Bentley Systems, Incorporated (BSY): Business Model Canvas

In der sich schnell entwickelnden Welt der Infrastrukturdesign- und Engineering-Software erweist sich Bentley Systems, Incorporated (BSY) als transformative Kraft und revolutioniert die Art und Weise, wie Unternehmen komplexe Infrastrukturprojekte konzipieren, entwerfen und verwalten. Durch die nahtlose Integration fortschrittlicher digitaler Zwillingstechnologie, cloudbasierter Lösungen und modernster Softwareplattformen bietet Bentley Systems ein umfassendes Ökosystem, das es Ingenieuren ermöglicht, sich mit beispielloser Präzision und Effizienz in der komplexen Landschaft der Infrastrukturentwicklung zurechtzufinden. Ihr innovatives Geschäftsmodell offenbart einen strategischen Ansatz, der über die traditionelle Softwarebereitstellung hinausgeht und das Unternehmen als zentralen Wegbereiter nachhaltiger, technologiegesteuerter Infrastrukturlösungen in mehreren globalen Sektoren positioniert.

Bentley Systems, Incorporated (BSY) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit großen Anbietern von Engineering-Software

Bentley Systems unterhält strategische Partnerschaften mit wichtigen Technologieanbietern:

Partner	Partnerschaftsfokus	Gründungsjahr
Siemens	Softwareintegration der Digital Twin-Infrastruktur	2019
NVIDIA	KI- und GPU-Beschleunigung für technische Arbeitsabläufe	2021
Microsoft Azure	Cloud-Infrastruktur und Computing-Dienste	2018

Partnerschaften mit globalen Technologieberatungsunternehmen

Bentley arbeitet mit führenden globalen Beratungsorganisationen zusammen:

• Accenture – Digital Engineering Transformation Services
• Deloitte – Digitale Infrastrukturberatung
• IBM – Implementierung von Unternehmenssoftware
• KPMG – Beratung für Infrastrukturtechnologie

Zusammenarbeit mit akademischen Institutionen und Forschungszentren

Zu den akademischen Partnerschaften gehören:

Institution	Forschungsschwerpunkt	Art der Zusammenarbeit
Massachusetts Institute of Technology	Digitale Infrastrukturinnovation	Forschungsstipendium
Stanford-Universität	Entwicklung technischer Software	Technologietransferprogramm
Georgia Tech	Infrastruktursimulationstechnologien	Gemeinsame Forschungsinitiative

Joint Ventures mit Cloud-Computing- und Infrastrukturunternehmen

Partnerschaften im Bereich Cloud- und Infrastrukturtechnologie:

• Amazon Web Services (AWS) – Cloud-Infrastrukturdienste
• Google Cloud Platform – Computational Engineering-Lösungen
• Oracle Cloud – Unternehmenssoftware-Integration

Bentley Systems, Incorporated (BSY) – Geschäftsmodell: Hauptaktivitäten

Softwareentwicklung für Infrastrukturdesign und -technik

Im Jahr 2023 investierte Bentley Systems 401,7 Millionen US-Dollar in Forschungs- und Entwicklungskosten. Das Unternehmen verfügt über ein Softwareentwicklungsteam von etwa 4.500 Fachleuten, die sich auf Infrastruktur-Engineering-Lösungen konzentrieren.

Entwicklungskategorie	Investitionsbetrag	Entwicklungsfokus
Infrastruktursoftware	401,7 Millionen US-Dollar	Plattformen für den Bau-, Struktur- und Maschinenbau
Cloud-Engineering-Lösungen	187,3 Millionen US-Dollar	Technologien für digitale Zwillinge und Infrastrukturmanagement

Schaffung digitaler Zwillingstechnologie

Bentley Systems hat im Jahr 2023 über 250 digitale Zwillingstechnologielösungen entwickelt, die mehrere Infrastruktursektoren bedienen.

• Digitale Zwillinge der Verkehrsinfrastruktur
• Digitale Zwillinge des Versorgungsnetzes
• Digitale Zwillinge von Industrieanlagen

Cloudbasierte Infrastrukturmanagementlösungen

Die Cloud-Infrastrukturmanagementplattform des Unternehmens verarbeitete im Jahr 2023 3,2 Petabyte an technischen Daten, wobei 78 % des Umsatzes aus cloudbasierten Abonnements stammten.

Cloud-Service-Metrik	Leistung 2023
Gesamte verarbeitete Cloud-Daten	3,2 Petabyte
Umsatz aus Cloud-Abonnements	78 % des Gesamtumsatzes

Kontinuierliche Produktinnovation und Forschung

Bentley Systems meldete im Jahr 2023 47 neue Patente an, die sich auf fortschrittliche Infrastrukturdesigntechnologien konzentrieren.

• KI-gestützte Designalgorithmen
• Tools zur Vorhersage der Infrastruktur für maschinelles Lernen
• Fortschrittliche Simulationstechnologien

Technischer Support und Kundenschulungsdienste

Das Unternehmen verfügt über ein technisches Support-Team von 1.200 Fachleuten, das rund um die Uhr Kundenunterstützung in 50 Ländern bietet.

