward-looking statements. Forward-looking statements include all statements that are not historical facts. The words “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect” and similar expressions are intended to identify forward-looking statements. These forward-looking statements include statements relating to, among other things, risks and uncertainties related to market conditions, the risk that the proposed public offering will not be consummated on the terms or in the amounts contemplated or otherwise, and the satisfaction of customary closing conditions related to the proposed public offering. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described under the “Risk Factors” section of Bentley’s registration statement relating to the offering. Except as required by law, Bentley has no obligation to update any of these forward-looking statements to conform these statements to actual results or revised expectations.

Bentley Systems Commits $100 Million of Venture Funding to Accelerate Infrastructure Digital Twins

10.11.2020 14:35  

Launches Bentley iTwin Ventures to co-invest in digital twin ecosystem

EXTON, Pa. – November 10, 2020 – Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced the establishment of Bentley iTwin Ventures to invest in promising technology companies addressing the emerging opportunity for infrastructure digital twin solutions for roadways, railways, waterways, bridges, utilities, industrial facilities, and other infrastructure assets.

Bentley iTwin Ventures is a $100 million corporate venture capital fund which fosters innovation by co-investing in startups and emerging companies that are strategically relevant to Bentley Systems’ objective of advancing infrastructure through going digital. The fund will target investments in transformational digital twin solutions supporting the design, simulation, construction, and/or operations of physical infrastructure.

Bentley iTwin Ventures will invest in early and mid-stage companies that demonstrate ability to develop applications and solutions that leverage and extend infrastructure digital twin opportunities, particularly in the public works and utilities, and industrial and resources, infrastructure sectors. The fund will invest in opportunities which can leverage Bentley’s iTwin Platform and open-source toolkits, supporting subject matter expertise, commercial teaming, and/or global reach and relationships within the infrastructure engineering community.

"Taking advantage of the momentum from Bentley Systems’ initial public offering, we are excited to expand our Acceleration Initiatives by formally launching the Bentley iTwin Ventures fund to support the growth of entrepreneurial companies dedicated to infrastructure digital twin solutions," said Greg Bentley, CEO of Bentley Systems. "Our iTwin Platform provides a scalable open-source foundation for technical and commercial innovation that will empower a vibrant ecosystem to creatively combine and connect what digital twins now make possible for infrastructure constituents. Proprietary analytics, data services, benchmarking, and infrastructure-as-a-service commercial models, for instance, are not in Bentley Systems’ direct scope, but we are glad to have a stake in bootstrapping these future successes. Here’s to the fullest going-digital ecosystem for infrastructure digital twins!”

Bentley Systems worked with corporate venture capital firm Touchdown Ventures to establish Bentley iTwin Ventures. An initial investment in FutureOn a.s. (www.futureon.com) was announced on October 16, 2020.

About Bentley iTwin Ventures
Bentley iTwin Ventures is a corporate venture capital fund sponsored by Bentley Systems, Incorporated. It invests in and helps catalyze the growth of companies developing innovative technologies, products, and services which intensify the infrastructure digital twin ecosystem. For more information, please visit www.BentleyiTwinVentures.com

About Bentley Systems’ Acceleration Initiatives
Bentley Systems’ Acceleration Initiatives was launched in 2020 to invest in new and incremental participants in open ecosystems to advance infrastructure digital twins. The Bentley Systems Acceleration Initiative is chartered to accelerate the creation and curation of digital twins, and to foster technologies and innovations so enabled, by nurturing new ventures, making minority investments through Bentley iTwin Ventures, and acquiring and expanding digital integrators. Wholly owned investments to date include Digital Water Works, Digital Construction Works (joint venture with Topcon Positioning Systems), Virtuosity, and The Cohesive Companies. Bentley iTwin Ventures is a $100 million corporate venture capital fund which co-invests in entrepreneurial companies that are leveraging and expanding the infrastructure digital twins ecosystem; co-investments to date include FutureOn. Chief Acceleration Officer Santanu Das welcomes queries from potential ecosystem participants at www.BentleyAccelerationInitiatives.com

About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million, in 172 countries. www.bentley.com

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Bentley, the Bentley logo, and Digital Construction Works (DCW) are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

Bentley Systems Announces Operating Results for Third Quarter 2020

10.11.2020 13:08  

EXTON, Pa.--(BUSINESS WIRE)--Nov. 10, 2020-- Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, today announced operating results for its quarter ended September 30, 2020.

Third Quarter 2020 Financial Results:

  • Total revenues were $203.0 million, up 8.8% year-over-year;
  • Subscriptions revenues were $173.2 million, up 11.6% year-over-year;
  • Last twelve-month recurring revenues were $682.7 million, up 11.0% year-over-year;
  • Last twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 107% for the same period last year;
  • Last twelve-month account retention rate was 98%, consistent with the same period last year;
  • Annualized Recurring Revenue (“ARR”) was $715.3 million as of September 30, 2020, representing Constant currency growth in ARR of 9% over September 30, 2019;
  • GAAP operating income was $5.3 million, compared to $41.4 million for the same period last year;
  • GAAP net income was $5.8 million, compared to $20.4 million for the same period last year. GAAP net income per diluted share was $0.02, compared to $0.07 for the same period last year;
  • Adjusted Net Income was $51.4 million, compared to $39.3 million for the same period last year. Adjusted Net Income per diluted share was $0.17 compared to $0.14 for the same period last year;
  • Adjusted EBITDA was $73.6 million, compared to $52.8 million for the same period last year. Adjusted EBITDA margin was 36.3%, compared to 28.3% for the same period last year;
  • Cash flow from operations was $39.8 million, compared to $35.5 million for the same period last year.

Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”

“Our encouraging operating results for the third quarter of 2020 continue to reinforce the relative resilience of infrastructure engineering, and the priority placed by our user organizations this year on going digital, as they have resourcefully ‘virtualized’ their mission-critical work,” said  Greg Bentley , CEO. “2020’s inflection in their digital advancement is evidenced by the burgeoning use cases for infrastructure digital twins which our users and accounts showcased at our just-completed Year in Infrastructure 2020 Conference.”

