Bentley Systems, Incorporated (BSY): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde en évolution rapide des logiciels de conception et d'ingénierie des infrastructures, Bentley Systems, Incorporated (BSY) apparaît comme une force transformatrice, révolutionnant la façon dont les organisations conceptualisent, conçoivent et gèrent des projets d'infrastructure complexes. En intégrant de manière transparente la technologie avancée de jumeaux numériques, des solutions basées sur le cloud et des plates-formes logicielles de pointe, Bentley Systems propose un écosystème complet qui permet aux professionnels de l'ingénierie de naviguer dans le paysage complexe du développement des infrastructures avec une précision et une efficacité sans précédent. Leur toile de modèle commercial innovant révèle une approche stratégique qui transcende la livraison traditionnelle de logiciels, positionnant l'entreprise en tant que facilitateur pivot de solutions d'infrastructure durables et axées sur la technologie dans plusieurs secteurs mondiaux.

Bentley Systems, Incorporated (BSY) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les principaux fournisseurs de logiciels d'ingénierie

Bentley Systems maintient des partenariats stratégiques avec les principaux fournisseurs de technologies:

Partenaire	Focus de partenariat	Année établie
Siemens	Intégration du logiciel d'infrastructure numérique	2019
Nvidia	Accélération de l'IA et du GPU pour les workflows d'ingénierie	2021
Microsoft Azure	Infrastructures cloud et services informatiques	2018

Partenariats avec les cabinets de conseil en technologie mondiale

Bentley collabore avec les principales organisations de conseil mondiales:

• Accenture - Services de transformation d'ingénierie numérique
• Deloitte - Infrastructure Advisory numérique
• IBM - Implémentation de logiciels d'entreprise
• KPMG - Conseil des technologies d'infrastructure

Collaboration avec les établissements universitaires et les centres de recherche

Les partenariats académiques comprennent:

Institution	Focus de recherche	Type de collaboration
Institut de technologie du Massachusetts	Infrastructure innovation numérique	Subvention de recherche
Université de Stanford	Développement de logiciels d'ingénierie	Programme de transfert de technologie
Georgia Tech	Technologies de simulation des infrastructures	Initiative de recherche conjointe

Coentreprises avec des sociétés de cloud computing et d'infrastructure

Partenariats technologiques du cloud et des infrastructures:

• Amazon Web Services (AWS) - Cloud Infrastructure Services
• Google Cloud Platform - Computational Engineering Solutions
• Oracle Cloud - Intégration du logiciel d'entreprise

Bentley Systems, Incorporated (BSY) - Modèle d'entreprise: activités clés

Développement de logiciels pour la conception et l'ingénierie des infrastructures

En 2023, Bentley Systems a investi 401,7 millions de dollars dans les frais de recherche et de développement. La société maintient une équipe de développement de logiciels d'environ 4 500 professionnels dédiés aux solutions d'ingénierie des infrastructures.

Catégorie de développement	Montant d'investissement	Focus de développement
Logiciel d'infrastructure	401,7 millions de dollars	Plates-formes de génie civil, structurelle et mécanique
Solutions d'ingénierie cloud	187,3 millions de dollars	Technologies de gestion des jumeaux et des infrastructures numériques

Création de technologies jumelles numériques

Bentley Systems a développé plus de 250 solutions de technologies jumelles numériques en 2023, desservant plusieurs secteurs d'infrastructure.

• Infrastructure de transport jumeaux numériques
• Twins numériques du réseau de services publics
• Twins numériques de l'installation industrielle

Solutions de gestion des infrastructures basées sur le cloud

La plate-forme de gestion des infrastructures cloud de l'entreprise a traité 3,2 pétaoctets de données d'ingénierie en 2023, avec 78% des revenus dérivés des abonnements basés sur le cloud.

Métrique de service cloud	Performance de 2023
Total des données cloud traitées	3.2 pétaoctets
Revenus d'abonnement au cloud	78% des revenus totaux

Innovation et recherche sur les produits continus

Bentley Systems a déposé 47 nouveaux brevets en 2023, en se concentrant sur les technologies avancées de conception d'infrastructures.

• Algorithmes de conception améliorés AI
• Outils de prédiction d'infrastructure d'apprentissage automatique
• Technologies de simulation avancées

Soutien technique et services de formation à la clientèle

La société a maintenu une équipe de support technique de 1 200 professionnels, fournissant une assistance client 24h / 24 et 7j / 7 dans 50 pays.

Métrique de soutien	Performance de 2023
Taille de l'équipe de soutien	1 200 professionnels
Couverture mondiale du support	50 pays
Temps de réponse moyen	2,3 heures

Bentley Systems, Incorporated (BSY) - Modèle d'entreprise: Ressources clés

Propriété intellectuelle et brevets logiciels

En 2024, Bentley Systems détient environ 350 brevets logiciels actifs. Le portefeuille de brevets de l'entreprise couvre les technologies numériques jumelles, les logiciels de conception des infrastructures et les solutions d'ingénierie basées sur le cloud.