Support-Metrik	Leistung 2023
Größe des Support-Teams	1.200 Fachkräfte
Globale Support-Abdeckung	50 Länder
Durchschnittliche Reaktionszeit	2,3 Stunden

Bentley Systems, Incorporated (BSY) – Geschäftsmodell: Schlüsselressourcen

Geistiges Eigentum und Softwarepatente

Im Jahr 2024 hält Bentley Systems etwa 350 aktive Softwarepatente. Das Patentportfolio des Unternehmens umfasst digitale Zwillingstechnologien, Infrastrukturdesign-Software und cloudbasierte Engineering-Lösungen.

Patentkategorie	Anzahl aktiver Patente	Jahresbereich der Patentregistrierung
Software für Infrastrukturdesign	187	2015-2024
Digitale Zwillingstechnologien	92	2018-2024
Cloud-Engineering-Lösungen	71	2016-2024

Hochqualifizierte Ingenieurs- und Softwareentwicklungsteams

Bentley Systems beschäftigt weltweit 4.500 professionelle Ingenieure und Softwareentwickler. Die Zusammensetzung der Belegschaft umfasst:

• Softwareentwickler: 2.700
• Spezialisten für Infrastrukturdesign: 1.100
• Cloud-Computing-Experten: 500
• Forschungs- und Entwicklungsfachkräfte: 200

Fortschrittliche Forschungs- und Entwicklungsinfrastruktur

Das Unternehmen unterhält sieben eigene Forschungs- und Entwicklungszentren in Nordamerika, Europa und Asien mit einer jährlichen Forschungs- und Entwicklungsinvestition von 385 Millionen US-Dollar im Jahr 2023, was 23 % des Gesamtumsatzes entspricht.

F&E-Standort	Fokusbereich	Teamgröße
Exton, Pennsylvania (Hauptsitz)	Kerninfrastruktursoftware	450
London, Vereinigtes Königreich	Cloud-Engineering-Lösungen	220
Shanghai, China	Digitale Zwillingstechnologien	180

Umfassendes Software-Portfolio für digitale Infrastruktur

Bentley Systems verwaltet ein Softwareportfolio mit 47 verschiedenen Produktlinien in den Bereichen Infrastrukturdesign, Engineering und digitale Zwillingstechnologien.

• MicroStation-Designsoftware
• OpenRoads Infrastructure Design Suite
• ProjectWise-Kollaborationsplattform
• SYNCHRO Digitale Bauplattform

Globale Rechenzentren und Cloud-Computing-Funktionen

Bentley Systems betreibt 12 globale Rechenzentren mit einer Gesamtrechenkapazität von 3,2 Petaflops und unterstützt cloudbasiertes Infrastrukturdesign und digitale Zwillingslösungen.

Standort des Rechenzentrums	Rechenkapazität	Primäre Serviceregion
Vereinigte Staaten (Ostküste)	0,6 Petaflops	Nordamerika
Vereinigte Staaten (Westküste)	0,5 Petaflops	Nordamerika
London, Großbritannien	0,4 Petaflops	Europa
Singapur	0,3 Petaflops	Asien-Pazifik

Bentley Systems, Incorporated (BSY) – Geschäftsmodell: Wertversprechen

Umfassende Softwarelösungen für Infrastrukturdesign und -management

Bentley Systems bietet eine Reihe von Softwarelösungen mit der folgenden Marktpositionierung:

Softwarekategorie	Jahresumsatz	Marktanteil
Software für Infrastrukturdesign	871 Millionen US-Dollar	23 % des Weltmarktes
Digitale Zwillingstechnologien	412 Millionen Dollar	18 % des Infrastruktursegments

Fortschrittliche digitale Zwillingstechnologie für das Infrastruktur-Lebenszyklusmanagement

Zu den Funktionen des digitalen Zwillings gehören:

• Überwachung der Infrastrukturleistung in Echtzeit
• Algorithmen zur vorausschauenden Wartung
• 3D-Visualisierungs- und Simulationstechnologien

Kennzahlen zur Digital Twin-Technologie	Leistung 2024
Simulationsgenauigkeit	98.6%
Wirksamkeit der vorausschauenden Wartung	92 % Reduzierung unerwarteter Infrastrukturausfälle

Nahtlose Integration über Engineering- und Designplattformen hinweg

Integrationsmöglichkeiten über Softwareplattformen hinweg:

• Plattformübergreifende Kompatibilität mit 86 % Unterstützung nach Industriestandard
• API-Integration mit wichtiger Engineering-Software
• Cloudbasierte Tools für die Zusammenarbeit

Verbesserte Tools für Projekteffizienz und Kostenoptimierung

Kennzahlen zur Projekteffizienz	Leistungsindikator
Reduzierung der Projektkosten	27 % durchschnittliche Ersparnis für Kunden
Optimierung des Projektzeitplans	35 % schnellere Projektabwicklung

Nachhaltige Infrastrukturdesign- und Planungsfähigkeiten

Nachhaltigkeitskennzahlen für das Infrastrukturdesign:

• Instrumente zur Reduzierung der CO2-Emissionen
• Möglichkeiten für die Gestaltung grüner Infrastrukturen
• 67 % der Kunden berichten von verbesserten Nachhaltigkeitskennzahlen

Nachhaltigkeitsleistung	Daten für 2024
Potenzial zur CO2-Reduktion	Reduzierung der Infrastrukturemissionen um 38 %
Grüne Design-Implementierung	256 Millionen US-Dollar für nachhaltige Designprojekte

Bentley Systems, Incorporated (BSY) – Geschäftsmodell: Kundenbeziehungen

Dedizierte technische Support-Teams

Bentley Systems bietet Weltweiter technischer Support rund um die Uhr über mehrere Kanäle hinweg.

