Bentley Systems, Incorporated (BSY): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo em rápida evolução do software de design e engenharia de infraestrutura, a Bentley Systems, Incorporated (BSY) surge como uma força transformadora, revolucionando como as organizações conceituam, projetarem e gerenciam projetos de infraestrutura complexos. Ao integrar perfeitamente a tecnologia Twin Digital Advanced, soluções baseadas em nuvem e plataformas de software de ponta, a Bentley Systems oferece um ecossistema abrangente que capacita os profissionais de engenharia a navegar no intrincado cenário do desenvolvimento de infraestrutura com precisão e eficiência sem precedentes. Seu inovador modelo de negócios Canvas revela uma abordagem estratégica que transcende a entrega tradicional de software, posicionando a empresa como um facilitador fundamental de soluções de infraestrutura sustentável e orientada por tecnologia em vários setores globais.

Bentley Systems, Incorporated (BSY) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com os principais provedores de software de engenharia

A Bentley Systems mantém parcerias estratégicas com os principais provedores de tecnologia:

Parceiro	Foco em parceria	Ano estabelecido
Siemens	Integração digital de software de infraestrutura gêmea	2019
Nvidia	Aceleração de IA e GPU para fluxos de trabalho de engenharia	2021
Microsoft Azure	Serviços de infraestrutura e computação em nuvem	2018

Parcerias com empresas globais de consultoria de tecnologia

A Bentley colabora com as principais organizações de consultoria global:

• Accenture - Serviços de transformação de engenharia digital
• Deloitte - Infraestrutura Advisory Digital
• IBM - Implementação de software corporativo
• KPMG - Consultoria de Tecnologia de Infraestrutura

Colaboração com instituições acadêmicas e centros de pesquisa

Parcerias acadêmicas incluem:

Instituição	Foco na pesquisa	Tipo de colaboração
Instituto de Tecnologia de Massachusetts	Inovação digital de infraestrutura	Concessão de pesquisa
Universidade de Stanford	Desenvolvimento de software de engenharia	Programa de transferência de tecnologia
Georgia Tech	Tecnologias de simulação de infraestrutura	Iniciativa de pesquisa conjunta

Joint ventures com empresas de computação em nuvem e infraestrutura

Parcerias de tecnologia em nuvem e infraestrutura:

• Amazon Web Services (AWS) - Serviços de infraestrutura em nuvem
• Plataforma do Google Cloud - Soluções de engenharia computacional
• Oracle Cloud - Integração de software corporativo

Bentley Systems, Incorporated (BSY) - Modelo de negócios: Atividades -chave

Desenvolvimento de software para design e engenharia de infraestrutura

Em 2023, a Bentley Systems investiu US $ 401,7 milhões em despesas de pesquisa e desenvolvimento. A empresa mantém uma equipe de desenvolvimento de software de aproximadamente 4.500 profissionais dedicados a soluções de engenharia de infraestrutura.

Categoria de desenvolvimento	Valor do investimento	Foco de desenvolvimento
Software de infraestrutura	US $ 401,7 milhões	Plataformas de engenharia civis, estruturais e mecânicas
Soluções de engenharia em nuvem	US $ 187,3 milhões	Tecnologias de gerenciamento de gêmeos e infraestruturas digitais

Criação de tecnologia gêmea digital

A Bentley Systems desenvolveu mais de 250 soluções de tecnologia Twin Digital em 2023, atendendo a vários setores de infraestrutura.

• Infraestrutura de transporte gêmeos digitais
• Gêmeos digitais de rede utilitária
• Gêmeas digitais de instalação industrial

Soluções de gerenciamento de infraestrutura baseadas em nuvem

A plataforma de gerenciamento de infraestrutura em nuvem da empresa processou 3,2 petabytes de dados de engenharia em 2023, com 78% das receitas derivadas de assinaturas baseadas em nuvem.

Métrica de serviço em nuvem	2023 desempenho
Dados totais de nuvem processados	3.2 Petabytes
Receita de assinatura em nuvem	78% da receita total

Inovação contínua de produtos e pesquisa

A Bentley Systems apresentou 47 novas patentes em 2023, com foco em tecnologias avançadas de design de infraestrutura.

• Algoritmos de design aprimorados da AII
• Ferramentas de previsão de infraestrutura de aprendizado de máquina
• Tecnologias de simulação avançada

Suporte técnico e serviços de treinamento ao cliente

A empresa manteve uma equipe de suporte técnico de 1.200 profissionais, fornecendo assistência ao cliente 24/7 em 50 países.