Mr. Bentley  continued, “Although infrastructure investment at large-- and our predictable business model-- continues to demonstrate resilience, we have now discerned a change within our application usage trends. During the first half of 2020 we could see waves of pandemic-related lockdowns adversely impacting our days of usage by a few percent, and then abating progressively by region. Beginning in the third quarter, we’ve been observing global usage impacts that instead are primarily a function of infrastructure sector -- with the commercial / facilities sector most affected, and our mainstay public works and utilities sector least affected. In the industrial / resources sector, capital projects activity has now perceptibly declined, reducing consumption of our applications by those affected (‘EPC’ engineering / procurement / construction firms). EPC accounts tend to have been early adopters of our consumption-based E365 commercial model, so our ARR and revenue growth are being somewhat attenuated. Our usual visibility into ARR momentum is likely to remain obscured to this degree.”

“Overall, we are nonetheless confident about promising returns on the purposeful reinvestment of our significant 2020 cost savings. Our new Chief Product Officer ( Nicholas Cumins ), inaugural Chief Success Officer ( Katriona Lord-Levins ), and new Chief Marketing Officer ( Chris Bradshaw ) bring us world-class public company experience in succession to many of our ‘foundation pillar’ executives whose retirements, upon our IPO after 36 years, have been anticipated. While maintaining our commitment to annual improvement in operating efficiency and margins, we are enthusiastically investing to accelerate accretion in our existing accounts, to better reach more small and mid-market prospects, to further enable our applications and systems through our iTwins Platform, and to develop our ecosystem of digital integrators to curate infrastructure digital twins.”

Financial Developments:

  • In August 2020Bentley Systems declared a special dividend of $1.50 per share ($392.5 million in the aggregate) and used its bank credit facility to fund the special dividend.
  • In September 2020Bentley Systems completed its initial public offering (“IPO”) of its Class B common stock at a price of $22.00 per share. Selling stockholders completed the sale of 12.4 million shares, including 1.6 million shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company did not receive any proceeds from the sale of shares of common stock by the selling stockholders in the IPO. For the three and nine months ended September 30, 2020, the Company recorded in its consolidated statement of operations $26.1 million in expenses associated with its IPO. Expenses associated with the IPO include certain non‐recurring costs consisting of underwriting discounts and commissions applicable to the sale of shares by the selling stockholders, professional fees, and other expenses.
  • During the third quarter of 2020, the Company initiated a strategic realignment program to better align talent resources with the evolving needs of the business. The Company incurred realignment costs related to this program of $10.0 million for the three and nine months ended September 30, 2020, representing termination benefits for colleagues whose positions were eliminated. These realignment activities have been broadly implemented across the company with substantially all actions expected to be completed by the beginning of 2021.
  • For the three and nine months ended September 30, 2020, the Company reported an effective tax rate of 62.5% and 22.6% respectively. The unusually high effective tax rate, especially in the third quarter, is primarily due to officer compensation limitation provisions resulting from the Company’s IPO and the non‑deductibility of expenses associated with the Company’s IPO, partially offset by increased tax benefits from stock‑based compensation.

2020 Financial Outlook

For the full year of 2020, the Company currently expects:

  • Total revenues in the range of $790 million to $800 million, representing growth of 7.2% to 8.6%;
  • Constant currency growth in ARR of 7.5% to 9.0%;
  • Adjusted EBITDA in the range of $250 million to $265 million, representing growth of 33% to 41%, including the impact of transitioning approximately $7.5 million of quarterly executive compensation from cash-based incentives to stock-based incentives for the fourth quarter of 2020;
  • Its effective tax rate for 2020 to be 23% to 25%. However, normalized for the unusual IPO-related activity in the third quarter of 2020, the effective tax rate is expected to be approximately 19% to 21%.

Bentley Systems is not providing a quantitative reconciliation of its Non-GAAP financial outlook to the corresponding GAAP information because the GAAP measures that it excludes from its Non-GAAP outlook are not available without unreasonable effort on a forward-looking basis due to their unpredictability, high variability, complexity and low visibility.

Earnings Call Details

Bentley Systems will host a live Zoom Video Webinar on November 10, 2020 at 8:30 a.m. Eastern Time to discuss the financial results for the third quarter of 2020.

Those wishing to participate should access the live Zoom Video Webinar of the event through a direct registration link at https://zoom.us/webinar/register/WN_MIBAJ7xHTN-cmp5KHRA-Fg. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. A replay and transcript will be available after the conclusion of the live event on Bentley Systems’ Investor Relations website.

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries. www.bentley.com.

Forward-Looking Statements

The foregoing forward-looking statements reflect Bentley Systems’ expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.

Any statements made in this earnings release that are not statements of historical fact, including statements about our financial outlook and our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, business plans, and strategies. Forward-looking statements are based on Bentley Systems management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited, to macroeconomic conditions, pandemic consequences, and other factors described under the heading “Risk Factors” in our final prospectus filed with the Securities and Exchange Commission (“SEC”) on September 24, 2020, and in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and the Company’s subsequent filings with the SEC. Copies of each filing may be obtained from the Company or the SEC. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

Definitions of Certain Key Business Metrics

Definitions of the non-GAAP financial measures used in this earnings release and reconciliations of such measures to their nearest GAAP equivalents are included below under “Use and Reconciliation of Non-GAAP Financial Measures.” Certain non-GAAP measures included in our financial outlook are not being reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. The Company is unable to reconcile these forward looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected for these periods not to impact the non-GAAP measures, but would impact GAAP measures. Such unavailable information, which could have a significant impact on the Company’s GAAP financial results, may include stock-based compensation charges, expenses associated with the IPO, depreciation and amortization of capitalized software costs and of acquired intangible assets, realignment expenses, and other items.

Last twelve-month recurring revenues are calculated as recurring revenues recognized over the preceding twelve-month period. We define recurring revenues as subscription revenues that recur monthly, quarterly, or annually with specific or automatic renewal clauses, and professional services revenues in which the underlying contract is based on a fixed fee and contains automatic annual renewal provisions.

Constant Currency Metrics

In reporting period-over-period results, we calculate the effects of foreign currency fluctuations and constant currency information by translating current period results using prior period average foreign currency exchange rates. Our definition of constant currency may differ from other companies reporting similarly named measures, and these constant currency performance measures should be viewed in addition to, and not as a substitute for, our operating performance measures calculated in accordance with U.S. GAAP.

