Bentley Systems, Incorporated (BSY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo en rápida evolución del software de diseño e ingeniería de infraestructura, Bentley Systems, Incorporated (BSY) surge como una fuerza transformadora, revolucionando cómo las organizaciones conceptualizan, diseñan y gestionan proyectos de infraestructura complejos. Al integrar perfectamente la tecnología gemela digital avanzada, las soluciones basadas en la nube y las plataformas de software de vanguardia, Bentley Systems ofrece un ecosistema integral que permite a los profesionales de ingeniería navegar por el intrincado panorama del desarrollo de infraestructura con precisión y eficiencia sin precedentes. Su innovador lienzo de modelo de negocio revela un enfoque estratégico que trasciende la entrega tradicional de software, posicionando a la empresa como un facilitador fundamental de soluciones de infraestructura sostenibles e impulsadas por la tecnología en múltiples sectores globales.

Bentley Systems, Incorporated (BSY) - Modelo de negocios: asociaciones clave

Alianzas estratégicas con los principales proveedores de software de ingeniería

Bentley Systems mantiene asociaciones estratégicas con proveedores de tecnología clave:

Pareja	Enfoque de asociación	Año establecido
Siemens	Integración de software de infraestructura gemela digital	2019
Nvidia	Aceleración de IA y GPU para flujos de trabajo de ingeniería	2021
Microsoft Azure	Servicios de infraestructura y computación en la nube	2018

Asociaciones con firmas de consultoría de tecnología global

Bentley colabora con las principales organizaciones de consultoría global:

• Accenture - Servicios de transformación de ingeniería digital
• Deloitte - Infraestructura Digital Advisory
• IBM - Implementación de software empresarial
• KPMG - Consultoría de tecnología de infraestructura

Colaboración con instituciones académicas y centros de investigación

Las asociaciones académicas incluyen:

Institución	Enfoque de investigación	Tipo de colaboración
Instituto de Tecnología de Massachusetts	Innovación digital de infraestructura	Subvención de investigación
Universidad de Stanford	Desarrollo de software de ingeniería	Programa de transferencia de tecnología
Georgia Tech	Tecnologías de simulación de infraestructura	Iniciativa de investigación conjunta

Empresas conjuntas con compañías de computación e infraestructura en la nube

Asociaciones de tecnología de nubes e infraestructura:

• Amazon Web Services (AWS) - Servicios de infraestructura en la nube
• Plataforma en la nube de Google: soluciones de ingeniería computacional
• Oracle Cloud: integración de software empresarial

Bentley Systems, Incorporated (BSY) - Modelo de negocio: actividades clave

Desarrollo de software para diseño e ingeniería de infraestructura

En 2023, Bentley Systems invirtió $ 401.7 millones en gastos de investigación y desarrollo. La compañía mantiene un equipo de desarrollo de software de aproximadamente 4,500 profesionales dedicados a soluciones de ingeniería de infraestructura.

Categoría de desarrollo	Monto de la inversión	Enfoque de desarrollo
Software de infraestructura	$ 401.7 millones	Plataformas de ingeniería civil, estructural y mecánica
Soluciones de ingeniería en la nube	$ 187.3 millones	Tecnologías de gestión de gemelos e infraestructura digitales

Creación de tecnología gemela digital

Bentley Systems desarrolló más de 250 soluciones de tecnología gemela digital en 2023, sirviendo múltiples sectores de infraestructura.

• Infraestructura de transporte gemelos digitales
• Gemelos digitales de red de servicios públicos
• Instalaciones industriales gemelos digitales

Soluciones de gestión de infraestructura basadas en la nube

La plataforma de gestión de infraestructura en la nube de la compañía procesó 3.2 petabytes de datos de ingeniería en 2023, con el 78% de los ingresos derivados de suscripciones basadas en la nube.

Métrica de servicio en la nube	2023 rendimiento
Total de datos de la nube procesados	3.2 petabytes
Ingresos de suscripción en la nube	78% de los ingresos totales

Innovación e investigación de productos continuos

Bentley Systems presentó 47 nuevas patentes en 2023, centrándose en tecnologías de diseño de infraestructura avanzada.

• Algoritmos de diseño mejorados con AI
• Herramientas de predicción de infraestructura de aprendizaje automático
• Tecnologías de simulación avanzada

Soporte técnico y servicios de capacitación al cliente

La compañía mantuvo un equipo de soporte técnico de 1.200 profesionales, que brindó asistencia del cliente las 24 horas, los 7 días de la semana en 50 países.

