Who Owns Bentley Company?

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Who Owns Bentley Systems?

Understanding the ownership of Bentley Systems, a leader in infrastructure engineering software, is key to grasping its strategic path. The company transitioned from private to public ownership with its IPO on September 23, 2020, trading on the Nasdaq under 'BSY'.

This IPO allowed existing shareholders and employees to gain liquidity and set the stage for future expansion. Founded in 1984 by the Bentley brothers, the company has grown significantly from its early days.

As of August 19, 2025, Bentley Systems has a market capitalization of around $16.80 billion. Its software is vital for infrastructure professionals, aiding in everything from design to operations. A comprehensive Bentley PESTEL Analysis can offer further insights into the company's operating environment.

Bentley Systems was established in 1984 by five brothers: Keith A. Bentley, Barry J. Bentley, Raymond B. Bentley, Greg Bentley, and Scott Bentley. Keith and Barry were the initial driving forces, with Keith developing the foundational software and Barry joining his venture. They reportedly held equal ownership of both Bentley Systems and Barry's previous company, Dynamic Solutions.

The founding brothers' collective ambition was to make computer-aided design (CAD) accessible to engineers through personal computing. The company's early success was largely built around its flagship CAD software, MicroStation. While precise early equity distributions among all five brothers are not publicly documented beyond Keith and Barry's initial 50/50 split, the family maintained substantial control, underscoring their unified vision for the infrastructure engineering software sector. This family-driven approach was instrumental in shaping the company's trajectory and its focus on providing advanced solutions for engineers worldwide.

Founding Vision and Early Focus

The five Bentley brothers founded the company with a clear objective: to democratize CAD technology for engineers using personal computers. Their initial product, MicroStation, became the cornerstone of their offerings.

• Democratization of CAD for engineers
• Leveraging personal computing power
• Focus on MicroStation as flagship software
• Family-driven control and vision

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Bentley Systems transitioned from a private entity to a publicly traded company on September 23, 2020, marking a significant shift in its ownership structure. This initial public offering (IPO) saw 10.75 million shares of Class B common stock offered at $22.00 per share, generating $237 million and an initial valuation of approximately $4.96 billion, which rapidly increased to $8.7 billion on its first day of trading. By August 19, 2025, the company's market capitalization had further expanded to roughly $16.80 billion.

The current Bentley ownership landscape is a blend of significant influence from the founding family and substantial investment from institutional entities. Individual insiders, primarily members of the Bentley family, collectively hold 49% of the company's shares, with the top seven shareholders controlling 51%. This family control is complemented by a considerable presence of institutional investors, whose holdings range between 33% and 49.66%. Notably, Siemens AG maintains a significant stake of 11.71%, or 35.57 million shares, as of August 1, 2025. This dual ownership dynamic suggests a balance between the family's enduring impact and the growing influence of large-scale capital in shaping the company's strategic direction.

Key Ownership Insights

Understanding Bentley's ownership is crucial for assessing its strategic trajectory and market position.

• The Bentley family retains a substantial direct ownership stake.
• Institutional investors play a significant role in the company's shareholder base.
• Siemens AG is a key corporate shareholder with a notable percentage of ownership.
• The IPO in 2020 marked a pivotal moment in Bentley's ownership evolution.
• The market capitalization has seen considerable growth since the public offering.

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The board of directors for Bentley Systems, as of mid-2025, comprises a mix of individuals with deep ties to the company's founding and its ongoing operations. Nicholas Cumins took over as CEO on July 1, 2024, and is slated to join the board, while Greg Bentley transitioned to Executive Chair of the Board on the same date, having previously served as CEO since 1995. Founders Keith A. Bentley and Raymond B. Bentley remain directors, alongside Barry J. Bentley, ensuring continuity from the company's origins.

The governance structure of Bentley Systems is significantly influenced by its dual-class share system, with Class B common stock being publicly traded. Insiders, particularly members of the Bentley family, hold a substantial portion of the company's ownership. As of July 6, 2025, insiders collectively owned 49% of the company, which translates to considerable voting power. This concentrated ownership aligns the interests of the controlling shareholders with the company's performance, as detailed in proxy statements like the one for the May 22, 2025 Annual Meeting. The board composition for the upcoming term includes ten nominees, with three women nominated, one of whom is the Lead Independent Director, reflecting a commitment to diverse perspectives in leadership.

Board Composition and Voting Power

The board of directors at Bentley Systems is structured to maintain strong ties to its founding principles while adapting to modern governance standards. The significant voting power held by insiders, primarily the founding family, ensures a stable leadership direction.

• Founding family members hold key board positions.
• Executive leadership is integrated into board membership.
• Independent directors contribute to oversight.
• Insider ownership of 49% as of July 6, 2025, grants substantial voting control.
• The company utilizes a dual-class share structure.

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Bentley Systems has seen significant shifts in its leadership and ownership structure over the past few years. A key development was the CEO transition on July 1, 2024, with Nicholas Cumins assuming the role, marking the first non-family member to lead the company. Greg Bentley moved to Executive Chair, ensuring continued family involvement in strategic oversight.

Insider selling has been a trend in recent months, with several transactions by insiders in July and August 2025. Despite these sales, insider ownership remains significant, holding around 39.24% as of August 1, 2025, and increasing to 45% by August 18, 2025. This indicates a continued strong stake from the founding family and executives. The company has also been active in managing its capital, reducing long-term debt from $1,518.403 million in 2023 to $1,388.088 million in 2024. Furthermore, a stock repurchase program of up to $200 million was authorized through June 30, 2026, with $64.359 million spent in 2024 to buy back 1,292,733 shares, aiming to offset dilution and enhance shareholder value. The quarterly dividend also saw an increase from $0.05 per share in 2023 to $0.06 per share in 2024.

Strategic Acquisitions

Recent acquisitions like Cesium in September 2024 and Blyncsy in August 2023 bolster Bentley's digital twin and asset analytics capabilities.

Financial Performance

The company reported strong Q2 2025 results, with revenues up 10.2% year-over-year to $364.1 million and ARR growing by 11.5%.

Capital Management

Bentley Systems reduced its long-term debt and implemented a substantial stock repurchase program, alongside an increased quarterly dividend.

Leadership Evolution

The transition to Nicholas Cumins as CEO signifies a move towards external leadership while maintaining founding family influence through executive roles.

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