  • Our last twelve-month recurring revenues dollar-based net retention rate is calculated, using the average exchange rates for the prior period, as follows: the recurring revenues for the current period, including any growth or reductions from accounts with recurring revenues in the prior period (“existing accounts”), but excluding recurring revenues from any new accounts added during the current period, divided by the total recurring revenues from all accounts during the prior period. A period is defined as any trailing twelve months. The recurring revenues dollar‑based net retention rate is calculated using revenues recognized pursuant to Topic 605 for all periods in order to enhance comparability during our transition to Topic 606 as we do not have all information available to us necessary to present recurring revenues dollar‑based net retention rate pursuant to Topic 606 for any period prior to January 1, 2019.
  • Our last twelve-month account retention rate for any given twelve-month period is calculated using the average currency exchange rates for the prior period, as follows: the prior period recurring revenues from all accounts with recurring revenues in the current and prior period, divided by total recurring revenues from all accounts during the prior period. The account retention rate is calculated using revenues recognized pursuant to Topic 605 for all periods in order to enhance comparability during our transition to Topic 606 as we do not have all information available to us necessary to present account retention rate pursuant to Topic 606 for any period prior to January 1, 2019.
  • Our Constant currency ARR growth rate is the growth rate of our ARR, measured on a constant currency basis. Our ARR is defined as the sum of the annualized value of our portfolio of contracts that produce recurring revenue as of the last day of the reporting period, and the annualized value of the last three months of recognized revenues for our contractually recurring consumption‑based software subscriptions with consumption measurement durations of less than one year.

Use and Reconciliation of Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we have calculated adjusted cost of subscriptions and licenses, adjusted cost of services, adjusted research and development, adjusted selling and marketing, adjusted general and administrative, adjusted income from operations, Adjusted Net IncomeAdjusted Net Income per diluted shareAdjusted EBITDA, and Adjusted EBITDA margin, each of which are non-GAAP financial measures. We have provided tabular reconciliations of each of these non-GAAP financial measures to such measure’s most directly comparable GAAP financial measure.

Management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate financial performance and liquidity. Our non‑GAAP financial measures are presented as supplemental disclosure as we believe they provide useful information to investors and others in understanding and evaluating our results, prospects, and liquidity period-over-period without the impact of certain items that do not directly correlate to our operating performance and that may vary significantly from period to period for reasons unrelated to our operating performance, as well as to compare our financial results to those of other companies. Our definitions of these non-GAAP financial measures may differ from similarly titled measures presented by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, the financial information prepared in accordance with GAAP, and should be read in conjunction with the financial statements included in our Quarterly Report on Form 10-Q to be filed with the SEC.

We calculate these non-GAAP financial measures as follows:

  • Adjusted cost of subscriptions and licenses is determined by adding back to GAAP cost of subscriptions and licenses, amortization of purchased intangibles and developed technologies, equity‑based compensation, and realignment expenses, for the respective periods;
  • Adjusted cost of services is determined by adding back to GAAP cost of services, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
  • Adjusted research and development is determined by adding back to GAAP research and development, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
  • Adjusted selling and marketing is determined by adding back to GAAP selling and marketing, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
  • Adjusted general and administrative is determined by adding back to GAAP general and administrative, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
  • Adjusted income from operations is determined by adding back to GAAP operating income, amortization of purchased intangibles and developed technologies, equity‑based compensation, acquisition expenses, realignment expenses, and expenses associated with IPO for the respective periods;
  • Adjusted Net Income is defined as net income adjusted for the following: amortization of purchased intangibles and developed technologies, equity‑based compensation, acquisition expenses, realignment expenses, expenses associated with IPO, other non‑operating income and expense (primarily foreign exchange gain (loss)), net, the tax effect of the above adjustments to net income, non‑recurring income tax expense and benefit, and loss from investment accounted for using the equity method, net of tax. The tax effect of adjustments to net income is based on the estimated marginal effective tax rates in the jurisdictions impacted by such adjustments;
  • Adjusted Net Income per diluted share is determined by dividing adjusted net income by the weighted average diluted shares outstanding;
  • Adjusted EBITDA is defined as net income adjusted for interest expense, net, provision for income taxes, depreciation and amortization, equity‑based compensation, acquisition expenses, realignment expenses, expenses associated with IPO, other non‑operating income and expense (primarily foreign exchange gain (loss)), net, and loss from investment accounted for using the equity method, net of tax;
  • Adjusted EBITDA margin is determined by dividing Adjusted EBITDA by total revenues.

We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure, and to view these non-GAAP financial measures in conjunction with the related GAAP financial measures.

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)

September 30,

December 31,

2020

2019

Assets

 

 

 

Current assets:

Cash and cash equivalents

$

137,598

 

 

$

121,101

 

Accounts receivable

 

172,600

 

 

211,775

 

Allowance for doubtful accounts

 

(6,492)

 

 

 

(7,274)

 

Prepaid income taxes

 

7,307

 

 

4,543

 

Prepaid and other current assets

 

27,897

 

 

 

23,413

 

Total current assets

 

338,910

 

 

353,558

 

Property and equipment, net

 

29,332

 

 

 

29,632

 

Operating lease right-of-use assets

 

46,006

 

 

 

Intangible assets, net

 

46,560

 

 

 

46,313

 

Goodwill

 

542,239

 

 

480,065

 

Investments

 

5,218

 

 

 

1,725

 

Deferred income taxes

 

44,543

 

 

51,068

 

Other assets

 

37,689

 

 

 

32,238

 

Total assets

$

1,090,497

 

$

994,599

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

Accounts payable

$

15,086

 

 

$

17,669

 

Accruals and other current liabilities

 

212,866

 

 

167,517

 

Deferred revenues

 

173,578

 

 

 

204,991

 

Operating lease liabilities

 

15,629

 

 

 

Income taxes payable

 

5,100

 

 

 

2,236

 

Total current liabilities

 

422,259

 

 

392,413

 

Long-term debt

 

589,583

 

 

 

233,750

 

Long-term operating lease liabilities

 

32,555

 

 

 

Deferred revenues

 

6,322

 

 

 

8,154

 

Deferred income taxes

 

9,502

 

 

8,260

 

Income taxes payable

 

7,874

 

 

 

8,140

 

Other liabilities

 

15,229

 

 

9,263

 

Total liabilities

 

1,083,324

 

 

 

659,980

 

Stockholders’ equity:

 

 

 

Common stock

 

2,622

 

 

2,548

 

Additional paid-in capital

 