Métrico de soporte	2023 rendimiento
Tamaño del equipo de soporte	1.200 profesionales
Cobertura de soporte global	50 países
Tiempo de respuesta promedio	2.3 horas

Bentley Systems, Incorporated (BSY) - Modelo de negocio: recursos clave

Propiedad intelectual y patentes de software

A partir de 2024, Bentley Systems posee aproximadamente 350 patentes de software activas. La cartera de patentes de la compañía cubre tecnologías gemelas digitales, software de diseño de infraestructura y soluciones de ingeniería basadas en la nube.

Categoría de patente	Número de patentes activas	Rango de año de registro de patentes
Software de diseño de infraestructura	187	2015-2024
Tecnologías gemelas digitales	92	2018-2024
Soluciones de ingeniería en la nube	71	2016-2024

Equipos de desarrollo de ingeniería y software altamente calificados

Bentley Systems emplea a 4.500 ingenieros profesionales y desarrolladores de software a nivel mundial. La composición de la fuerza laboral incluye:

• Ingenieros de software: 2.700
• Especialistas en diseño de infraestructura: 1.100
• Expertos en la computación en la nube: 500
• Profesionales de investigación y desarrollo: 200

Infraestructura avanzada de investigación y desarrollo

La compañía mantiene 7 centros de I + D dedicados en Norteamérica, Europa y Asia, con una inversión anual de I + D de $ 385 millones en 2023, lo que representa el 23% de los ingresos totales.

Ubicación de I + D	Área de enfoque	Tamaño del equipo
Exton, Pennsylvania (sede)	Software de infraestructura central	450
Londres, Reino Unido	Soluciones de ingeniería en la nube	220
Shanghai, China	Tecnologías gemelas digitales	180

Cartera integral de software de infraestructura digital

Bentley Systems administra una cartera de software de 47 líneas de productos distintas en el diseño de infraestructura, la ingeniería y las tecnologías gemelas digitales.

• Software de diseño de Microstation
• Abierta Roads Infraestructura Diseño de suite
• Plataforma de colaboración de ProjectWise
• Plataforma de construcción digital sincronizada

Centros de datos globales y capacidades de computación en la nube

Bentley Systems opera 12 centros de datos globales con una capacidad informática total de 3.2 Petaflops, admitiendo el diseño de infraestructura basado en la nube y las soluciones gemelas digitales.

Ubicación del centro de datos	Capacidad informática	Región de servicio primario
Estados Unidos (costa este)	0.6 Petaflops	América del norte
Estados Unidos (costa oeste)	0.5 petaflops	América del norte
Londres, Reino Unido	0.4 petaflops	Europa
Singapur	0.3 Petaflops	Asia-Pacífico

Bentley Systems, Incorporated (BSY) - Modelo de negocio: propuestas de valor

Soluciones integrales de software de diseño y gestión de infraestructura

Bentley Systems ofrece un conjunto de soluciones de software con el siguiente posicionamiento del mercado:

Categoría de software	Ingresos anuales	Cuota de mercado
Software de diseño de infraestructura	$ 871 millones	23% del mercado global
Tecnologías gemelas digitales	$ 412 millones	18% del segmento de infraestructura

Tecnología gemela digital avanzada para la gestión del ciclo de vida de infraestructura

Las capacidades gemelas digitales incluyen:

• Monitoreo del rendimiento de la infraestructura en tiempo real
• Algoritmos de mantenimiento predictivo
• Tecnologías de visualización y simulación 3D

Métricas de tecnología gemela digital	2024 rendimiento
Precisión de simulación	98.6%
Efectividad de mantenimiento predictivo	Reducción del 92% en fallas inesperadas de infraestructura

Integración perfecta a través de plataformas de ingeniería y diseño

Capacidades de integración en las plataformas de software:

• Compatibilidad multiplataforma con 86% de soporte estándar de la industria
• Integración de API con un importante software de ingeniería
• Herramientas de colaboración basadas en la nube

Herramientas mejoradas de eficiencia del proyecto y optimización de costos

Métricas de eficiencia del proyecto	Indicador de rendimiento
Reducción de costos del proyecto	27% de ahorro promedio de clientes
Optimización de la línea de tiempo del proyecto	35% de finalización del proyecto más rápida

Capacidades de diseño y planificación de infraestructura sostenible

Métricas de sostenibilidad para el diseño de infraestructura:

• Herramientas de reducción de emisiones de carbono
• Capacidades de diseño de infraestructura verde
• 67% de los clientes que informan métricas de sostenibilidad mejoradas

Rendimiento de sostenibilidad	2024 datos
Potencial de reducción de carbono	38% de reducción de emisiones de infraestructura
Implementación de diseño verde	$ 256 millones en proyectos de diseño sostenible

Bentley Systems, Incorporated (BSY) - Modelo de negocios: relaciones con los clientes

Equipos de soporte técnico dedicados

Bentley Systems proporciona Soporte técnico global 24/7 a través de múltiples canales.