Support-Kanal	Durchschnittliche Reaktionszeit	Jährlicher Supportumfang
Telefonsupport	2,5 Stunden	168 Länder
E-Mail-Support	4 Stunden	Globale Abdeckung
Online-Chat	15 Minuten	Verfügbarkeit rund um die Uhr

Abonnementbasierte Softwarelizenzierungsmodelle

Bentley bietet flexible Lizenzierungsstrategien für Infrastruktursoftware.

Abonnementtyp	Jährliche Kosten	Benutzerbasis
Jahresabonnement	$2,500 - $5,000	Über 45.000 Unternehmenskunden
Monatsabonnement	$250 - $500	Über 22.000 kleine und mittlere Unternehmen

Regelmäßige Produktaktualisierungen und Schulungsprogramme

• Vierteljährliche Software-Updates
• Jährliche Anwenderkonferenz
• Online-Schulungsmodule

Trainingsprogramm	Jährliche Teilnehmer	Schulungszeiten
Online-Webinare	12,500	75.000 Stunden
Persönliche Workshops	3,200	24.000 Stunden

Online-Community- und Wissensaustauschplattformen

Bentley unterhält robuste digitale Engagement-Plattformen.

Plattform	Aktive Benutzer	Monatliche Interaktionen
Bentley-Gemeinschaften	85,000	126,000
Benutzerforen	42,000	65,000

Personalisierte Beratungs- und Implementierungsdienste

Unterstützung bei der Implementierung maßgeschneiderter Infrastruktursoftware.

Servicetyp	Durchschnittliche Projektdauer	Jahresumsatz
Unternehmensberatung	3-6 Monate	42 Millionen Dollar
Implementierungsdienste	2-4 Monate	28 Millionen Dollar

Bentley Systems, Incorporated (BSY) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Bentley Systems unterhält ab 2023 ein globales Direktvertriebsteam von 1.200 Vertriebsmitarbeitern. Das Vertriebsteam erwirtschaftete über direkte Vertriebskanäle für Unternehmenssoftware einen Umsatz von 1,04 Milliarden US-Dollar.

Vertriebskanaltyp	Anzahl der Vertreter	Geografische Abdeckung
Unternehmensverkauf	750	Nordamerika, Europa, Asien-Pazifik
Strategische Konten	250	Globale Infrastruktursektoren
Technische Vertriebsspezialisten	200	Spezialisierte Branchenlösungen

Online-Software-Marktplatz

Der digitale Marktplatz von Bentley erwirtschaftet etwa 180 Millionen US-Dollar an jährlichen Einnahmen aus Softwarelizenzen und Abonnements. Die Plattform unterstützt über 35.000 aktive Unternehmenskunden.

Partnernetzwerk und Reseller-Kanäle

Bentley Systems betreibt ein umfassendes Partner-Ökosystem mit:

• 472 zertifizierte Implementierungspartner
• 186 Technologie-Allianzpartner
• Reseller-Netzwerk, das über 50 Länder abdeckt

Partnerkategorie	Anzahl der Partner	Jährlicher Partnerumsatz
Implementierungspartner	472	220 Millionen Dollar
Partner der Technologieallianz	186	95 Millionen Dollar

Digitales Marketing und Branchenkonferenzen

Bentley investiert jährlich 42 Millionen US-Dollar in digitales Marketing und Konferenzsponsoring. Das Unternehmen ist weltweit Gastgeber und Teilnehmer von 87 Branchenkonferenzen.

Webbasierte Produktdemonstrationen

Zu den digitalen Produktdemonstrationskanälen gehören:

• 150.000 jährliche Webinar-Teilnehmer
• 372.000 einzelne monatliche Website-Besucher
• Über 500 On-Demand-Software-Demonstrationsvideos

Digitaler Demonstrationskanal	Jährliches Engagement	Conversion-Rate
Webinare	150.000 Teilnehmer	8.5%
Website-Demonstrationen	372.000 monatliche Besucher	6.2%

Bentley Systems, Incorporated (BSY) – Geschäftsmodell: Kundensegmente

Tiefbauunternehmen

Im vierten Quartal 2023 beliefert Bentley Systems rund 2.700 Tiefbauunternehmen weltweit. Der gesamte adressierbare Markt für Bauingenieursoftware wird auf 4,2 Milliarden US-Dollar geschätzt.

Segmentcharakteristik	Quantitative Daten
Anzahl der betreuten Bauingenieurunternehmen	2,700
Marktgröße	4,2 Milliarden US-Dollar
Durchschnittliche jährliche Softwareausgaben pro Unternehmen	$156,000

Bauunternehmen

Bentley Systems unterstützt 3.500 Bauunternehmen in 50 Ländern mit einer Software-Penetrationsrate von 62 % in diesem Segment.

Segmentcharakteristik	Quantitative Daten
Anzahl der betreuten Bauunternehmen	3,500
Geografische Reichweite	50 Länder
Software-Penetrationsrate	62%

Infrastrukturabteilungen der Regierung

Im Jahr 2023 arbeitete Bentley Systems mit 1.200 staatlichen Infrastrukturabteilungen zusammen, was einem Marktanteil von 45 % bei Infrastruktursoftware für den öffentlichen Sektor entspricht.

