{"id":90275,"date":"2021-03-12T11:43:11","date_gmt":"2021-03-12T11:43:11","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=90275"},"modified":"2023-06-15T16:38:26","modified_gmt":"2023-06-15T15:38:26","slug":"bentley-systems-acquires-seequent","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/digital-construction\/bim-news\/bentley-systems-acquires-seequent\/90275\/","title":{"rendered":"Bentley Systems agrees ~$1.05bn deal to acquire Seequent"},"content":{"rendered":"<h2>Infrastructure engineering software, <a href=\"https:\/\/www.bentley.com\/en\" target=\"_blank\" rel=\"noopener noreferrer\">Bentley Systems<\/a>, has agreed to a ~$1.05bn deal to acquire <a href=\"https:\/\/www.seequent.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Seequent<\/a>, a leader in software for geophysical and geological modelling<\/h2>\n<p>The acquisition of Seequent is expected to initially add approximately 10% to each of Bentley Systems\u2019 key financial metrics (ARR, annual revenue, and EBITDA). The deal will be for $900m in cash, plus 3,141,361 BSY Class B shares.<\/p>\n<p>Most significantly, the combination will deepen the potential of <a href=\"https:\/\/www.pbctoday.co.uk\/news\/bim-news\/digital-twins-infrastructure\/70121\/\" target=\"_blank\" rel=\"noopener noreferrer\">infrastructure digital twins<\/a> to help understand and mitigate environmental risks, advancing resilience and sustainability.<\/p>\n<p>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.<\/p>\n<p>Upon closing, Seequent will operate as a stand-alone Bentley subsidiary, with Seequent\u2019s current chief operating officer Graham Grant reporting to Bentley\u2019s chief product officer, Nicholas Cumins.<\/p>\n<p>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\u2019s top mining companies.<\/p>\n<p>Its established presence in mineral-intensive geographies such as South America and southern Africa is expected to accelerate Bentley\u2019s overall opportunities in these regions with significant infrastructure requirements.<\/p>\n<p>In turn, <a href=\"https:\/\/www.pbctoday.co.uk\/news\/bim-news\/bentley-systems-growth\/56997\/\" target=\"_blank\" rel=\"noopener noreferrer\">Bentley\u2019s established presence in China<\/a>, and its mainstay reach across civil engineering sectors, is expected to accelerate Seequent\u2019s expansion in new markets.<\/p>\n<p>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.<\/p>\n<h3>Seequent\u2019s products include:<\/h3>\n<ul>\n<li><strong>Leapfrog<\/strong> \u2013 Leading product for 3D geological modelling and visualisation<\/li>\n<li><strong>Geosoft<\/strong> \u2013 3D earth modelling and geoscience data management<\/li>\n<li><strong>GeoStudio<\/strong> \u2013 Geotechnical slope stability and deformation modelling.<\/li>\n<\/ul>\n<p>Bentley\u2019s 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.<\/p>\n<h3>\u2018Better understanding of the earth creates a better world for all\u2019<\/h3>\n<p>Bentley\u2019s CEO Greg Bentley, said: \u201cWe can be very confident about Seequent\u2019s contribution to our shared future not only because of our product synergies, but because we recognise in Seequent\u2019s trajectory an echo of the playbook that made Bentley Systems successful\u2014except they have grown faster!<\/p>\n<p>\u201cThey have made farsighted decisions to benefit the future at every stage: identifying and then laser-focusing on the 3D \u201cvertical\u201d 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 <a href=\"https:\/\/www.pbctoday.co.uk\/news\/bim-news\/digital-twins-design-management\/55800\/\" target=\"_blank\" rel=\"noopener noreferrer\">digital twins advancement<\/a> together.<\/p>\n<p>\u201cI 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.<\/p>\n<p>\u201cI 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.\u201d<\/p>\n<p>Shaun Maloney, chief executive officer of Seequent, added: \u201cBy \u2018leapfrogging ahead\u2019 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.<\/p>\n<p>\u201cUsers and accounts of Seequent, as a Bentley Company, can expect business as usual, with many product and commercial synergies eventually forthcoming.<\/p>\n<p>\u201cFor 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.<\/p>\n<p>\u201cFor all, our new larger scope presents a great opportunity for shared advancement.\u201d<\/p>\n<div 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