Bentley Systems has submitted the paperwork to issue shares with the Securities and Exchange Commission
With over $625 million in annual revenues, Bentley Systems is currently the largest privately owned software company in the USA. Founded in 1984 with its flagship MicroStation 2D and 3D platform, Bentley now operates in over 45 countries and has nearly 3,000 employees. It seems that with an Initial Public Offering (IPO) that is set to change.
The news that the company has filed for an IPO of its Class B common stock comes as a surprise, given the company had tried in 2002 but withdrew due to a weak stock market. There had been rumours of a merger with Trimble, or acquisition by Siemens, as the AEC market grows in value and BIM is seen as a hot technology. However, Bentley sees the time may now be right to issue public shares and get on the stock market.
It will be interesting to see how this deal progresses and the amount of money the company can raise from investors, reflective the value of the company. With steady year on year growth and a very solid subscription base, established long before Adobe or Autodesk’s subscription business, Bentley Systems employees and the Bentley brothers that run the company could have a very fortuitous year.
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