Catégorie de brevet	Nombre de brevets actifs	Gamme d'année d'enregistrement des brevets
Logiciel de conception d'infrastructure	187	2015-2024
Technologies jumelles numériques	92	2018-2024
Solutions d'ingénierie cloud	71	2016-2024

Équipes d'ingénierie et de développement logiciel hautement qualifiées

Bentley Systems emploie 4 500 ingénieurs professionnels et développeurs de logiciels dans le monde. La composition de la main-d'œuvre comprend:

• Ingénieurs logiciels: 2 700
• Spécialistes de la conception des infrastructures: 1 100
• Experts en cloud computing: 500
• Professionnels de la recherche et du développement: 200

Infrastructure de recherche et développement avancée

La société maintient 7 centres de R&D dédiés à travers l'Amérique du Nord, l'Europe et l'Asie, avec un investissement annuel de R&D de 385 millions de dollars en 2023, ce qui représente 23% des revenus totaux.

Emplacement de R&D	Domaine de mise au point	Taille de l'équipe
Exton, Pennsylvanie (siège)	Logiciel d'infrastructure de base	450
Londres, Royaume-Uni	Solutions d'ingénierie cloud	220
Shanghai, Chine	Technologies jumelles numériques	180

Portfolio complet de logiciels d'infrastructure numérique

Bentley Systems gère un portefeuille de logiciels de 47 gammes de produits distinctes à travers la conception des infrastructures, l'ingénierie et les technologies numériques jumelles.

• Logiciel de conception de microstation
• Suite de conception des infrastructures OpenRoads
• Plateforme de collaboration Projectwise
• Plateforme de construction numérique Synchro

Centres de données globaux et capacités de cloud computing

Bentley Systems exploite 12 centres de données globaux avec une capacité informatique totale de 3,2 Petaflops, prenant en charge la conception des infrastructures basée sur le cloud et les solutions numériques à double twin.

Emplacement du centre de données	Capacité informatique	Région de service primaire
États-Unis (côte est)	0,6 Petaflops	Amérique du Nord
États-Unis (côte ouest)	0,5 Petaflops	Amérique du Nord
Londres, Royaume-Uni	0,4 Petaflops	Europe
Singapour	0,3 Petaflops	Asie-Pacifique

Bentley Systems, Incorporated (BSY) - Modèle d'entreprise: propositions de valeur

Solutions complètes de conception et logiciels de conception et de gestion des infrastructures

Bentley Systems propose une suite de solutions logicielles avec le positionnement du marché suivant:

Catégorie de logiciels	Revenus annuels	Part de marché
Logiciel de conception d'infrastructure	871 millions de dollars	23% du marché mondial
Technologies jumelles numériques	412 millions de dollars	18% du segment des infrastructures

Technologie avancée de jumeaux numériques pour la gestion du cycle de vie des infrastructures

Les capacités de jumeaux numériques comprennent:

• Surveillance des performances des infrastructures en temps réel
• Algorithmes de maintenance prédictive
• Technologies de visualisation et de simulation 3D

Métriques de la technologie jumelle numérique	2024 performance
Précision de simulation	98.6%
Efficacité du maintien prédictif	Réduction de 92% des défaillances d'infrastructure inattendues

Intégration transparente sur les plates-formes d'ingénierie et de conception

Capacités d'intégration sur les plates-formes logicielles:

• Compatibilité multiplateforme avec Support standard de l'industrie 86%
• Intégration de l'API avec un logiciel d'ingénierie majeur
• Outils de collaboration basés sur le cloud

Outils d'efficacité du projet améliorés et d'optimisation des coûts

Métriques d'efficacité du projet	Indicateur de performance
Réduction des coûts du projet	27% d'économies moyennes des clients
Optimisation du chronologie du projet	Achèvement du projet 35% plus rapide

Capacités de conception et de planification des infrastructures durables

Métriques de durabilité pour la conception des infrastructures:

• Outils de réduction des émissions de carbone
• Capacités de conception des infrastructures vertes
• 67% des clients signalant une amélioration des mesures de durabilité

Performance de durabilité	2024 données
Potentiel de réduction du carbone	Réduction des émissions d'infrastructure de 38%
Mise en œuvre de la conception verte	256 millions de dollars en projets de conception durable

Bentley Systems, Incorporated (BSY) - Modèle d'entreprise: relations avec les clients

Équipes de support technique dédiées

Bentley Systems fournit Support technique mondial 24/7 sur plusieurs canaux.