441,723

 

 

 

408,667

 

Accumulated other comprehensive loss

 

(29,211)

 

 

(23,927)

 

Accumulated deficit

 

(407,961)

 

 

(52,669)

Total stockholders’ equity

 

7,173

 

 

334,619

 

Total liabilities and stockholders’ equity

$

1,090,497

 

 

$

994,599

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Revenues:

 

 

 

 

 

 

 

Subscriptions

$

173,174

 

$

155,191

 

$

501,011

 

$

445,338

 

Perpetual licenses

 

12,827

 

 

 

13,787

 

 

 

36,020

 

 

 

38,255

 

Subscriptions and licenses

 

186,001

 

 

168,978

 

 

537,031

 

 

483,593

 

Services

 

16,996

 

 

 

17,610

 

 

 

44,946

 

 

 

50,139

 

Total revenues

 

202,997

 

 

186,588

 

 

581,977

 

 

533,732

 

Cost of revenues:

 

 

 

 

 

 

 

Cost of subscriptions and licenses

 

23,338

 

 

17,370

 

 

66,466

 

 

48,201

 

Cost of services

 

19,290

 

 

 

17,681

 

 

 

50,126

 

 

 

56,048

 

Total cost of revenues

 

42,628

 

 

35,051

 

 

116,592

 

 

104,249

 

Gross profit

 

160,369

 

 

 

151,537

 

 

 

465,385

 

 

 

429,483

 

Operating expenses:

Research and development

 

50,217

 

 

 

44,756

 

 

 

139,570

 

 

 

136,617

 

Selling and marketing

 

41,824

 

 

36,721

 

 

107,551

 

 

111,889

 

General and administrative

 

33,006

 

 

 

25,108

 

 

 

85,275

 

 

 

71,415

 

Amortization of purchased intangibles

 

3,869

 

 

3,550

 

 

10,984

 

 

10,402

 

Expenses associated with initial public offering

 

26,130

 

 

 

 

 

 

26,130

 

 

 

 

Total operating expenses

 

155,046

 

 

110,135

 

 

369,510

 

 

330,323

 

Income from operations

 

5,323

 

 

 

41,402

 

 

 

95,875

 

 

 

99,160

 

Interest expense, net

 

(1,934)

 

(2,029)

 

(4,450)

 

(6,503)

Other income (expense), net

 

13,741

 

 

 

(12,306)

 

 

6,756

 

 

 

(14,053)

Income before income taxes

 

17,130

 

 

27,067

 

 

98,181

 

 

78,604

 

Provision for income taxes

 

(10,705)

 

 

(6,640)

 

 

(22,145)

 

 

(11,759)

Loss from investment accounted for using the equity method, net of tax

 

(581)

 

 

 

(1,447)

 

 

Net income

 

5,844

 

 

 

20,427

 

 

 

74,589

 

 

 

66,845

 

Less: Net income attributable to participating securities

 

(4)

 

(10)

 

(4)

 

(10)

Net income attributable to Class A and Class B common stockholders

$

5,840

 

 

$

20,417

 

 

$

74,585

 

 

$

66,835

 

Per share information:

Net income per share, basic

$

0.02

 

 

$

0.07

 

 

$

0.26

 

 

$

0.23

 

Net income per share, diluted

$

0.02

 

$

0.07

 

$

0.25

 

$

0.23

 

Weighted average shares outstanding, basic

 

289,318,391

 

 

 

286,075,323

 

 

 

287,063,892

 

 

 

286,024,263

 

Weighted average shares outstanding, diluted

 

299,634,961

 

 

289,629,555

 

 

297,251,349

 

 

294,586,354

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Nine Months Ended

September 30,

2020

2019

Cash flows from operating activities:

 

 

 

Net income

$

74,589

 

$

66,845

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

Depreciation and amortization

 

25,836

 

 

23,334

 

Provision for accounts receivable allowance

 

(541)

 

 

2,109

 

Deferred income taxes

 

7,853

 

 

833

 

Deferred compensation plan activity

 

2,487

 

 

 

2,968

 

Stock-based compensation expense

 

23,617

 

 

6,046

 

Amortization of deferred debt issuance costs

 

430

 

 

 

415

 

Change in fair value of derivative

 

3,365

 

 

159

 

Change in fair value of contingent consideration

 

(1,340)

 

 

62

 

Foreign currency remeasurement (gain) loss

 

(9,067)

 

13,956

 

Loss from investment accounted for using the equity method, net of tax

 

1,447

 

 

 

 

Changes in assets and liabilities, net of effect from acquisitions:

Accounts receivable

 

46,661

 

 

 

40,847

 

Prepaid and other assets

 

8,907

 

 

(6,505)

Accounts payable, accruals and other liabilities

 

31,486

 

 

 

18,545

 

Deferred revenues

 

(35,134)

 

(39,655)

Income taxes payable

 

(4,571)

 

 

(11,710)

Net cash provided by operating activities

 

176,025

 

 

118,249

 

Cash flows from investing activities:

 

 

 

Purchases of property and equipment and investment in capitalized software

 

(12,805)

 

(11,622)

Capitalization of costs to translate software products into foreign languages

 

(728)

 

 

(553)

Acquisitions, net of cash acquired of$2,064and$980, respectively

 

(68,920)

 

(9,662)

Other investing activities

 

(6,355)

 

 

 

Net cash used in investing activities

 

(88,808)

 

(21,837)

Cash flows from financing activities:

 

 

 

Proceeds from credit facilities

 

432,375

 

 

136,750

 

Payments of credit facilities

 

(201,125)

 

 

(147,500)

Proceeds from term loan

 

125,000

 

 

 

Payments of debt issuance costs

 

(432)

 

 

 

Payments of financing leases

 

(141)

 

 

Payments of acquisition debt and other consideration

 

(2,034)

 

 

(9,878)

Payments of dividends

 

(412,852)

 

(18,830)

Payments for shares acquired including shares withheld for taxes

 

(72,476)

 

 

(18,417)

Proceeds from Common Stock Purchase Agreement

 

58,349

 

 

4,510

 

Net proceeds from exercise of common stock options and restricted stock

 

3,206

 

 

 

3,039

 

Net cash used in financing activities

 

(70,130)

 

(50,326)

Effect of exchange rate changes on cash and cash equivalents

 

(590)

 

 

(1,272)

