Bentley Systems reports continued growth and acquisitions

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Bentley Systems has reported continued revenue growth, with strong growth in China and continued acquisitions

In its Spring Update conference call, chief executive Greg Bentley said annual revenue run rate had surpassed $700m in 2018, with organic revenues up by 6.5%.

Revenue run rate growth topped 20% in Greater China, which is now the firm’s third largest market behind the US and UK. Last year saw Bentley Systems open its seventh office in China and it now employs 200 staff there in roles including software development.

Revenue run rate growth also exceeded 20% for three of its key software brands: AssetWise, ContextCapture and OpenRoads.

Bentley said the firm closed seven acquisitions in the period covered by the Spring Update, funded by operating cashflows.

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These included the purchases of Agency 9, a provider of city-scale digital twin cloud services in October 2018, and SignCAD Systems, a Minneapolis-based CAD/CAM software developer serving traffic sign design, which will become part of the OpenRoads applications, heading towards a transport digital twin.

Since 2014, Bentley has invested nearly $1bn in R&D and acquisitions.

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