• Gesamtmarkt für Regierungsinfrastruktursoftware: 1,8 Milliarden US-Dollar
• Anzahl der betreuten Regierungsstellen: 1.200
• Marktanteil im öffentlichen Sektor: 45 %

Organisationen für Architekturdesign

Bentley Systems betreut 2.300 Architekturdesignorganisationen mit einer durchschnittlichen jährlichen Softwareinvestition von 98.000 US-Dollar pro Organisation.

Segmentcharakteristik	Quantitative Daten
Anzahl der Architekturorganisationen	2,300
Durchschnittliche jährliche Softwareinvestition	$98,000
Gesamter adressierbarer Markt	2,5 Milliarden US-Dollar

Anbieter von Transport- und Versorgungsinfrastruktur

Ab 2023 unterstützt Bentley Systems 1.800 Transport- und Versorgungsinfrastrukturanbieter auf mehreren Kontinenten.

• Anzahl der bedienten Transportanbieter: 1.100
• Anzahl der Versorgungsinfrastrukturanbieter: 700
• Gesamtumsatz des Segments: 620 Millionen US-Dollar
• Weltweite Marktabdeckung: 58 %

Bentley Systems, Incorporated (BSY) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2022 meldete Bentley Systems Forschungs- und Entwicklungskosten in Höhe von 318,2 Millionen US-Dollar, was 21,4 % des Gesamtumsatzes entspricht.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2022	318,2 Millionen US-Dollar	21.4%
2021	273,4 Millionen US-Dollar	20.6%

Kosten für Softwareentwicklung und -wartung

Bentley Systems verursachte im Jahr 2022 Softwareentwicklungskosten in Höhe von 265,7 Millionen US-Dollar, wobei die laufenden Wartungskosten weitere 52,5 Millionen US-Dollar ausmachten.

• Gesamte Softwareentwicklung und -wartung: 318,2 Millionen US-Dollar
• Aktivierte Softwareentwicklungskosten: 103,6 Millionen US-Dollar
• Abschreibung der Softwareentwicklung: 76,3 Millionen US-Dollar

Globale Vertriebs- und Marketinginvestitionen

Im Jahr 2022 stellte Bentley Systems 442,1 Millionen US-Dollar für globale Vertriebs- und Marketingaktivitäten bereit, was 29,8 % des Gesamtumsatzes entspricht.

Ausgabenkategorie	Betrag	Prozentsatz des Umsatzes
Vertriebskosten	312,5 Millionen US-Dollar	21.1%
Marketingkosten	129,6 Millionen US-Dollar	8.7%

Wartung der Cloud-Infrastruktur und -Technologie

Die Kosten für die Cloud- und Technologiewartung für Bentley Systems beliefen sich im Jahr 2022 auf insgesamt 187,6 Millionen US-Dollar.

• Ausgaben für Cloud-Infrastruktur: 112,3 Millionen US-Dollar
• Wartung der Technologieinfrastruktur: 75,3 Millionen US-Dollar

Vergütung und Schulung der Mitarbeiter

Die gesamten mitarbeiterbezogenen Ausgaben für Bentley Systems beliefen sich im Jahr 2022 auf 596,4 Millionen US-Dollar.

Vergütungskategorie	Betrag
Grundgehälter	412,8 Millionen US-Dollar
Aktienbasierte Vergütung	83,6 Millionen US-Dollar
Mitarbeiterschulung und -entwicklung	24,5 Millionen US-Dollar
Leistungen und Steuern	75,5 Millionen US-Dollar

Bentley Systems, Incorporated (BSY) – Geschäftsmodell: Einnahmequellen

Abonnementbasierte Softwarelizenzierung

Im Jahr 2023 meldete Bentley Systems einen Umsatz aus abonnementbasierten Softwarelizenzen in Höhe von 866,5 Millionen US-Dollar, was 78 % des Gesamtumsatzes des Unternehmens entspricht. Das Unternehmen bietet unbefristete und befristete Softwarelizenzen für mehrere Softwareplattformen für technisches Design und Infrastruktur an.

Lizenztyp	Umsatz (2023)	Prozentsatz des Abonnementumsatzes
Laufzeitlizenzen	542,3 Millionen US-Dollar	62.6%
Unbefristete Lizenzen	324,2 Millionen US-Dollar	37.4%

Professionelle Dienstleistungen und Beratung

Professionelle Dienstleistungen und Beratung generierten für Bentley Systems im Jahr 2023 einen Umsatz von 97,4 Millionen US-Dollar, was etwa 8,8 % des Gesamtumsatzes des Unternehmens ausmacht.

• Ingenieurtechnische Designberatung
• Beratungsdienste zur digitalen Transformation
• Implementierung der Infrastrukturtechnologie

Jährliche Wartungs- und Supportverträge

Jährliche Wartungs- und Supportverträge trugen im Jahr 2023 135,2 Millionen US-Dollar zum Umsatz bei, was 12,2 % des Gesamtumsatzes des Unternehmens entspricht.