Increase in cash and cash equivalents

 

16,497

 

 

44,814

 

Cash and cash equivalents, beginning of year

 

121,101

 

 

 

81,183

 

Cash and cash equivalents, end of period

$

137,598

 

$

125,997

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Reconciliation of GAAP to Non-GAAP Measures
For the Three and Nine Months EndedSeptember 30, 2020and 2019
(in thousands)
(unaudited)

Reconciliation of net income to Adjusted EBITDA:

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2020

 

2019

 

2020

 

2019

Net income

$

5,844

 

 

$

20,427

 

 

$

74,589

 

 

$

66,845

 

Interest expense, net

1,934

 

 

2,029

 

 

4,450

 

 

6,503

 

Provision for income taxes

10,705

 

 

6,640

 

 

22,145

 

 

11,759

 

Depreciation and amortization

9,172

 

 

7,968

 

 

25,836

 

 

23,334

 

Equity-based compensation

19,548

 

 

2,026

 

 

22,760

 

 

6,051

 

Acquisition expenses

3,489

 

 

1,425

 

 

8,498

 

 

4,103

 

Realignment expenses

9,943

 

 

(49)

 

10,012

 

 

(492)

Expenses associated with IPO

26,130

 

 

 

 

26,130

 

 

 

Other (income) expense, net

(13,741)

 

 

12,306

 

 

(6,756)

 

14,053

 

Loss from investment accounted for using the equity method, net of tax

581

 

 

 

 

1,447

 

 

 

Adjusted EBITDA

$

73,605

 

 

$

52,772

 

 

$

189,111

 

 

$

132,156

 

Reconciliation of net income to Adjusted Net Income:

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

 

2020

 

2019

 

2020

 

2019

Net income

$

5,844

 

 

$

20,427

 

 

$

74,589

 

 

 

$

66,845

 

Non-GAAP adjustments, prior to income taxes:

 

 

 

 

 

 

 

Amortization of purchased intangibles and developed technologies

5,236

 

 

4,638

 

 

14,694

 

 

 

13,699

 

Equity-based compensation

19,548

 

 

2,026

 

 

22,760

 

 

 

6,051

 

Acquisition expenses

3,489

 

 

1,425

 

 

8,498

 

 

 

4,103

 

Realignment expenses

9,943

 

 

(49)

 

10,012

 

 

 

(492)

Expenses associated with IPO

26,130

 

 

 

 

26,130

 

 

 

 

Other (income) expense, net

(13,741)

 

 

12,306

 

 

(6,756)

 

 

14,053

 

Total non-GAAP adjustments, prior to income taxes

50,605

 

 

20,346

 

 

75,338

 

 

 

37,414

 

Income tax effect of non-GAAP adjustments

(5,644)

 

(1,473)

 

(10,785)

 

 

(4,981)

Loss from investment accounted for using the equity method, net of tax

581

 

 

 

 

1,447

 

 

 

 

Adjusted Net Income

$

51,386

 

 

$

39,300

 

 

$

140,589

 

 

 

$

99,278

 

Reconciliation of GAAP Financial Statement Line Items to non-GAAP Adjusted Financial Statement Line Items:

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

 

2019

2020

 

2019

Cost of subscriptions and licenses

 

$

23,338

 

 

$

17,370

 

 

$

66,466

 

 

$

48,201

 

Amortization of purchased intangibles and developed technologies

 

(1,367)

 

(1,088)

 

(3,710)

 

(3,297)

Equity-based compensation

 

 

(861)

 

 

(27)

 

 

(908)

 

 

(60)

Realignment expenses

 

(50)

 

 

 

(50)

 

51

 

Adjusted cost of subscriptions and licenses

 

$

21,060

 

 

$

16,255

 

 

$

61,798

 

 

$

44,895

 

Cost of services

 

$

19,290

 

 

$

17,681

 

 

$

50,126

 

 

$

56,048

 

Equity-based compensation

 

(2,526)

 

(84)

 

(2,701)

 

(363)

Acquisition expenses

 

 

(615)

 

 

 

 

 

(1,050)

 

 

 

Realignment expenses

 

(1,548)

 

12

 

 

(1,548)

 

185

 

Adjusted cost of services

 

$

14,602

 

 

$

17,609

 

 

$

44,827

 

 

$

55,870

 

 

Research and development

 

$

50,217

 

 

$

44,756

 

 

$

139,570

 

 

$

136,617

 

Equity-based compensation

 

(6,661)

 

(749)

 

(7,817)

 

(2,306)

Acquisition expenses

 

 

(1,969)

 

 

(1,129)

 

 

(5,113)

 

 

(3,083)

Realignment expenses

 

(841)

 

37

 

 

(910)

 

79

 

Adjusted research and development

 

$

40,746

 

 

$

42,915

 

 

$

125,731

 

 

$

131,308

 

Selling and marketing

 

$

41,824

 

 

$

36,721

 

 

$

107,551

 

 

$

111,889

 

Equity-based compensation

 

(4,803)

 

(632)

 

(5,607)

 

(1,757)

Acquisition expenses

 

 

(86)

 

 

(61)

 

 

(243)

 

 

(164)

Realignment expenses

 

(5,183)

 

 

 

(5,183)

 

263

 

Adjusted selling and marketing

 

$

31,752

 

 

$

36,027

 

 

$

96,518

 

 

$

110,231

 

General and administrative

 

$

33,006

 

 

$

25,108

 

 

$

85,275

 

 

$

71,415

 

Equity-based compensation

 

(4,696)

 

(535)

 

(5,726)

 

(1,565)

Acquisition expenses

 

 

(532)

 

 

(199)

 

 

(1,611)

 

 

(546)

Realignment expenses

 

(2,321)

 

 

 

(2,321)

 

(86)

Adjusted general and administrative

 

$

25,456

 

 

$

24,374

 

 

$

75,617

 

 

$

69,217

 

Income from operations

 

$

5,323

 

 

$

41,402

 

 

$

95,875

 

 

$

99,160

 

Amortization of purchased intangibles and developed technologies

 

5,236

 

 

4,638

 

 

14,694

 

 

13,699

 

Equity-based compensation

 

 

19,548

 

 

 

2,026

 

 

 

22,760

 

 

 

6,051

 

Acquisition expenses

 

3,489

 

 

1,425

 

 

8,498

 

 

4,103

 

Realignment expenses

 

 

9,943

 

 

 

(49)

 

 

10,012

 

 

 

(492)

Expenses associated with IPO

 

26,130

 

 

 

 

26,130

 

 

 

Adjusted income from operations

 

$

69,669

 

 

$

49,443

 

 

$

177,968

 

 

$

122,520

 

Bentley Systems Announces Operating Results for Third Quarter 2020

10.11.2020 13:08  

EXTON, Pa.--(BUSINESS WIRE)--Nov. 10, 2020-- Bentley Systems, Incorporated (Nasdaq: BSY) (“Bentley Systems” or the “Company”), the infrastructure engineering software company, today announced operating results for its quarter ended September 30, 2020.

