Bentley Systems, the Pennsylvania-based infrastructure engineering software company entered into an agreement of $1,05 billion to acquire Seequent, a leader company in software for geological and geophysical modeling, geotechnical stability, and cloud services for geodata management.
Firstly, the agreement contemplates $900 million in cash, subject to adjustments, and further 3,141,361 BSY Class B shares. The acquisition will add around 10% to Bentley’s key financial metrics, such as ARR and EBITDA.
Secondly, the acquisition will deepen the potential of infrastructure digital twins, specially to the mining industry to better understand and manage environmental risks, as well as advance in their resilience and sustainability.
Thirdly, after the acquisition, Seequent will operate as a stand-alone subsidiary; with Seequent’s current Chief Operating Officer Graham Grant, succeeding its retiring CEO Shaun Maloney, reporting to Bentley’s Chief Product Officer Nicholas Cumins.
In addition, founded in New Zeeland, Seequent has presence in 100 countries and serves the world’s top mining companies. As it has established presence in mineral-intensive geographies such as South America and southern Africa. In that sense, the merger will help Bentley to expand its presence in those territories with special infrastructure requirements.
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Digital twin solutions to be expanded for the market through Bentley-Seequent merger
On the other hand, Bentley has presence in China, and reaches deep into the cross civil engineering sectors; the merger will help Seequent to expand into new markets. Particularly into the digital twin markets, where Bentley’s offerings enable digital twins to incorporate foundations, drainage facilities; also, buried utilities, tunnels, and subsea structures.
Consequently, “the addition of Seequent will now make it possible for infrastructure digital twins to reach full subsurface depths; augmenting environmental resilience against flood, seismic, climate, and water security threats.”
On the other hand, Greg Bentley, CEO, said. “We can be very confident about Seequent’s contribution to our shared future not only because of our product synergies, but because we recognize in Seequent’s trajectory an echo of the playbook that made Bentley Systems successful—except they have grown faster!”
Finally, Shaun Maloney, Seequent’s CEO, remarked. “Seequent underscores our conviction that better understanding of the earth creates a better world for all. Users and accounts of Seequent can expect business as usual; with many product and commercial synergies eventually forthcoming.”
