Bentley Systems (BSY) 51st Nasdaq London Investor Conference summary

Leadership and company purpose

• New CEO with a strong software background, motivated by the company's impact on global infrastructure and quality of life.

• Company purpose and technology attract and retain talent, with a focus on resilient infrastructure.

• CEO progression from Chief Product Officer to COO to CEO in July.

Business model and market focus

• 60% of business is public works and utilities; 40% is resources and industrial sectors.

• Software covers full asset lifecycle, with user-based pricing for project delivery and asset-based for operations.

• Total addressable market for project delivery estimated at $10B, potentially $30B with increased software adoption.

• Growth driven by upselling and cross-selling more sophisticated software.

Industry trends and challenges

• Global infrastructure investment is at an all-time high, driven by programs in the US, EU, and India.

• Widening gap in engineering resources as retirements outpace new graduates, leading to project backlogs.

• Software is positioned to increase engineer productivity, leveraging digital twins and AI.

• Growing focus on carbon emissions and infrastructure resilience due to climate change.