Now public, Bentley Systems starts $100 million venture fund, reports quarterly results.

Tom Paine

Exton-based Bentley Systems, coming off its successful IPO (Nasdaq: BSY), has committed $100 million to a new venture fund aimed at developing infrastructure “digital twins”.

Bentley plans 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.

“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, in a statement.

“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 is working with venture capital firm Touchdown Ventures, which has an office in Haddonfield, to establish Bentley iTwin Ventures, and one investment has already been made

Bentley completed its IPO in September, raising almost $236.5 million at $22 per share. its shares now trade on the NASDAQ at $33.80 per share, almost exactly what it closed at on its first trading day, for a market cap of $8.9 billion. Proceeds went to selling shareholders (employees and investors), not the company’s Treasury or members of the founding Bentley brothers.

Bentley reported its first quarterly results since the IPO yesterday. Total revenues were $203.0 million, up 8.8% year-over-year; GAAP net income was $5.8 million, compared to $20.4 million for the same period last year. The decline in net income was due primarily to IPO and restructuring expenses.

Adjusted Net Income was $51.4 million vs $39.3 million in the prior year.

In the quarter, the company took a restructuring charge of $10 million, which covered a reduction in force. Bentley announced this week that it was bringing on three new senior executives, one from SAP (general manager of SAP Marketing Cloud) and two with backgrounds at rival Autodesk.

Bentley announced yesterday a follow-on offering of 10 million shares, consisting of 8.1M issued by the company and 1.9M sold by existing stockholders of Bentley; proceeds to the company will be used for debt reduction.