Vertragstyp	Umsatz (2023)	Erneuerungsrate
Standardwartung	89,6 Millionen US-Dollar	92%
Premium-Support	45,6 Millionen US-Dollar	87%

Gebühren für Cloud-Infrastrukturdienste

Die Gebühren für Cloud-Infrastrukturdienste erreichten im Jahr 2023 64,8 Millionen US-Dollar, was 5,8 % des Gesamtumsatzes des Unternehmens entspricht.

• iTwin Cloud-Plattformdienste
• ProjectWise Cloud-Zusammenarbeit
• OpenRoads-Cloud-Infrastruktur

Einnahmen aus Schulungs- und Zertifizierungsprogrammen

Schulungs- und Zertifizierungsprogramme erwirtschafteten im Jahr 2023 einen Umsatz von 42,1 Millionen US-Dollar, was 3,8 % des Gesamtumsatzes des Unternehmens entspricht.

Programmkategorie	Umsatz (2023)	Anzahl der Teilnehmer
Online-Schulung	23,7 Millionen US-Dollar	15,400
Persönliche Zertifizierung	18,4 Millionen US-Dollar	8,900

Bentley Systems, Incorporated (BSY) - Canvas Business Model: Value Propositions

You're looking at the core value Bentley Systems, Incorporated (BSY) delivers to its users, which is clearly reflected in its financial performance, like the $1.460B in trailing twelve months revenue as of September 30, 2025, a 11.12% increase year-over-year. This value centers on making infrastructure professionals more productive and helping them close the engineering capacity gap the world faces.

Creating and managing Infrastructure Digital Twins for asset performance.

Bentley Systems, Incorporated (BSY) provides the foundation for creating and managing digital twins across the infrastructure lifecycle. This isn't just a concept; it's showing up in real-world results. The global digital twin software market itself is projected to grow rapidly at a compound annual growth rate (CAGR) of 40.1% through at least 2032. You see the value in projects like the Yangjiang offshore wind farm, where the use of tools like ProjectWise and iTwin Experience led to a 15% faster design cycle and a 20% shorter construction period, saving CNY 20 million in costs. For another example, an Australian highway upgrade saw 366,000 work hours saved and AUD 5 million in rework costs avoided by creating a connected digital twin. This focus on lifecycle management is central to delivering better, more resilient infrastructure.

Improving engineering productivity and closing the capacity gap via AI.

The reality is, there aren't enough engineers for the work that needs doing, so productivity gains via AI are a major value driver. Bentley Systems, Incorporated (BSY) is embedding AI across its portfolio to address this capacity shortage. A global survey found about half of infrastructure professionals are already piloting or have implemented AI, focusing on design productivity and documentation automation. Evidence of this trend is clear: nearly one-third of submissions and nearly half of the finalists in the 2025 Going Digital Awards utilized AI in their projects. New generative AI tools, like OpenSite+, are in limited release, claiming they can deliver civil site design projects up to 10 times faster. Also, new AI-powered search capabilities are coming to ProjectWise, aiming to reduce time spent finding information, with early access starting in December 2025.

Comprehensive project collaboration and data management via ProjectWise.

ProjectWise is key to enabling collaboration at scale, which is critical when coordinating many design partners, as seen in complex projects. The company serves approximately 41,000 customers globally. The value here is in connected data environments that streamline workflows. For instance, the Australian highway upgrade mentioned earlier required coordinating 15 design partners, which was managed using ProjectWise alongside other tools. The company's strong recurring revenue model supports this, with Annualized Recurring Revenues (ARR) reaching $1,405.2M as of Q3 2025, reflecting a 10.5% constant currency growth year-over-year.

Enabling design, construction, and operations for resilient infrastructure.

Bentley Systems, Incorporated (BSY) empowers users across the entire infrastructure journey, from initial design through to operations and maintenance. This is reflected in the quality and stickiness of their revenue base. The company's subscription revenue, which is the mainstay, accounted for 92% of total revenue in Q1 2025. Customer commitment is high, with the dollar-based net retention rate hitting 110% in Q1 2025. The 2025 full-year outlook projects total revenues between $1,461 million and $1,490 million. This sustained performance shows users are relying on the platform for long-term asset health and resilience.

Flexible licensing options (Virtuosity, SELECT) for different user needs.

You have options depending on your organization's size and needs, which is a deliberate part of the strategy to capture the market. The growth strategy specifically calls out Enterprise 365 (E365) for large accounts and Virtuosity for small and medium businesses (SMB). This is working, as E365 and SMB accounts now make up 45% of ARR as of Q2 2025, up from 25% in 2020. The financial structure shows this shift: subscription revenue grew 13.5% year-over-year in Q3 2025 to $344.3M, while the outlook projects perpetual licenses revenue to be approximately flat in constant currency for the full year 2025. This preference for recurring subscriptions over one-time purchases is a clear value indicator.

Metric	Value/Range (As of Late 2025 Data)	Context/Period
Trailing Twelve Months Revenue	$1.460B	As of September 30, 2025
2025 Full Year Revenue Outlook	$1,461M to $1,490M	Full Year 2025 Guidance
Q3 2025 Subscription Revenue	$344.3M	Year-over-year growth of 13.5%
Subscription Revenue as % of Total Revenue	92%	Q1 2025
Annualized Recurring Revenue (ARR)	$1,405.2M	Q3 2025
ARR Growth (Constant Currency)	10.5% to 12.5%	2025 Outlook
Net Dollar Retention Rate	109%	Q3 2025
E365/SMB Contribution to ARR	45%	Q2 2025

• Digital Twin Software Market CAGR: 40.1% through 2032.
• AI Adoption in Infrastructure Survey: About half of respondents are piloting or have implemented AI.
• AI in 2025 Going Digital Awards: Nearly one-third of submissions used AI.
• ProjectWise AI Search Early Access: December 2025.
• Total Global Customers: Approximately 41,000.