Métrica de suporte	2023 desempenho
Tamanho da equipe de suporte	1.200 profissionais
Cobertura de suporte global	50 países
Tempo médio de resposta	2,3 horas

Bentley Systems, Incorporated (BSY) - Modelo de negócios: Recursos -chave

Propriedade intelectual e patentes de software

A partir de 2024, a Bentley Systems possui aproximadamente 350 patentes de software ativas. O portfólio de patentes da empresa abrange tecnologias gêmeas digitais, software de design de infraestrutura e soluções de engenharia baseadas em nuvem.

Categoria de patentes	Número de patentes ativas	Intervalo do ano de registro de patentes
Software de design de infraestrutura	187	2015-2024
Tecnologias gêmeas digitais	92	2018-2024
Soluções de engenharia em nuvem	71	2016-2024

Equipes de engenharia e desenvolvimento de software altamente qualificadas

A Bentley Systems emprega 4.500 engenheiros profissionais e desenvolvedores de software globalmente. A composição da força de trabalho inclui:

• Engenheiros de software: 2.700
• Especialistas em design de infraestrutura: 1.100
• Especialistas em computação em nuvem: 500
• Profissionais de pesquisa e desenvolvimento: 200

Infraestrutura avançada de pesquisa e desenvolvimento

A empresa mantém 7 centros de P&D dedicados na América do Norte, Europa e Ásia, com um investimento anual de P&D de US $ 385 milhões em 2023, representando 23% da receita total.

Localização de P&D	Área de foco	Tamanho da equipe
Exton, Pensilvânia (sede)	Software de infraestrutura principal	450
Londres, Reino Unido	Soluções de engenharia em nuvem	220
Xangai, China	Tecnologias gêmeas digitais	180

Portfólio de software de infraestrutura digital abrangente

A Bentley Systems gerencia um portfólio de software de 47 linhas de produtos distintas no design de infraestrutura, engenharia e tecnologias gêmeas digitais.

• Software de design de microestação
• Suíte de design de infraestrutura OpenRoads
• Plataforma de colaboração do ProjectWise
• Plataforma de construção digital sincronizada

Data centers globais e recursos de computação em nuvem

A Bentley Systems opera 12 data centers globais com uma capacidade de computação total de 3,2 petaflops, apoiando o design de infraestrutura baseado em nuvem e soluções duplas digitais.

Localização do data center	Capacidade de computação	Região de serviço primário
Estados Unidos (costa leste)	0,6 PETAFLOPS	América do Norte
Estados Unidos (costa oeste)	0,5 PETAFLOPS	América do Norte
Londres, Reino Unido	0,4 PETAFLOPS	Europa
Cingapura	0,3 PETAFLOPS	Ásia-Pacífico

Bentley Systems, Incorporated (BSY) - Modelo de Negócios: Proposições de Valor

Soluções abrangentes de design de infraestrutura e gerenciamento de software

A Bentley Systems oferece um conjunto de soluções de software com o seguinte posicionamento de mercado:

Categoria de software	Receita anual	Quota de mercado
Software de design de infraestrutura	US $ 871 milhões	23% do mercado global
Tecnologias gêmeas digitais	US $ 412 milhões	18% do segmento de infraestrutura

Tecnologia Digital Avançada de Twin para Gerenciamento de ciclo de vida da infraestrutura

Os recursos de gêmeos digitais incluem:

• Monitoramento de desempenho da infraestrutura em tempo real
• Algoritmos de manutenção preditiva
• Tecnologias de visualização e simulação 3D

Métricas digitais de tecnologia gêmea	2024 Performance
Precisão da simulação	98.6%
Eficácia de manutenção preditiva	Redução de 92% em falhas inesperadas de infraestrutura

Integração perfeita em plataformas de engenharia e design

Recursos de integração em plataformas de software:

• Compatibilidade cruzada com 86% de suporte padrão do setor
• Integração da API com o principal software de engenharia
• Ferramentas de colaboração baseadas em nuvem

Ferramentas aprimoradas de eficiência do projeto e otimização de custos

Métricas de eficiência do projeto	Indicador de desempenho
Redução de custos do projeto	27% de economia média do cliente
Otimização da linha do tempo do projeto	35% de conclusão mais rápida do projeto

Recursos de projeto de infraestrutura e planejamento sustentáveis

Métricas de sustentabilidade para design de infraestrutura:

• Ferramentas de redução de emissão de carbono
• Recursos de design de infraestrutura verde
• 67% dos clientes que relatam métricas de sustentabilidade aprimoradas

Desempenho de sustentabilidade	2024 dados
Potencial de redução de carbono	Redução de emissões de infraestrutura de 38%
Implementação de design verde	US $ 256 milhões em projetos de design sustentável

Bentley Systems, Incorporated (BSY) - Modelo de Negócios: Relacionamentos ao Cliente

Equipes de suporte técnico dedicadas

A Bentley Systems fornece Suporte técnico global 24/7 em vários canais.