Third Quarter 2020 Financial Results:

  • Total revenues were $203.0 million, up 8.8% year-over-year;
  • Subscriptions revenues were $173.2 million, up 11.6% year-over-year;
  • Last twelve-month recurring revenues were $682.7 million, up 11.0% year-over-year;
  • Last twelve-month recurring revenues dollar-based net retention rate was 110%, compared to 107% for the same period last year;
  • Last twelve-month account retention rate was 98%, consistent with the same period last year;
  • Annualized Recurring Revenue (“ARR”) was $715.3 million as of September 30, 2020, representing Constant currency growth in ARR of 9% over September 30, 2019;
  • GAAP operating income was $5.3 million, compared to $41.4 million for the same period last year;
  • GAAP net income was $5.8 million, compared to $20.4 million for the same period last year. GAAP net income per diluted share was $0.02, compared to $0.07 for the same period last year;
  • Adjusted Net Income was $51.4 million, compared to $39.3 million for the same period last year. Adjusted Net Income per diluted share was $0.17 compared to $0.14 for the same period last year;
  • Adjusted EBITDA was $73.6 million, compared to $52.8 million for the same period last year. Adjusted EBITDA margin was 36.3%, compared to 28.3% for the same period last year;
  • Cash flow from operations was $39.8 million, compared to $35.5 million for the same period last year.

Definitions of the non-GAAP financial measures used in this press release and reconciliations of such measures to their nearest GAAP equivalents are included below under the heading “Use and Reconciliation of Non-GAAP Financial Measures.”

“Our encouraging operating results for the third quarter of 2020 continue to reinforce the relative resilience of infrastructure engineering, and the priority placed by our user organizations this year on going digital, as they have resourcefully ‘virtualized’ their mission-critical work,” said  Greg Bentley , CEO. “2020’s inflection in their digital advancement is evidenced by the burgeoning use cases for infrastructure digital twins which our users and accounts showcased at our just-completed Year in Infrastructure 2020 Conference.”

Mr. Bentley  continued, “Although infrastructure investment at large-- and our predictable business model-- continues to demonstrate resilience, we have now discerned a change within our application usage trends. During the first half of 2020 we could see waves of pandemic-related lockdowns adversely impacting our days of usage by a few percent, and then abating progressively by region. Beginning in the third quarter, we’ve been observing global usage impacts that instead are primarily a function of infrastructure sector -- with the commercial / facilities sector most affected, and our mainstay public works and utilities sector least affected. In the industrial / resources sector, capital projects activity has now perceptibly declined, reducing consumption of our applications by those affected (‘EPC’ engineering / procurement / construction firms). EPC accounts tend to have been early adopters of our consumption-based E365 commercial model, so our ARR and revenue growth are being somewhat attenuated. Our usual visibility into ARR momentum is likely to remain obscured to this degree.”

“Overall, we are nonetheless confident about promising returns on the purposeful reinvestment of our significant 2020 cost savings. Our new Chief Product Officer ( Nicholas Cumins ), inaugural Chief Success Officer ( Katriona Lord-Levins ), and new Chief Marketing Officer ( Chris Bradshaw ) bring us world-class public company experience in succession to many of our ‘foundation pillar’ executives whose retirements, upon our IPO after 36 years, have been anticipated. While maintaining our commitment to annual improvement in operating efficiency and margins, we are enthusiastically investing to accelerate accretion in our existing accounts, to better reach more small and mid-market prospects, to further enable our applications and systems through our iTwins Platform, and to develop our ecosystem of digital integrators to curate infrastructure digital twins.”

Financial Developments:

  • In August 2020Bentley Systems declared a special dividend of $1.50 per share ($392.5 million in the aggregate) and used its bank credit facility to fund the special dividend.
  • In September 2020Bentley Systems completed its initial public offering (“IPO”) of its Class B common stock at a price of $22.00 per share. Selling stockholders completed the sale of 12.4 million shares, including 1.6 million shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares. The Company did not receive any proceeds from the sale of shares of common stock by the selling stockholders in the IPO. For the three and nine months ended September 30, 2020, the Company recorded in its consolidated statement of operations $26.1 million in expenses associated with its IPO. Expenses associated with the IPO include certain non‐recurring costs consisting of underwriting discounts and commissions applicable to the sale of shares by the selling stockholders, professional fees, and other expenses.
  • During the third quarter of 2020, the Company initiated a strategic realignment program to better align talent resources with the evolving needs of the business. The Company incurred realignment costs related to this program of $10.0 million for the three and nine months ended September 30, 2020, representing termination benefits for colleagues whose positions were eliminated. These realignment activities have been broadly implemented across the company with substantially all actions expected to be completed by the beginning of 2021.
  • For the three and nine months ended September 30, 2020, the Company reported an effective tax rate of 62.5% and 22.6% respectively. The unusually high effective tax rate, especially in the third quarter, is primarily due to officer compensation limitation provisions resulting from the Company’s IPO and the non‑deductibility of expenses associated with the Company’s IPO, partially offset by increased tax benefits from stock‑based compensation.

2020 Financial Outlook

For the full year of 2020, the Company currently expects:

  • Total revenues in the range of $790 million to $800 million, representing growth of 7.2% to 8.6%;
  • Constant currency growth in ARR of 7.5% to 9.0%;
  • Adjusted EBITDA in the range of $250 million to $265 million, representing growth of 33% to 41%, including the impact of transitioning approximately $7.5 million of quarterly executive compensation from cash-based incentives to stock-based incentives for the fourth quarter of 2020;
  • Its effective tax rate for 2020 to be 23% to 25%. However, normalized for the unusual IPO-related activity in the third quarter of 2020, the effective tax rate is expected to be approximately 19% to 21%.

