September 14, 2020

Bentley Systems announces plans for IPO

Bentley Systems, longtime proponents of digital twins and makers of a suite of powerful software tools for design, building, and construction has announced their official intentions for an IPO. In a press release, the company stated that they hope to raise $194 million by offering 10.8 million shares at a price range of $17-19 per share. It plans to list on the Nasdaq under the symbol BSY and is expected to price during the week of September 21, 2020.

Bentley has made some major moves in the past year, including launching a joint venture with Topcon called Digital Construction Works in an attempt to help construction and design firms to go digital from end-to-end in their workflows. At last year’s Year in Infrastructure event, Bentley also announced the acquisition of OrbitGT and Citylabs, who specialized in 3D mobile mapping and traffic modeling, respectively, in an effort to go move into city-scale mapping and smart cities.

It should be interesting to see what this IPO generates for revenue, and what Bentley’s next moves are in the AEC software industry.

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