Siemens and Bentley Systems strengthen their strategic alliance and joint investment initiatives

Munich / Boston, 2018-Aug-27

• Successful strategic alliance with Bentley Systems, which started in 2016, to be further expanded
• Joint investment initiative extended by an additional €50 million, totaling €100 million
• Ambition to further accelerate joint business

In the companies' latest Alliance Board meeting, Bentley Systems and Siemens decided to further strengthen their strategic alliance. The two companies have decided to extend their existing agreement, to further develop their joint business cooperation and commercial initiatives. Therefore, the joint innovation investment program will be increased from the initial €50 million funding to €100 million. In addition, as a result of the continuous investment of Siemens into secondary shares of Bentley's common stock the Siemens stake in Bentley Systems now exceeds 9%.

Klaus Helmrich, member of the Managing Board of Siemens AG, said: "I'm very pleased with how strong our alliance started. Now we are investing in the next collaboration level with Bentley, where for instance we will strengthen their engineering and project management tools with Siemens enterprise wide collaboration platform Teamcenter to create a full Digital Twin for the engineering and construction world."

He added: "Integrated company-wide data handling and IoT connectivity via MindSphere will enable our mutual customers to benefit from the holistic Digital Twins."

Greg Bentley, Bentley Systems CEO, said: "In our joint investment activities with Siemens to date, we have progressed worthwhile opportunities together with virtually every Siemens business for 'going digital' in infrastructure and industrial advancement. As our new jointly offered products and cloud services now come to market, we are enthusiastically prioritizing further digital co-ventures. We have also welcomed Siemens' recurring purchases of non-voting Bentley Systems stock on the NASDAQ Private Market, which we facilitate in order to enhance liquidity, primarily for our retiring colleagues."

Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for 170 years. The company is active around the globe, focusing on the areas of electrification, automation and digitalization. One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. The company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2017, which ended on September 30, 2017, Siemens generated revenue of €83.0 billion and net income of €6.2 billion. At the end of September 2017, the company had around 377,000 employees worldwide. Further information is available on the Internet at www.siemens.com.

About Bentley

Bentley Systems is a global leader in providing engineers, architects, geospatial professionals, constructors, and owner-operators with comprehensive software solutions for advancing the design, construction, and operations of infrastructure. Bentley users leverage information mobility across disciplines and throughout the infrastructure lifecycle to deliver better-performing projects and assets. Bentley solutions encompass MicroStation applications for information modeling, ProjectWise collaboration services to deliver integrated projects, and AssetWise operations services to achieve intelligent infrastructure – complemented by comprehensive managed services offered through customized Success Plans.

Founded in 1984, Bentley has more than 3,500 colleagues in over 50 countries and is on track to surpass an annual revenue run rate of $700 million. Since 2012, Bentley has invested more than $1 billion in research, development, and acquisitions. www.bentley.com