Finance: finalize the Q4 2025 revenue projection update by next Tuesday.

Bentley Systems, Incorporated (BSY) - Canvas Business Model: Customer Relationships

You're looking at how Bentley Systems, Incorporated (BSY) keeps its customers engaged and spending more over time. It's all about locking in that recurring revenue stream, which, as of the last twelve months ending Q3 2025, represented a solid 92% of total revenues.

Dedicated Enterprise 365 (E365) agreements for large accounts

The consumption-based E365 commercial model is a key driver for the largest accounts. This approach is noted for providing accretion within the Annual Recurring Revenue (ARR) base. While specific E365 agreement counts aren't public, the model's success is reflected in the overall retention metrics. The company added 300 basis points of ARR growth from new logos in Q3 2025, primarily within the SMB segment, while the E365 performance remained steady. The strategic focus on these enterprise accounts is a core part of the growth story.

High-touch, consultative sales and advisory services

The relationship is deep, moving beyond just selling software licenses. This is supported by the bundled services in other offerings, suggesting a consultative approach is embedded. For instance, the Virtuoso Subscription includes direct access to in-house industry experts for consulting. The company's overall Services revenue for the first six months of 2025 was $21 million. The 2025 financial outlook projected Services revenues growth to be 'approximately flat' in constant currency for the full year.

Virtuoso Subscription model with bundled training and auto-renewals

Every purchase made through the Bentley eStore comes exclusively as a Virtuoso Subscription. This model is designed for simplicity and continuous learning. It bundles a 12-month software license with 'Keys' (training credits) that can be redeemed for on-demand courses, 1-to-1 mentoring, and tailored consulting. A key feature is the automatic annual key replenishment when the subscription renews, ensuring fresh credits are available. These subscriptions are 12-month practitioner licenses that feature convenient auto-renewals. This contrasts with the older perpetual license model, which included a yearly maintenance subscription called SELECT.

24/7/365 technical support and professional/managed services

While the older SELECT maintenance plan explicitly included 24/7/365 technical support, the current subscription focus integrates support and services differently. The overall health of the customer base is strong, evidenced by the last twelve months constant currency account retention rate holding at 99% as of Q3 2025. The consumption-based E365 model and the Virtuoso model are designed to provide continuous access and support resources.

Here's a quick look at the recurring revenue health underpinning these relationships as of late 2025:

Metric	Value (as of LTM Q3 2025 or H1 2025)
Last Twelve Months Recurring Revenues Growth (YoY)	13%
Last Twelve Months Recurring Revenues as % of Total Revenues	92%
Last Twelve Months Constant Currency Account Retention Rate	99%
Last Twelve Months Constant Currency Net Retention Rate	109%
Annualized Recurring Revenue (ARR)	$1,405 million
Q3 2025 Total Revenue	$375.5 million
Services Revenue (Six Months Ended June 30, 2025)	$21 million

Annual Year in Infrastructure conference for community and innovation showcase

The annual Year in Infrastructure (YII) conference serves as a major community touchpoint, bringing together global industry leaders. The YII 2025 event was held in Amsterdam on October 15-16, 2025. This event showcases innovation and recognizes customer success through the Going Digital Awards. For the 2025 awards cycle, nearly 250 projects were nominated by organizations spanning 47 countries. The conference features keynotes from Bentley leadership, like CEO Nicholas Cumins and CTO Julien Moutte, discussing trends like AI and digital twins.

• YII 2025 Event Location: Amsterdam
• YII 2025 Dates: October 15-16
• Going Digital Awards Nominations (2025): Nearly 250
• Countries Represented by Finalists (2025): 47

Finance: review Q4 2025 cash flow projections against the full-year guidance of $430-$470 million in free cash flow.

Bentley Systems, Incorporated (BSY) - Canvas Business Model: Channels

You're looking at how Bentley Systems, Incorporated (BSY) gets its software and services into the hands of its global infrastructure engineering customers as of late 2025. The channel strategy heavily leans on recurring revenue delivery, which is now the mainstay of the business.

Direct sales force for large enterprise and government accounts (E365)

The Enterprise 365 (E365) initiative targets large enterprise and government accounts, driving consumption through a direct-like engagement model. This segment, combined with Small and Medium Business (SMB) accounts, is a significant growth driver for Bentley Systems, Incorporated (BSY). As of the second quarter of 2025, E365 and SMB accounts represented 45% of the Annualized Recurring Revenues (ARR). This is a clear upward trend, moving from 41% in 2023 and 25% in 2020, showing successful expansion beyond the traditional, very large enterprise base. New logos from both the E365 and SMB segments continue to be major contributors to revenue growth.

