Exclusive-Bentley Systems explores options amid takeover interest, sources say
By Milana Vinn and Anirban Sen
(Reuters) -Bentley Systems, an engineering software company with a market value of nearly $16 billion, is exploring options that include a sale after attracting acquisition interest, according to people familiar with the matter.
Among the companies that have expressed interest in a deal with Bentley are electrical equipment maker Schneider Electric and design software firm Cadence Design Systems, one of the sources said.
The Bentley family controls the eponymous company through a special class of shares. The company has formed a special committee of its board of directors to explore its options, that include an outright sale of the company as well as a joint venture, the sources said.
Bentley's shares jumped more than 5% on Thursday on the news of a potential deal.
The sources requested anonymity because the discussions are confidential and cautioned that no deal is certain.
Bentley Systems and Cadence did not immediately respond to requests for comment. Schneider declined to comment.
It is entirely possible that other bidders, including Siemens AG - which held talks to buy Bentley in 2020 - could emerge, the sources said.
Siemens, which holds a stake in Bentley, has longstanding ties with the company. The two companies signed a strategic alliance in 2016 and expanded on that agreement two years later to set up an initiative to make joint investments. Bentley chose to proceed with an initial public offering in 2020 after its deal talks with Siemens did not progress, one of the sources said.
As part of its ties with Bentley, Siemens has a right to bid for Bentley, if the latter explores a deal with an interested buyer, one of the sources added. Siemens declined to comment.
Exton, Pennsylvania-based Bentley makes software that helps manage engineering projects in industries such as infrastructure, design and construction. It currently has more than 5,200 employees in over 40 countries, according to its website.
Founded in 1984, Bentley recently announced a CEO transition. In March at the time of the company's 40th anniversary, longtime CEO Greg Bentley said he would step down from his role and transition to the role of executive chairman. Current COO Nicholas Cumins will become the new CEO, effective July 1.
In March, Cadence agreed to buy BETA CAE Systems International AG, which makes software for analyzing car and jet engine designs, for $1.24 billion in cash and stock. Last year, Cadence was one of the bidders for design software firm Ansys, according to people familiar with the matter.
Schneider has been attempting to grow its software business through acquisitions in recent years. In late 2022, Schneider agreed to a $11.9 billion takeover of UK software firm Aveva Group after a prolonged battle with investors who pushed for a higher price.
(Reporting by Milana Vinn and Anirban Sen in New York; Editing by Lisa Shumaker)
