Infrastructure engineering software, Bentley Systems, has agreed to a ~$1.05bn deal to acquire Seequent, a leader in software for geophysical and geological modelling
The acquisition of Seequent is expected to initially add approximately 10% to each of Bentley Systems’ key financial metrics (ARR, annual revenue, and EBITDA). The deal will be for $900m in cash, plus 3,141,361 BSY Class B shares.
Most significantly, the combination will deepen the potential of infrastructure digital twins to help understand and mitigate environmental risks, advancing resilience and sustainability.
The acquisition is subject to customary closing conditions and regulatory approvals, including New Zealand Overseas Investment Act consent as well as clearance under the Hart-Scott-Rodino Antitrust Improvements Act.
Upon closing, Seequent will operate as a stand-alone Bentley subsidiary, with Seequent’s current chief operating officer Graham Grant reporting to Bentley’s chief product officer, Nicholas Cumins.
Seequent, founded and headquartered in Christchurch, New Zealand, has more than 430 colleagues in 16 office locations, serving geologists, hydrogeologists, geophysicists, geotechnical engineers, and civil engineers in over 100 countries, and the world’s top mining companies.
Its established presence in mineral-intensive geographies such as South America and southern Africa is expected to accelerate Bentley’s overall opportunities in these regions with significant infrastructure requirements.
In turn, Bentley’s established presence in China, and its mainstay reach across civil engineering sectors, is expected to accelerate Seequent’s expansion in new markets.
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.
Seequent’s products include:
- Leapfrog – Leading product for 3D geological modelling and visualisation
- Geosoft – 3D earth modelling and geoscience data management
- GeoStudio – Geotechnical slope stability and deformation modelling.
Bentley’s complementary geotechnical engineering software portfolio, including PLAXIS, gINT, and OpenGround, will be integrated in due course to support open digital workflows from borehole and drillhole data to geological models and geotechnical analysis applications.
‘Better understanding of the earth creates a better world for all’
Bentley’s CEO Greg Bentley, said: “We can be very confident about Seequent’s contribution to our shared future not only because of our product synergies, but because we recognise in Seequent’s trajectory an echo of the playbook that made Bentley Systems successful—except they have grown faster!
“They have made farsighted decisions to benefit the future at every stage: identifying and then laser-focusing on the 3D “vertical” opportunity in earth modelling, institutionalising a subscription commercial model from the outset, directly populating the appropriate global markets, acquiring and consolidating the best software for adjacent disciplines, and bringing it all together with cloud services, ready for digital twins advancement together.
“I can think of no greater compliment than our determination to leave intact Seequent, as a Bentley Company, entrusting its management with greater responsibilities to continue their dynamic momentum.
“I congratulate retiring CEO Shaun Maloney on the quality of the business and the team he has developed, and we will warmly welcome his established successor Graham Grant, and all Seequent colleagues, to our shared values and endeavours in advancing infrastructure.”
Shaun Maloney, chief executive officer of Seequent, added: “By ‘leapfrogging ahead’ with Bentley to align geosciences with infrastructure engineering through deeper digital twins, Seequent underscores our conviction that better understanding of the earth creates a better world for all.
“Users and accounts of Seequent, as a Bentley Company, can expect business as usual, with many product and commercial synergies eventually forthcoming.
“For my Seequent colleagues, I am confident that the future is in safe hands with like-minded Bentley Systems and our COO Graham Grant, so this presents a timely moment for me to announce my planned retirement.
“For all, our new larger scope presents a great opportunity for shared advancement.”