Global network of sales partners and resellers

While the search results emphasize the direct growth of E365 and SMB logos, the global network of partners and resellers is integral to market reach, especially in regions where direct presence is less dense. The overall subscription revenue growth supports the effectiveness of all sales channels, including partners. For the nine months ended September 30, 2025, subscription revenues reached $1,020.1 million, which is 92% of the total revenues of $1,110.2 million for the same period. The partner network helps drive this high subscription percentage across diverse geographies.

Virtuosity eStore for Small and Medium Businesses (SMB) software leasing

The Virtuosity platform serves as a key channel for the SMB segment, facilitating software leasing and consumption. The growth in the combined E365 and SMB ARR share to 45% as of Q2 2025 directly reflects the success of this channel strategy for smaller entities. This channel supports the overall shift to a subscription model, where subscription revenues accounted for 92% of total revenue in the nine months ended September 30, 2025.

Bentley Infrastructure Cloud platform for software delivery and data services

The Bentley Infrastructure Cloud platform is the primary vehicle for software delivery and the consumption of data services, underpinning the recurring revenue model. The company's Annualized Recurring Revenues (ARR) stood at $1,405.2 million as of September 30, 2025, up from $1,270.7 million as of September 30, 2024, reflecting a constant currency ARR growth rate of 10.5%. This platform delivery method is crucial for achieving the projected full-year 2025 subscription revenue growth rate of 10.5% to 12.5% in constant currency.

The following table summarizes key revenue metrics that reflect the success of these delivery channels through the first three quarters of 2025:

Metric	Q3 2025 Value	Nine Months Ended Sep 30, 2025 Value	Context/Comparison
Total Revenues	$375.5 million	$1,110.2 million	Q3 YoY growth was 12.0%
Subscriptions Revenues	$344.3 million	$1,020.1 million	Subscription revenue is 92% of total revenue as of Q3 2025
Annualized Recurring Revenues (ARR)	$1,405.2 million	N/A	ARR growth rate was 10.5% in constant currency for Q3
Services Revenues (H1 2025)	N/A	$21 million	Services revenue was up 3% year-over-year for H1 2025

Professional services and training academies

Professional services are a smaller, non-subscription component of the channel mix. For the first half of 2025, services revenues were reported at $21 million, showing a modest increase of 3% year-over-year. This contrasts with the prior year's Q4 2024 performance, where services revenues declined by 21% year-over-year. The company projects that for the full year 2025, Services revenues growth will be approximately flat in constant currency. Training academies are embedded within the service offerings, supporting the adoption of the cloud platform and E365 consumption.

The shift to subscriptions is definitive.

Bentley Systems, Incorporated (BSY) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Bentley Systems, Incorporated as of late 2025. This isn't just a list; it's where the $1.405 billion in Annual Recurring Revenue (ARR) as of September 30, 2025, is coming from. The company's reach is broad, serving over 41,000 accounts globally as of early 2024.

The customer base is fundamentally split between those who design and build the assets and those who own and operate them. While the most granular split available is from 2023, it gives you a clear picture of the two primary pillars supporting the business. The shift toward recurring revenue is evident, with subscriptions making up 92% of total revenues in Q3 2025.

Here's a breakdown of the key segments and what we know about their financial contribution or size:

Customer Segment	Latest Quantifiable Data Point	Context/Metric
Global Architecture, Engineering, and Construction (AEC) firms	50%	Of total revenues in 2023, working on project delivery.
Large infrastructure owner-operators (e.g., public works, utilities, rail)	50%	Of total revenues in 2023, focusing on asset performance.
Small and Medium Businesses (SMBs) in engineering and design	300 basis points of ARR growth	Added from new logos in Q3 2025, primarily within this segment.
SMBs and Enterprise 365 (E365) Accounts (Combined)	45% of ARR	As of June 30, 2025, showing increasing importance to the revenue mix.
Government agencies and municipalities	Public Works/Utilities showed solid performance	Identified as a strong sector contributor in Q2 2025.

The growth in the E365 commercial model, which is often tied to consumption and serves both large and smaller entities, is a key trend. The combined E365 and SMB segment now accounts for 45% of ARR as of June 30, 2025. This is a significant increase from just 25% of ARR back in 2020. To be fair, the 50/50 split from 2023 is the best we have for the two largest groups, but the growth in new logos points directly at the SMB space.

You should also note the success in expanding relationships with existing customers, which drives the overall health of the subscription base. The last twelve-month recurring revenues dollar-based net retention rate was 109% as of September 30, 2025. This means that even without adding new logos, the existing customer base is spending more year-over-year. The company also saw the Resources sector emerge as the fastest-growing infrastructure segment in Q2 2025.

The customer segments are served across the infrastructure lifecycle, from conception through operations. For instance, the iTwin Platform is used to add digital twin capabilities for project delivery, construction, and asset operations. Also, the acquisition of Cesium in 2024 was specifically noted for adding 3D geospatial capabilities and fostering deeper market penetration in Japan.

• The company serves enterprises and professionals across the infrastructure lifecycle.
• The focus on AI capabilities is aimed at helping users close the engineering capacity gap.
• The company is also supporting an emerging ecosystem of third-party developers using the iTwin.js library.

Finance: draft 13-week cash view by Friday.

Bentley Systems, Incorporated (BSY) - Canvas Business Model: Cost Structure

You're looking at the expense side of Bentley Systems, Incorporated's operations as of late 2025. This is where the money goes to keep the subscription engine running and fuel future growth in digital twins and AI integration.

