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.

Colorcon Launches $50 Million Venture Capital Fund

Colorcon Launches $50 Million Venture Capital Fund  

Pharmaceutical leader partners with Touchdown Ventures to fund promising startups

Colorcon Ventures Inc (PRNewsfoto/Colorcon Ventures Inc)

NEWS PROVIDED BYColorcon Ventures Inc 

Sep 18, 2019, 03:25 ET

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HARLEYSVILLE, Pennsylvania, Sept. 18, 2019 /PRNewswire/ — Colorcon, a world leader in the development, supply and technical support of specialty products for the pharmaceutical industry, today announced the establishment of Colorcon Ventures to invest in promising companies in the pharmaceutical industry. Colorcon’s business focus is on advanced coating systems, modified release technologies and functional excipients for use in pharmaceutical immediate and modified release dosage forms.

Colorcon Ventures is a $50 million venture fund focused on startups that are strategically relevant to the core Colorcon business. The fund will target investments in transformational solutions across manufacturing, supply chain, and delivery of pharmaceutical products and services. The fund is not investing in companies developing active ingredients or molecules. 

The fund will be stage-agnostic, with an emphasis on early and mid-stage companies that demonstrate product market fit and revenue growth. Colorcon Ventures will invest in startups where Colorcon can add value in the form of subject matter expertise or commercial relationships, and leverage Colorcon’s global reach, relationships within the pharmaceutical industry, and agile R&D approach.

“We are excited to launch this venture fund to support the growth of startup companies in the pharmaceutical and healthcare industries,” said Martti Hedman, CEO of Colorcon.  “Colorcon has a rich history of innovation and we believe this fund will allow us to continue to serve our customers by partnering with startups.”

Touchdown Ventures, a firm specializing in corporate venture capital, will help manage the Colorcon Ventures fund. Touchdown will work closely with senior executives of Colorcon in all aspects of operating the fund.

“The promise of corporate venture capital is to bring more than just money to the table. A successful corporate investor can generate meaningful value by facilitating commercial relationships with its portfolio companies. We believe that Colorcon Ventures, through close association to the senior executive and business units of Colorcon, is well poised to accomplish this goal,” said David Horowitz, CEO of Touchdown.  

For more information about Colorcon Ventures, please visit www.colorconventures.com

About Colorcon

Colorcon is a world leader in the development, supply and technical support of specialty ingredients; formulated film coating systems, modified release technologies, and functional excipients for the pharmaceutical industry. Our best-in-class products and technologies are complemented by our extensive application data and value-added services to support all phases of solid oral dose design, development and manufacture.

With focus on market issues and technology development has earned Colorcon an international reputation as a pharmaceutical supplier of choice. That reputation is based on superior product quality, unparalleled technical support, extensive regulatory assistance and reliable supply from multiple locations.

Colorcon has 11 manufacturing facilities, 21 technical service laboratories globally and more than 1200 employees exclusively dedicated to its customer base. For more information, visit www.colorcon.com

About Touchdown Ventures

Touchdown Ventures partners with corporations to manage their venture capital programs. Touchdown works closely with each corporation to achieve the financial and strategic benefits from venture capital investments. The firm maintains offices in Los Angeles, Philadelphia, and San Francisco. More information on Touchdown can be found at www.touchdownvc.com

Corporate Communications Contact:

Deborah J. Taylor
Senior Associate
Phone: +44-1322-627234
deborah@colorconventures.com

Media Contact:

Richard Hayhurst
Richard Hayhurst Associates, Ltd.
Phone: +44-7711-821527
Richard@richardhayhurstassociates.com

SOURCE Colorcon Ventures Inc

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