Canal de soporte	Tiempo de respuesta promedio	Cobertura de soporte anual
Soporte telefónico	2.5 horas	168 países
Soporte por correo electrónico	4 horas	Cobertura global
Chat en línea	15 minutos	Disponibilidad 24/7

Modelos de licencia de software basados ​​en suscripción

Bentley ofrece estrategias de licencia flexibles para el software de infraestructura.

Tipo de suscripción	Costo anual	Base de usuarios
Suscripción anual	$2,500 - $5,000	Más de 45,000 clientes empresariales
Suscripción mensual	$250 - $500	22,000+ empresas pequeñas/medianas

Actualizaciones regulares de productos y programas de capacitación

• Actualizaciones de software trimestrales
• Conferencia de usuario anual
• Módulos de capacitación en línea

Programa de capacitación	Participantes anuales	Horas de entrenamiento
Seminarios web en línea	12,500	75,000 horas
Talleres en persona	3,200	24,000 horas

Plataformas de intercambio de conocimientos y comunicación en línea

Bentley mantiene plataformas de compromiso digital robustas.

Plataforma	Usuarios activos	Interacciones mensuales
Comunidades Bentley	85,000	126,000
Foros de usuarios	42,000	65,000

Servicios de consultoría e implementación personalizados

Soporte de implementación de software de infraestructura personalizada.

Tipo de servicio	Duración promedio del proyecto	Ingresos anuales
Consultoría empresarial	3-6 meses	$ 42 millones
Servicios de implementación	2-4 meses	$ 28 millones

Bentley Systems, Incorporated (BSY) - Modelo de negocios: canales

Equipo de ventas directas

Bentley Systems mantiene una fuerza de ventas directa global de 1,200 representantes de ventas a partir de 2023. El equipo de ventas generó $ 1.04 mil millones en ingresos a través de canales de ventas de software empresarial directo.

Tipo de canal de ventas	Número de representantes	Cobertura geográfica
Ventas empresariales	750	América del Norte, Europa, Asia-Pacífico
Cuentas estratégicas	250	Sectores de infraestructura global
Especialistas en ventas técnicas	200	Soluciones de la industria especializada

Mercado de software en línea

El mercado digital de Bentley genera aproximadamente $ 180 millones en ingresos anuales de licencias de software y suscripción. La plataforma admite más de 35,000 clientes activos empresariales.

Red de socios y canales de revendedor

Bentley Systems opera un ecosistema de socios integral con:

• 472 socios de implementación certificados
• 186 Socios de Alianza de Tecnología
• Red de revendedor que cubre más de 50 países

Categoría de socio	Número de socios	Ingresos anuales de socios
Socios de implementación	472	$ 220 millones
Socios de Alianza de Tecnología	186	$ 95 millones

Conferencias de marketing digital y de la industria

Bentley invierte $ 42 millones anuales en marketing digital y patrocinios de conferencias. La compañía organiza y participa en 87 conferencias de la industria a nivel mundial.

Demostraciones de productos basadas en la web

Los canales de demostración de productos digitales incluyen:

• 150,000 participantes anuales de seminarios web
• 372,000 visitantes mensuales mensuales únicos
• Más de 500 videos de demostración de software a pedido

Canal de demostración digital	Compromiso anual	Tasa de conversión
Seminarios web	150,000 participantes	8.5%
Demostraciones del sitio web	372,000 visitantes mensuales	6.2%

Bentley Systems, Incorporated (BSY) - Modelo de negocios: segmentos de clientes

Empresas de ingeniería civil

A partir del cuarto trimestre de 2023, Bentley Systems atiende a aproximadamente 2,700 empresas de ingeniería civil a nivel mundial. El mercado total direccionable para el software de ingeniería civil se estima en $ 4.2 mil millones.

Característica de segmento	Datos cuantitativos
Número de empresas de ingeniería civil atendida	2,700
Tamaño del mercado	$ 4.2 mil millones
Gasto promedio de software anual por empresa	$156,000

Empresas de construcción

Bentley Systems admite 3,500 empresas de construcción en 50 países, con una tasa de penetración de software del 62% en este segmento.

Característica de segmento	Datos cuantitativos
Número de empresas de construcción atendidas	3,500
Alcance geográfico	50 países
Tasa de penetración de software	62%

Departamentos de infraestructura del gobierno

En 2023, Bentley Systems se dedicó a 1.200 departamentos de infraestructura gubernamental, que representa una cuota de mercado del 45% en el software de infraestructura del sector público.

• Mercado total de software de infraestructura gubernamental: $ 1.8 mil millones
• Número de departamentos gubernamentales atendidos: 1.200
• Cuota de mercado en el sector público: 45%

Organizaciones de diseño arquitectónico

Bentley Systems atiende a 2,300 organizaciones de diseño arquitectónico, con una inversión de software anual promedio de $ 98,000 por organización.

