Bentley Systems, which provides software for construction and infrastructure projects, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $800 million.
Bentley Systems is a leading global provider of software for infrastructure engineering, providing solutions via on-premise, cloud, and hybrid environments. The company served over 34,000 accounts in 2019, and its users engineer, construct, and operate projects and assets across the public works, industrial, and commercial/facilities sectors.
The Exton, PA-based company was founded in 1984 and booked $768 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol BSY. Bentley Systems filed confidentially on January 10, 2020. Goldman Sachs, BofA Securities and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
