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Infrastructure engineering software company Bentley Systems has entered into a definitive agreement with investors led by Accel-KKR to acquire Seequent, a specialist in software for geological and geophysical modelling, geotechnical stability, and cloud services for geodata management, visibility, and collaboration, for US$900mn
The acquisition of Seequent will deepen the potential of infrastructure digital twins to help understand and mitigate environmental risks, advancing resilience and sustainability.
Upon closing, Seequent will operate as a stand-alone Bentley subsidiary, with Seequent’s current Chief Operating Officer Graham Grant, succeeding its retiring CEO Shaun Maloney, reporting to Bentley’s Chief Product Officer Nicholas Cumins.
Greg Bentley, Bentley’s CEO, said, “We can be very confident about Seequent’s contribution to our shared future not only because of our product synergies, but because we recognise in Seequent’s trajectory an echo of the playbook that made Bentley Systems successful—except they have grown faster! They have made farsighted decisions to benefit the future at every stage: identifying and then laser-focusing on the 3D “vertical” 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 digital twins advancement together.”
Shaun Maloney, CEO of Seequent, said, “By ‘leapfrogging ahead’ 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. Users and accounts of Seequent, as a Bentley Company, can expect business as usual, with many product and commercial synergies eventually forthcoming. For 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. For all, our new larger scope presents a great opportunity for shared advancement.”