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Bentley 2012 Annual Update

Wednesday, March 27th 2013
By Adena Schutzberg

For the third year in a row, Bentley, a private company, hostoed a conference in the style of a public company, to update analysts and the media on its success. Greg Bentley, CEO spoke of the cuff and reviewed the numbers:

  • Historical GAAP revenues grew 5% to $550 million.
  • Subscriptions are record 74% (record) of revenues.
  • Applications use logged by over 1 million users in over 165 countries - approaching 2 million including users of Passports and iWare apps. This is their livelihood - these are not casual use.
  • Middle East and Africa notably growing in excess of 25%.
  • Operating cash flow was more than $100 million.
  • Investment in R&D and acquisitions of nearly $200 million (record) brings the total invested since 2005 to more than $1 billion.
  • Bentley’s worldwide Professional Services organization revenues grew 13%.
  • The company is 98% owned by the Bentley family and colleagues.

Revenue in 2012 was $550M (record) vs $523M in 2011 and breaks down across geographies:

Revenue

  • US = 45%
  • Asia = 19%
  • EMA = 36%

Bentley's focus continues to be on designing, building and maintaing infrastructure. One key that came up again and again was the flow of information. To that end, the company announced a new product to get data into the field for enhanced use (from press release):

Bentley Systems, Incorporated, the leading company dedicated to providing comprehensive software solutions for sustaining infrastructure, today announced the immediate availability of the new Navigator Mobile app, providing unrivalled review of 3D models on the iPad, and the next generation of Bentley’s i-models, which serve as containers for open infrastructure information exchange. Navigator Mobile enables construction workers in the field, architects and engineers on the move, and other project stakeholders to navigate – online or offline – 3D architecture, engineering, and construction models intuitively and fully using i-models, as well as to browse a broad range of project documents in various formats.

Bentley also addressed the culture at the company explainig that it doesn’t have customers or employees - but users and colleagues. 

The company is poised for a storng 2013 and users can expect a swtich from annual to quarterly licensing for further flexibility in their work. Of note to geospatial users: Bentley Map for android, which will use a common Bentley SQLlite database, is expected later this year. 

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