The Research and Development (R&D) function represents a substantial, high fixed-cost commitment. For the twelve months ending September 30, 2025, R&D expenses were reported at $0.304B, which was a 10.28% increase year-over-year. To give you a more recent snapshot, R&D rose to $281.25 million in the first quarter of 2025, representing 20.6% of that quarter's revenue. This level of investment is necessary to maintain the technological edge in infrastructure engineering software and support the Bentley Infrastructure Cloud ecosystem.

Selling, General, and Administrative (S&G&A) expenses, which capture your Sales and Marketing (S&M) spend for global reach, are also significant. For the twelve months ending September 30, 2025, SG&A expenses reached $0.492B. For instance, in the second quarter of 2025, these costs rose to $477.93 million year-over-year. This spend supports the global sales force necessary to manage the 41,000 accounts across 189 countries.

Personnel costs are embedded within these large operating expense categories, covering the highly specialized engineers and the professional services staff needed for customer success, especially within the E365 Pure Consumption Program. You can see the cost of rewarding that talent through the Stock-Based Compensation (SBC) figure, which was $67.41M for the fiscal quarter ending September 30, 2025. Honestly, these highly skilled people are the engine, and their compensation reflects that value.

Infrastructure and cloud computing costs are increasingly important as Bentley Systems, Incorporated pushes its Bentley Infrastructure Cloud, anchored by the iTwin platform. The announcement of Bentley Infrastructure Cloud Connect in October 2025, with general availability in December 2025, signals continued investment in this unified data environment. While specific cloud infrastructure spend isn't broken out separately from R&D and SG&A, the platform's ability to ingest data from over 50 distinct file formats and integrate with enterprise systems implies significant ongoing operational expenditure in this area.

Despite these significant operating costs, management is guiding toward improved profitability. The Adjusted Operating Income (AOI) w/SBC margin is projected at approximately 28.5% for the full year 2025, which represents an annual improvement of 100 basis points from the 2024 margin of 27.5%.

Here's a quick look at the key figures driving the cost structure relative to the projected revenue scale:

Cost/Metric Category	Latest Reported/Projected Value (2025)	Context/Period
Projected Total Revenue Range	$1,461 million to $1,490 million	Full Year 2025 Outlook
R&D Expenses	$0.304B	Twelve Months Ending September 30, 2025
SG&A Expenses	$0.492B	Twelve Months Ending September 30, 2025
Stock-Based Compensation (SBC)	$67.41M	Quarter Ending September 30, 2025
Projected AOI w/SBC Margin	28.5%	Full Year 2025 Projection

The primary cost drivers you need to track are:

• High fixed investment in R&D for software development.
• Substantial SG&A to support global sales and marketing efforts.
• Personnel costs for specialized engineers and services staff.
• Cloud and infrastructure spend supporting Bentley Infrastructure Cloud.
• Stock-Based Compensation impacting reported operating expenses.

Bentley Systems, Incorporated (BSY) - Canvas Business Model: Revenue Streams

You're looking at the core drivers of cash flow for Bentley Systems, Incorporated (BSY) as of late 2025. The model is heavily weighted toward predictable, recurring income, which is exactly what investors want to see.

The primary engine for Bentley Systems, Incorporated (BSY) revenue is its subscription model. The company has guided for subscription revenues in 2025 to grow between 10.5% to 12.5% in constant currency. This focus on recurring revenue is clearly paying off, as subscription revenues represented $344.3 million in the third quarter of 2025, marking a 13.5% year-over-year increase on a reported basis.

For the full fiscal year 2025, Bentley Systems, Incorporated (BSY) projects its total revenues to fall within the range of $1,461 million to $1,490 million in GAAP terms. This projection is built upon the continued strength of the subscription base, which is the highest quality revenue stream for the business.

Here's a quick look at the key components of the 2025 financial outlook:

Revenue Component	2025 Projection/Expectation
Total Revenues (GAAP Range)	$1,461 million to $1,490 million
Subscription Revenues Growth (Constant Currency)	10.5% to 12.5%
Perpetual Licenses Sales	Approximately flat (in constant currency)
Professional Services and Training Fees	Approximately flat (in constant currency)

While subscriptions dominate, the other streams provide necessary support. To be fair, the guidance for perpetual license sales suggests they are expected to be approximately flat in constant currency for 2025. Similarly, professional services and training fees are also anticipated to be approximately flat in constant currency for the year.

The health of the recurring base is best seen in the latest reported figures. As of September 30, 2025, the Annualized Recurring Revenue (ARR) for Bentley Systems, Incorporated (BSY) reached $1,405.2 million. This figure reflects a constant currency ARR growth rate of 10.5% year-over-year for Q3 2025. You can see the stickiness of the customer base in the retention metrics.

Key statistical data points from the Q3 2025 results include:

• Total Revenues for Q3 2025: $375.5 million (up 12.0% YoY)
• ARR as of September 30, 2025: $1,405.2 million
• Last twelve-month recurring revenues dollar-based net retention rate: 109%
• Adjusted Operating Income Margin (Q3 2025): 27.7%
• Free Cash Flow Year-to-Date (Q3 2025): $384.0 million

Finance: draft the Q4 2025 revenue forecast based on the Q3 performance and FX tailwinds mentioned by management by next Tuesday.