Canal de suporte	Tempo médio de resposta	Cobertura de suporte anual
Suporte telefônico	2,5 horas	168 países
Suporte por e -mail	4 horas	Cobertura global
Chat online	15 minutos	Disponibilidade 24/7

Modelos de licenciamento de software baseados em assinatura

A Bentley oferece estratégias de licenciamento flexíveis para software de infraestrutura.

Tipo de assinatura	Custo anual	Base de usuários
Assinatura anual	$2,500 - $5,000	Mais de 45.000 clientes corporativos
Assinatura mensal	$250 - $500	Mais de 22.000 empresas pequenas/médias

Atualizações regulares de produtos e programas de treinamento

• Atualizações trimestrais de software
• Conferência anual do usuário
• Módulos de treinamento on -line

Programa de Treinamento	Participantes anuais	Horário de treinamento
Webinars online	12,500	75.000 horas
Workshops pessoais	3,200	24.000 horas

Plataformas de compartilhamento de conhecimento e comunicação on -line

A Bentley mantém plataformas robustas de engajamento digital.

Plataforma	Usuários ativos	Interações mensais
Comunidades Bentley	85,000	126,000
Fóruns de usuário	42,000	65,000

Serviços de consultoria e implementação personalizados

Suporte personalizado de implementação de software de infraestrutura.

Tipo de serviço	Duração média do projeto	Receita anual
Enterprise Consulting	3-6 meses	US $ 42 milhões
Serviços de implementação	2-4 meses	US $ 28 milhões

Bentley Systems, Incorporated (BSY) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Bentley Systems mantém uma força de vendas direta global de 1.200 representantes de vendas em 2023. A equipe de vendas gerou US $ 1,04 bilhão em receita através dos canais de vendas de software da empresa direta.

Tipo de canal de vendas	Número de representantes	Cobertura geográfica
Vendas corporativas	750	América do Norte, Europa, Ásia-Pacífico
Contas estratégicas	250	Setores globais de infraestrutura
Especialistas em vendas técnicas	200	Soluções da indústria especializadas

Marketplace de software online

O mercado digital da Bentley gera aproximadamente US $ 180 milhões em receitas anuais de licenciamento de software e assinatura. A plataforma suporta mais de 35.000 clientes corporativos ativos.

Canais de rede de parceiros e revendedores

A Bentley Systems opera um ecossistema de parceiros abrangentes com:

• 472 parceiros de implementação certificados
• 186 Parceiros da Aliança de Tecnologia
• Rede de revendedores cobrindo mais de 50 países

Categoria de parceiro	Número de parceiros	Receita anual do parceiro
Parceiros de implementação	472	US $ 220 milhões
Technology Alliance Partners	186	US $ 95 milhões

Conferências de marketing digital e indústria

A Bentley investe US $ 42 milhões anualmente em patrocínios de marketing digital e conferência. A empresa hospeda e participa de 87 conferências do setor em todo o mundo.

Demonstrações de produtos baseadas na Web

Os canais de demonstração de produtos digitais incluem:

• 150.000 participantes anuais de webinar
• 372.000 visitantes exclusivos do site
• Mais de 500 vídeos de demonstração de software sob demanda

Canal de demonstração digital	Engajamento anual	Taxa de conversão
Webinars	150.000 participantes	8.5%
Demonstrações de sites	372.000 visitantes mensais	6.2%

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

Empresas de engenharia civil

A partir do quarto trimestre 2023, a Bentley Systems atende a aproximadamente 2.700 empresas de engenharia civil em todo o mundo. O mercado endereçável total do software de engenharia civil é estimado em US $ 4,2 bilhões.

Característica do segmento	Dados quantitativos
Número de empresas de engenharia civil servidas	2,700
Tamanho de mercado	US $ 4,2 bilhões
Gastos médios anuais de software por empresa	$156,000

Empresas de construção

A Bentley Systems suporta 3.500 empresas de construção em 50 países, com uma taxa de penetração de software de 62% nesse segmento.

Característica do segmento	Dados quantitativos
Número de empresas de construção servidas	3,500
Alcance geográfico	50 países
Taxa de penetração de software	62%

Departamentos de Infraestrutura do Governo

Em 2023, a Bentley Systems se envolveu com 1.200 departamentos de infraestrutura governamental, representando uma participação de mercado de 45% no software de infraestrutura do setor público.

• Mercado total de software de infraestrutura governamental: US $ 1,8 bilhão
• Número de departamentos governamentais atendidos: 1.200
• Participação de mercado no setor público: 45%

Organizações de design de arquitetura

A Bentley Systems atende 2.300 organizações de design de arquitetura, com um investimento médio anual de software de US $ 98.000 por organização.