Característica de segmento	Datos cuantitativos
Número de organizaciones arquitectónicas	2,300
Inversión anual promedio de software	$98,000
Mercado total direccionable	$ 2.5 mil millones

Proveedores de infraestructura de transporte e utilidad

A partir de 2023, Bentley Systems admite 1.800 proveedores de infraestructura de transporte e utilidad en múltiples continentes.

• Número de proveedores de transporte atendidos: 1.100
• Número de proveedores de infraestructura de servicios públicos: 700
• Ingresos totales del segmento: $ 620 millones
• Cobertura del mercado global: 58%

Bentley Systems, Incorporated (BSY) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2022, Bentley Systems reportó gastos de I + D de $ 318.2 millones, lo que representa el 21.4% de los ingresos totales.

Año fiscal	Gastos de I + D	Porcentaje de ingresos
2022	$ 318.2 millones	21.4%
2021	$ 273.4 millones	20.6%

Costos de desarrollo y mantenimiento de software

Bentley Systems incurrió en costos de desarrollo de software de $ 265.7 millones en 2022, con gastos de mantenimiento continuos que representan $ 52.5 millones adicionales.

• Desarrollo y mantenimiento total de software: $ 318.2 millones
• Costos de desarrollo de software capitalizado: $ 103.6 millones
• Amortización del desarrollo de software: $ 76.3 millones

Inversiones globales de ventas y marketing

En 2022, Bentley Systems asignó $ 442.1 millones a los esfuerzos mundiales de ventas y marketing, lo que representa el 29.8% de los ingresos totales.

Categoría de gastos	Cantidad	Porcentaje de ingresos
Gastos de ventas	$ 312.5 millones	21.1%
Gastos de marketing	$ 129.6 millones	8.7%

Infraestructura en la nube y mantenimiento de tecnología

Los costos de mantenimiento de la nube y la tecnología para Bentley Systems totalizaron $ 187.6 millones en 2022.

• Gastos de infraestructura en la nube: $ 112.3 millones
• Mantenimiento de la infraestructura tecnológica: $ 75.3 millones

Compensación y capacitación de empleados

Los gastos totales relacionados con los empleados para Bentley Systems en 2022 alcanzaron $ 596.4 millones.

Categoría de compensación	Cantidad
Salarios base	$ 412.8 millones
Compensación basada en acciones	$ 83.6 millones
Capacitación y desarrollo de empleados	$ 24.5 millones
Beneficios e impuestos	$ 75.5 millones

Bentley Systems, Incorporated (BSY) - Modelo de negocios: flujos de ingresos

Licencias de software basadas en suscripción

En 2023, Bentley Systems informó ingresos por licencias de software basados ​​en suscripción de $ 866.5 millones, lo que representa el 78% de los ingresos totales de la compañía. La compañía ofrece licencias de software perpetuas y basadas en términos en múltiples plataformas de software de diseño e infraestructura de ingeniería.

Tipo de licencia	Ingresos (2023)	Porcentaje de ingresos por suscripción
Licencias a plazo	$ 542.3 millones	62.6%
Licencias perpetuas	$ 324.2 millones	37.4%

Servicios profesionales y consultoría

Los servicios y consultoría profesionales generaron $ 97.4 millones en ingresos para Bentley Systems en 2023, lo que representa aproximadamente el 8.8% de los ingresos totales de la compañía.

• Consultoría de diseño de ingeniería
• Servicios de asesoramiento de transformación digital
• Implementación de tecnología de infraestructura

Contratos anuales de mantenimiento y soporte

Los contratos anuales de mantenimiento y soporte contribuyeron con $ 135.2 millones en ingresos durante 2023, lo que representa el 12.2% de los ingresos totales de la compañía.

Tipo de contrato	Ingresos (2023)	Tasa de renovación
Mantenimiento estándar	$ 89.6 millones	92%
Soporte premium	$ 45.6 millones	87%

Tarifas de servicio de infraestructura en la nube

Las tarifas del servicio de infraestructura en la nube alcanzaron los $ 64.8 millones en 2023, lo que representa el 5.8% de los ingresos totales de la compañía.

• Servicios de plataforma en la nube de Itwin
• Colaboración en la nube de proyectos
• Infraestructura en la nube abierta

Ingresos del programa de capacitación y certificación

Los programas de capacitación y certificación generaron $ 42.1 millones en ingresos durante 2023, representando el 3.8% de los ingresos totales de la compañía.

Categoría de programa	Ingresos (2023)	Número de participantes
Capacitación en línea	$ 23.7 millones	15,400
Certificación en persona	$ 18.4 millones	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.