Bentley Systems Inc, the infrastructure engineering software company, has agreed to acquire Seequent, a leader in software for geological and geophysical modeling, for $900 million in cash from Accel-KKR.
The acquisition of Seequent is expected to initially add approximately 10 percent to each of Bentley Systems’ key financial metrics (ARR, annual revenue, and EBITDA) and is expected to be measurably accretive to Bentley’s organic growth rate.
Seequent will operate as a stand-alone Bentley subsidiary, with Seequent’s current chief operating officer Graham Grant, succeeding its retiring CEO Shaun Maloney, reporting to Bentley’s chief product officer Nicholas Cumins.
Seequent, founded and headquartered in Christchurch, New Zealand, has more than 430 colleagues in 16 office locations, serving geologists, hydrogeologists, geophysicists, geotechnical engineers, and civil engineers in over 100 countries, and the world’s top mining companies.
Its established presence in mineral-intensive geographies such as South America and southern Africa is expected to accelerate Bentley’s opportunities in these regions with significant infrastructure requirements. Bentley’s established presence in China, and its mainstay reach across civil engineering sectors, is expected to accelerate Seequent’s expansion in new markets.