Canal de support	Temps de réponse moyen	Couverture d'assistance annuelle
Support téléphonique	2,5 heures	168 pays
Assistance par e-mail	4 heures	Couverture mondiale
Chat en ligne	15 minutes	Disponibilité 24/7

Modèles de licence de logiciels basés sur l'abonnement

Bentley propose des stratégies de licence flexibles pour les logiciels d'infrastructure.

Type d'abonnement	Coût annuel	Base d'utilisateurs
Abonnement annuel	$2,500 - $5,000	Plus de 45 000 clients d'entreprise
Abonnement mensuel	$250 - $500	22 000+ petites / moyennes entreprises

Mises à jour régulières des produits et programmes de formation

• Mises à jour des logiciels trimestriels
• Conférence annuelle des utilisateurs
• Modules de formation en ligne

Programme de formation	Participants annuels	Heures de formation
Webinaires en ligne	12,500	75 000 heures
Ateliers en personne	3,200	24 000 heures

Plateformes de partage de la communauté et des connaissances en ligne

Bentley maintient des plateformes d'engagement numérique robustes.

Plate-forme	Utilisateurs actifs	Interactions mensuelles
Communautés de Bentley	85,000	126,000
Forums utilisateur	42,000	65,000

Services de conseil et de mise en œuvre personnalisés

Prise en charge de la mise en œuvre du logiciel d'infrastructure personnalisé.

Type de service	Durée moyenne du projet	Revenus annuels
Conseil d'entreprise	3-6 mois	42 millions de dollars
Services de mise en œuvre	2-4 mois	28 millions de dollars

Bentley Systems, Incorporated (BSY) - Modèle d'entreprise: canaux

Équipe de vente directe

Bentley Systems maintient une force de vente directe mondiale de 1 200 représentants commerciaux à partir de 2023. L'équipe de vente a généré 1,04 milliard de dollars de revenus grâce à des canaux de vente de logiciels directs.

Type de canal de vente	Nombre de représentants	Couverture géographique
Ventes d'entreprise	750	Amérique du Nord, Europe, Asie-Pacifique
Comptes stratégiques	250	Secteurs mondiaux d'infrastructure
Spécialistes des ventes techniques	200	Solutions spécialisées de l'industrie

Marché du logiciel en ligne

Le marché numérique de Bentley génère environ 180 millions de dollars en revenus annuels de licences logicielles et d'abonnement. La plate-forme prend en charge plus de 35 000 clients de l'entreprise active.

Réseau partenaire et canaux de revendeur

Bentley Systems exploite un écosystème de partenaire complet avec:

• 472 partenaires de mise en œuvre certifiés
• 186 Partners de l'alliance technologique
• Réseau revendeur couvrant plus de 50 pays

Catégorie de partenaire	Nombre de partenaires	Revenus de partenaires annuels
Partenaires de mise en œuvre	472	220 millions de dollars
Partenaires de l'alliance technologique	186	95 millions de dollars

Conférences de marketing numérique et d'industrie

Bentley investit 42 millions de dollars par an dans le marketing numérique et les parrainages de conférences. La société héberge et participe à 87 conférences de l'industrie dans le monde.

Démonstations de produits sur le Web

Les canaux de démonstration de produits numériques comprennent:

• 150 000 participants au webinaire annuel
• 372 000 visiteurs de sites Web mensuels uniques
• Plus de 500 vidéos de démonstration de logiciels à la demande

Canal de démonstration numérique	Engagement annuel	Taux de conversion
Webinaires	150 000 participants	8.5%
Démonstations de site Web	372 000 visiteurs mensuels	6.2%

Bentley Systems, Incorporated (BSY) - Modèle d'entreprise: segments de clientèle

Sociétés de génie civil

Au quatrième trimestre 2023, Bentley Systems dessert environ 2 700 entreprises de génie civil dans le monde. Le marché total adressable pour le logiciel de génie civil est estimé à 4,2 milliards de dollars.

Caractéristique du segment	Données quantitatives
Nombre de sociétés de génie civil servies	2,700
Taille du marché	4,2 milliards de dollars
Dépenses logicielles annuelles moyennes par entreprise	$156,000

Entreprises de construction

Bentley Systems prend en charge 3 500 entreprises de construction dans 50 pays, avec un taux de pénétration logicielle de 62% dans ce segment.

Caractéristique du segment	Données quantitatives
Nombre d'entreprises de construction servies	3,500
Portée géographique	50 pays
Taux de pénétration du logiciel	62%

Services d'infrastructure gouvernementale

En 2023, Bentley Systems s'est engagé dans 1 200 services d'infrastructure gouvernementale, représentant une part de marché de 45% dans le logiciel d'infrastructure du secteur public.

• Marché total des logiciels d'infrastructure gouvernementale: 1,8 milliard de dollars
• Nombre de services gouvernementaux servis: 1 200
• Part de marché dans le secteur public: 45%

Organisations de conception architecturale

Bentley Systems dessert 2 300 organisations de conception architecturale, avec un investissement logiciel annuel moyen de 98 000 $ par organisation.