Bentley Systems is not providing a quantitative reconciliation of its Non-GAAP financial outlook to the corresponding GAAP information because the GAAP measures that it excludes from its Non-GAAP outlook are not available without unreasonable effort on a forward-looking basis due to their unpredictability, high variability, complexity and low visibility.

Earnings Call Details

Bentley Systems will host a live Zoom Video Webinar on November 10, 2020 at 8:30 a.m. Eastern Time to discuss the financial results for the third quarter of 2020.

Those wishing to participate should access the live Zoom Video Webinar of the event through a direct registration link at https://zoom.us/webinar/register/WN_MIBAJ7xHTN-cmp5KHRA-Fg. Alternatively, the event can be accessed from the Events & Presentations page on Bentley Systems’ Investor Relations website at https://investors.bentley.com. A replay and transcript will be available after the conclusion of the live event on Bentley Systems’ Investor Relations website.

About Bentley Systems

Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $700 million in 172 countries. www.bentley.com.

Forward-Looking Statements

The foregoing forward-looking statements reflect Bentley Systems’ expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially.

Any statements made in this earnings release that are not statements of historical fact, including statements about our financial outlook and our beliefs and expectations, are forward-looking statements and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, business plans, and strategies. Forward-looking statements are based on Bentley Systems management’s beliefs, as well as assumptions made by, and information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. Factors which may cause actual results to differ materially from current expectations include, but are not limited, to macroeconomic conditions, pandemic consequences, and other factors described under the heading “Risk Factors” in our final prospectus filed with the Securities and Exchange Commission (“SEC”) on September 24, 2020, and in the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and the Company’s subsequent filings with the SEC. Copies of each filing may be obtained from the Company or the SEC. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

Definitions of Certain Key Business Metrics

Definitions of the non-GAAP financial measures used in this earnings release and reconciliations of such measures to their nearest GAAP equivalents are included below under “Use and Reconciliation of Non-GAAP Financial Measures.” Certain non-GAAP measures included in our financial outlook are not being reconciled to the comparable GAAP financial measures because the GAAP measures are not accessible on a forward-looking basis. The Company is unable to reconcile these forward looking non-GAAP financial measures to the most directly comparable GAAP measures without unreasonable efforts because the Company is currently unable to predict with a reasonable degree of certainty the type and extent of certain items that would be expected for these periods not to impact the non-GAAP measures, but would impact GAAP measures. Such unavailable information, which could have a significant impact on the Company’s GAAP financial results, may include stock-based compensation charges, expenses associated with the IPO, depreciation and amortization of capitalized software costs and of acquired intangible assets, realignment expenses, and other items.

Last twelve-month recurring revenues are calculated as recurring revenues recognized over the preceding twelve-month period. We define recurring revenues as subscription revenues that recur monthly, quarterly, or annually with specific or automatic renewal clauses, and professional services revenues in which the underlying contract is based on a fixed fee and contains automatic annual renewal provisions.

Constant Currency Metrics

In reporting period-over-period results, we calculate the effects of foreign currency fluctuations and constant currency information by translating current period results using prior period average foreign currency exchange rates. Our definition of constant currency may differ from other companies reporting similarly named measures, and these constant currency performance measures should be viewed in addition to, and not as a substitute for, our operating performance measures calculated in accordance with U.S. GAAP.

  • Our last twelve-month recurring revenues dollar-based net retention rate is calculated, using the average exchange rates for the prior period, as follows: the recurring revenues for the current period, including any growth or reductions from accounts with recurring revenues in the prior period (“existing accounts”), but excluding recurring revenues from any new accounts added during the current period, divided by the total recurring revenues from all accounts during the prior period. A period is defined as any trailing twelve months. The recurring revenues dollar‑based net retention rate is calculated using revenues recognized pursuant to Topic 605 for all periods in order to enhance comparability during our transition to Topic 606 as we do not have all information available to us necessary to present recurring revenues dollar‑based net retention rate pursuant to Topic 606 for any period prior to January 1, 2019.
  • Our last twelve-month account retention rate for any given twelve-month period is calculated using the average currency exchange rates for the prior period, as follows: the prior period recurring revenues from all accounts with recurring revenues in the current and prior period, divided by total recurring revenues from all accounts during the prior period. The account retention rate is calculated using revenues recognized pursuant to Topic 605 for all periods in order to enhance comparability during our transition to Topic 606 as we do not have all information available to us necessary to present account retention rate pursuant to Topic 606 for any period prior to January 1, 2019.
  • Our Constant currency ARR growth rate is the growth rate of our ARR, measured on a constant currency basis. Our ARR is defined as the sum of the annualized value of our portfolio of contracts that produce recurring revenue as of the last day of the reporting period, and the annualized value of the last three months of recognized revenues for our contractually recurring consumption‑based software subscriptions with consumption measurement durations of less than one year.

Use and Reconciliation of Non-GAAP Financial Measures

In addition to our results determined in accordance with GAAP, we have calculated adjusted cost of subscriptions and licenses, adjusted cost of services, adjusted research and development, adjusted selling and marketing, adjusted general and administrative, adjusted income from operations, Adjusted Net IncomeAdjusted Net Income per diluted shareAdjusted EBITDA, and Adjusted EBITDA margin, each of which are non-GAAP financial measures. We have provided tabular reconciliations of each of these non-GAAP financial measures to such measure’s most directly comparable GAAP financial measure.

Management uses these non-GAAP financial measures to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, and to evaluate financial performance and liquidity. Our non‑GAAP financial measures are presented as supplemental disclosure as we believe they provide useful information to investors and others in understanding and evaluating our results, prospects, and liquidity period-over-period without the impact of certain items that do not directly correlate to our operating performance and that may vary significantly from period to period for reasons unrelated to our operating performance, as well as to compare our financial results to those of other companies. Our definitions of these non-GAAP financial measures may differ from similarly titled measures presented by other companies and therefore comparability may be limited. In addition, other companies may not publish these or similar metrics. Thus, our non-GAAP financial measures should be considered in addition to, not as a substitute for, or in isolation from, the financial information prepared in accordance with GAAP, and should be read in conjunction with the financial statements included in our Quarterly Report on Form 10-Q to be filed with the SEC.

