Susan Smith has worked as an editor and writer in the technology industry for over 16 years. As an editor she has been responsible for the launch of a number of technology trade publications, both in print and online. Currently, Susan is the Editor of GISCafe and AECCafe, as well as those sites’ … More »
Bentley Systems revenues hit $550 million
April 3rd, 2013 by Susan Smith
Greg Bentley, CEO of Bentley Systems, last week gave an overview of the company’s financial position as a private company. The company’s focus is infrastructure, meaning “everything people build to improve our planet,” according to Mr. Bentley.
Bentley is a “no drama company” when it comes to reporting, said Mr. Bentley. In their 30th year, he said that historical GAP revenues are $550 million. These GAP revenues grew 8% percent in constant currencies, and organic growth grew by 6%.
“Since the majority of revenues are from annual subscription, 75% of our revenues from subscriptions, up from 72% in 2011, and that’s from ongoing relationships, not ‘customers,’” said Mr. Bentley.
Bentley employees (although he doesn’t like to call them employees as they are also investors in the company – “colleagues and family”) own 98% percent of Bentley Systems. They have a global profit sharing plan and a buy-back plan.
The company’s focus is on industrial use cases rather than consumerization, although Mr. Bentley said that consumerization raises the bar as to where industrial enterprises should aspire.
Corporate Performance Highlights
Bentley Systems has logged over 1 million users of their apps in 2012. They are active in the design, construction and operation of the world’s infrastructure in 2,000 countries. iWare apps including iOS apps bring the total close to 2 million users. As far as geographic growth trends – the Middle East and Africa grew over 25%. Remaining revenue is divided thusly: 45% of revenue from the Americas, 36% from EMEA and 19% from Asia. In China, which had been responsible for great growth in 2011, Bentley focused its efforts on growing subscription revenue and increasing staff.
Mr. Bentley noted that the company invested nearly $200 million including investment in R&D, which is a priority for the company. Operating cash flow for the company was at $100 million in 2012.
Mr. Bentley expects revenue to grow 7% in 2013.
A new licensing program is in the works that will reset each quarter based upon the previous quarter’s usage. The next generation of i-model is on the horizon, including SQLite for mobile devices. A new Navigator Mobile app available in the iTunes store was announced the same day and shortly thereafter the OpenRoads platform to integrate the company’s civil solutions was announced. Bentley Map was also made available for the Android.