Caractéristique du segment	Données quantitatives
Nombre d'organisations architecturales	2,300
Investissement logiciel annuel moyen	$98,000
Marché total adressable	2,5 milliards de dollars

Fournisseurs d'infrastructures de transport et de services publics

En 2023, Bentley Systems prend en charge 1 800 fournisseurs d'infrastructures de transport et de services publics sur plusieurs continents.

• Nombre de fournisseurs de transport servis: 1 100
• Nombre de fournisseurs d'infrastructures utilitaires: 700
• Revenu total du segment: 620 millions de dollars
• Couverture du marché mondial: 58%

Bentley Systems, Incorporated (BSY) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Bentley Systems a déclaré des dépenses de R&D de 318,2 millions de dollars, ce qui représente 21,4% des revenus totaux.

Exercice fiscal	Dépenses de R&D	Pourcentage de revenus
2022	318,2 millions de dollars	21.4%
2021	273,4 millions de dollars	20.6%

Coûts de développement de logiciels et de maintenance

Bentley Systems a engagé des coûts de développement de logiciels de 265,7 millions de dollars en 2022, les frais de maintenance continus représentant 52,5 millions de dollars supplémentaires.

• Développement et maintenance des logiciels totaux: 318,2 millions de dollars
• Coûts de développement de logiciels en capitalisation: 103,6 millions de dollars
• Amortissement du développement de logiciels: 76,3 millions de dollars

Investissements mondiaux sur les ventes et marketing

En 2022, Bentley Systems a alloué 442,1 millions de dollars aux efforts mondiaux de vente et de marketing, ce qui représente 29,8% des revenus totaux.

Catégorie de dépenses	Montant	Pourcentage de revenus
Frais de vente	312,5 millions de dollars	21.1%
Frais de marketing	129,6 millions de dollars	8.7%

Infrastructure cloud et maintenance technologique

Les coûts de maintenance du cloud et de la technologie pour les systèmes Bentley ont totalisé 187,6 millions de dollars en 2022.

• Dépenses d'infrastructure cloud: 112,3 millions de dollars
• Maintenance des infrastructures technologiques: 75,3 millions de dollars

Compensation et formation des employés

Les dépenses totales liées aux employés pour les systèmes de Bentley en 2022 ont atteint 596,4 millions de dollars.

Catégorie de compensation	Montant
Salaires de base	412,8 millions de dollars
Compensation en stock	83,6 millions de dollars
Formation et développement des employés	24,5 millions de dollars
Avantages et taxes	75,5 millions de dollars

Bentley Systems, Incorporated (BSY) - Modèle d'entreprise: Strots de revenus

Licence de logiciel basé sur l'abonnement

En 2023, Bentley Systems a rapporté des revenus de licence de logiciels basés sur l'abonnement de 866,5 millions de dollars, ce qui représente 78% du total des revenus de l'entreprise. La société propose des licences logicielles perpétuelles et basées sur des termes sur plusieurs plateformes de logiciels de conception et d'infrastructure d'ingénierie.

Type de licence	Revenus (2023)	Pourcentage de revenus d'abonnement
Licences à terme	542,3 millions de dollars	62.6%
Licences perpétuelles	324,2 millions de dollars	37.4%

Services professionnels et conseil

Les services professionnels et le conseil ont généré 97,4 millions de dollars de revenus pour Bentley Systems en 2023, représentant environ 8,8% du total des revenus de l'entreprise.

• Conseil d'ingénierie
• Services de conseil en transformation numérique
• Mise en œuvre de la technologie des infrastructures

Contrats annuels de maintenance et de soutien

Les contrats annuels de maintenance et de soutien ont apporté 135,2 millions de dollars de revenus au cours de 2023, ce qui représente 12,2% du total des revenus de l'entreprise.

Type de contrat	Revenus (2023)	Taux de renouvellement
Entretien standard	89,6 millions de dollars	92%
Support premium	45,6 millions de dollars	87%

Frais de service d'infrastructure cloud

Les frais de service d'infrastructure cloud ont atteint 64,8 millions de dollars en 2023, ce qui représente 5,8% du total des revenus de l'entreprise.

• Services de plate-forme cloud ITWIN
• Collaboration de cloud Projectwise
• Infrastructure cloud des chemins ouverts

Revenus du programme de formation et de certification

Les programmes de formation et de certification ont généré 42,1 millions de dollars de revenus en 2023, représentant 3,8% du total des revenus de l'entreprise.

Catégorie de programme	Revenus (2023)	Nombre de participants
Formation en ligne	23,7 millions de dollars	15,400
Certification en personne	18,4 millions de dollars	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.