We calculate these non-GAAP financial measures as follows:

  • Adjusted cost of subscriptions and licenses is determined by adding back to GAAP cost of subscriptions and licenses, amortization of purchased intangibles and developed technologies, equity‑based compensation, and realignment expenses, for the respective periods;
  • Adjusted cost of services is determined by adding back to GAAP cost of services, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
  • Adjusted research and development is determined by adding back to GAAP research and development, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
  • Adjusted selling and marketing is determined by adding back to GAAP selling and marketing, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
  • Adjusted general and administrative is determined by adding back to GAAP general and administrative, equity‑based compensation, acquisition expenses, and realignment expenses, for the respective periods;
  • Adjusted income from operations is determined by adding back to GAAP operating income, amortization of purchased intangibles and developed technologies, equity‑based compensation, acquisition expenses, realignment expenses, and expenses associated with IPO for the respective periods;
  • Adjusted Net Income is defined as net income adjusted for the following: amortization of purchased intangibles and developed technologies, equity‑based compensation, acquisition expenses, realignment expenses, expenses associated with IPO, other non‑operating income and expense (primarily foreign exchange gain (loss)), net, the tax effect of the above adjustments to net income, non‑recurring income tax expense and benefit, and loss from investment accounted for using the equity method, net of tax. The tax effect of adjustments to net income is based on the estimated marginal effective tax rates in the jurisdictions impacted by such adjustments;
  • Adjusted Net Income per diluted share is determined by dividing adjusted net income by the weighted average diluted shares outstanding;
  • Adjusted EBITDA is defined as net income adjusted for interest expense, net, provision for income taxes, depreciation and amortization, equity‑based compensation, acquisition expenses, realignment expenses, expenses associated with IPO, other non‑operating income and expense (primarily foreign exchange gain (loss)), net, and loss from investment accounted for using the equity method, net of tax;
  • Adjusted EBITDA margin is determined by dividing Adjusted EBITDA by total revenues.

We encourage investors and others to review our financial information in its entirety, not to rely on any single financial measure, and to view these non-GAAP financial measures in conjunction with the related GAAP financial measures.

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)

September 30,

December 31,

2020

2019

Assets

 

 

 

Current assets:

Cash and cash equivalents

$

137,598

 

 

$

121,101

 

Accounts receivable

 

172,600

 

 

211,775

 

Allowance for doubtful accounts

 

(6,492)

 

 

 

(7,274)

 

Prepaid income taxes

 

7,307

 

 

4,543

 

Prepaid and other current assets

 

27,897

 

 

 

23,413

 

Total current assets

 

338,910

 

 

353,558

 

Property and equipment, net

 

29,332

 

 

 

29,632

 

Operating lease right-of-use assets

 

46,006

 

 

 

Intangible assets, net

 

46,560

 

 

 

46,313

 

Goodwill

 

542,239

 

 

480,065

 

Investments

 

5,218

 

 

 

1,725

 

Deferred income taxes

 

44,543

 

 

51,068

 

Other assets

 

37,689

 

 

 

32,238

 

Total assets

$

1,090,497

 

$

994,599

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities:

Accounts payable

$

15,086

 

 

$

17,669

 

Accruals and other current liabilities

 

212,866

 

 

167,517

 

Deferred revenues

 

173,578

 

 

 

204,991

 

Operating lease liabilities

 

15,629

 

 

 

Income taxes payable

 

5,100

 

 

 

2,236

 

Total current liabilities

 

422,259

 

 

392,413

 

Long-term debt

 

589,583

 

 

 

233,750

 

Long-term operating lease liabilities

 

32,555

 

 

 

Deferred revenues

 

6,322

 

 

 

8,154

 

Deferred income taxes

 

9,502

 

 

8,260

 

Income taxes payable

 

7,874

 

 

 

8,140

 

Other liabilities

 

15,229

 

 

9,263

 

Total liabilities

 

1,083,324

 

 

 

659,980

 

Stockholders’ equity:

 

 

 

Common stock

 

2,622

 

 

2,548

 

Additional paid-in capital

 

441,723

 

 

 

408,667

 

Accumulated other comprehensive loss

 

(29,211)

 

 

(23,927)

 

Accumulated deficit

 

(407,961)

 

 

(52,669)

Total stockholders’ equity

 

7,173

 

 

334,619

 

Total liabilities and stockholders’ equity

$

1,090,497

 

 

$

994,599

 

BENTLEY SYSTEMS, INCORPORATED AND SUBSIDIARIES
Consolidated Statements of Operations
(in thousands, except share and per share data)
(unaudited)

Three Months Ended

Nine Months Ended

September 30,

September 30,

2020

2019

2020

2019

Revenues:

 

 

 

 

 

 

 

Subscriptions

$

173,174

 

$

155,191

 

$

501,011

 

$

445,338

 

Perpetual licenses

 

12,827

 

 

 

13,787

 

 

 

36,020

 

 

 

38,255

 

Subscriptions and licenses

 

186,001

 

 

168,978

 

 

537,031

 

 

483,593

 

Services

 

16,996

 

 

 

17,610

 

 

 

44,946

 

 

 

50,139

 

Total revenues

 

202,997

 

 

186,588

 

 

581,977

 

 

533,732

 

Cost of revenues:

 

 

 

 

 

 

 

Cost of subscriptions and licenses

 

23,338

 

 

17,370

 

 

66,466

 

 

48,201

 

Cost of services

 

19,290

 

 

 

17,681

 

 

 

50,126

 

 

 

56,048

 

Total cost of revenues

 

42,628

 

 

35,051

 

 

116,592

 

 

104,249

 

Gross profit

 

160,369

 

 

 

151,537

 

 

 

465,385

 

 

 

429,483

 

Operating expenses:

Research and development

 

50,217

 

 

 

44,756

 

 

 

139,570

 

 

 

136,617

 

Selling and marketing

 

41,824

 

 

36,721

 

 

107,551

 

 

111,889

 

General and administrative

 

33,006

 

 

 

25,108

 

 

 

85,275

 

 

 

71,415

 

Amortization of purchased intangibles

 

3,869

 

 

3,550

 

 

10,984

 

 

10,402

 

Expenses associated with initial public offering

 

26,130

 

 

 

 

 

 

26,130

 

 

 

 

Total operating expenses

 

155,046

 

 

110,135

 

 

369,510

 

 

330,323

 

Income from operations

 

5,323

 

 

 

41,402