Característica do segmento	Dados quantitativos
Número de organizações de arquitetura	2,300
Investimento médio anual de software	$98,000
Mercado endereçável total	US $ 2,5 bilhões

Provedores de infraestrutura de transporte e utilitário

A partir de 2023, a Bentley Systems suporta 1.800 provedores de infraestrutura de transporte e utilidade em vários continentes.

• Número de provedores de transporte servidos: 1.100
• Número de provedores de infraestrutura de utilidade: 700
• Receita total do segmento: US $ 620 milhões
• Cobertura do mercado global: 58%

Bentley Systems, Incorporated (BSY) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2022, a Bentley Systems registrou despesas de P&D de US $ 318,2 milhões, representando 21,4% da receita total.

Ano fiscal	Despesas de P&D	Porcentagem de receita
2022	US $ 318,2 milhões	21.4%
2021	US $ 273,4 milhões	20.6%

Custos de desenvolvimento e manutenção de software

A Bentley Systems incorreu em custos de desenvolvimento de software de US $ 265,7 milhões em 2022, com despesas de manutenção em andamento representando US $ 52,5 milhões adicionais.

• Desenvolvimento e Manutenção Total de Software: US $ 318,2 milhões
• Custos de desenvolvimento de software capitalizado: US $ 103,6 milhões
• Amortização do desenvolvimento de software: US $ 76,3 milhões

Investimentos globais de vendas e marketing

Em 2022, a Bentley Systems alocou US $ 442,1 milhões aos esforços globais de vendas e marketing, representando 29,8% da receita total.

Categoria de despesa	Quantia	Porcentagem de receita
Despesas de vendas	US $ 312,5 milhões	21.1%
Despesas de marketing	US $ 129,6 milhões	8.7%

Infraestrutura em nuvem e manutenção de tecnologia

Os custos de manutenção em nuvem e tecnologia para os sistemas Bentley totalizaram US $ 187,6 milhões em 2022.

• Despesas de infraestrutura em nuvem: US $ 112,3 milhões
• Manutenção de infraestrutura tecnológica: US $ 75,3 milhões

Compensação e treinamento de funcionários

As despesas totais relacionadas aos funcionários para a Bentley Systems em 2022 atingiram US $ 596,4 milhões.

Categoria de compensação	Quantia
Salários da base	US $ 412,8 milhões
Remuneração baseada em ações	US $ 83,6 milhões
Treinamento e desenvolvimento de funcionários	US $ 24,5 milhões
Benefícios e impostos	US $ 75,5 milhões

Bentley Systems, Incorporated (BSY) - Modelo de negócios: fluxos de receita

Licenciamento de software baseado em assinatura

Em 2023, a Bentley Systems registrou receitas de licenciamento de software baseadas em assinatura de US $ 866,5 milhões, representando 78% da receita total da empresa. A empresa oferece licenças de software perpétuas e baseadas em termos em várias plataformas de software de design e infraestrutura de engenharia.

Tipo de licença	Receita (2023)	Porcentagem de receita de assinatura
Licenças de termo	US $ 542,3 milhões	62.6%
Licenças perpétuas	US $ 324,2 milhões	37.4%

Serviços profissionais e consultoria

Serviços profissionais e consultoria geraram US $ 97,4 milhões em receita para a Bentley Systems em 2023, representando aproximadamente 8,8% da receita total da empresa.

• Consultoria de design de engenharia
• Serviços de consultoria de transformação digital
• Implementação de tecnologia de infraestrutura

Contratos anuais de manutenção e apoio

Os contratos anuais de manutenção e apoio contribuíram com receita de US $ 135,2 milhões durante 2023, representando 12,2% da receita total da empresa.

Tipo de contrato	Receita (2023)	Taxa de renovação
Manutenção padrão	US $ 89,6 milhões	92%
Suporte premium	US $ 45,6 milhões	87%

Taxas de serviço de infraestrutura em nuvem

As taxas de serviço de infraestrutura em nuvem atingiram US $ 64,8 milhões em 2023, representando 5,8% da receita total da empresa.

• Itwin Cloud Platform Services
• Projectwise Cloud Collaboration
• Infraestrutura em nuvem OpenRoads

Receitas do Programa de Treinamento e Certificação

Os programas de treinamento e certificação geraram US $ 42,1 milhões em receita durante 2023, representando 3,8% da receita total da empresa.

Categoria de programa	Receita (2023)	Número de participantes
Treinamento online	US $ 23,7 milhões	15,400
Certificação pessoal	US $ 18,4 milhões	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.