Bentley Systems (BSY) Piper Sandler Growth Frontiers Conference 2024 summary

Company overview and market position

• Focuses on infrastructure engineering software, supplying tools for civil, structural, and geotechnical engineers, especially for horizontal infrastructure like roads, bridges, rail, and water systems.

• Recognized as a global leader in software for infrastructure networks, serving both large and small engineering firms.

• Over 150 accounts spend more than $1 million annually, with 750+ spending over $250,000, highlighting a broad and deep customer base.

Product evolution and digital twin vision

• Evolved from 2D/3D modeling to simulation, cloud services, and comprehensive project delivery and asset management.

• Digital twins represent the next stage, enabling ongoing value from engineering data through cloud services and real-time updates.

• Adoption of digital twins is strongest in Asia, private infrastructure owners, and construction sectors, with broader adoption expected in the future.

• AI accelerates digital twin adoption, enabling instant-on solutions and asset analytics using crowd-sourced data and imagery.

Growth drivers and customer expansion

• Double-digit ARR growth is primarily driven by existing accounts increasing usage and adopting specialized products.

• New growth opportunities have emerged from SMBs, now representing 3-4% of ARR growth, enabled by e-commerce and inside sales.

• High account retention and consistent addition of new customers, with 10 straight quarters of 600+ new logos.