((Automated translation by Reuters, please see disclaimer https://bit.ly/rtrsauto))
(European Parliament adds information on Bentley in paragraphs 7 to 13, as well as on the movement of shares) by Milana Vinn and Anirban Sen
Bentley Systems BSY.O , an engineering software company with a market value of nearly $16 billion, is exploring options that include a sale after attracting acquisition interest, according to people familiar with the matter. the subject.
Among the companies that have expressed interest in a deal with Bentley are electrical equipment maker Schneider Electric SCHN.PA and design software company Cadence Design Systems CDNS.O , one of the sources said.
The Bentley family controls the eponymous company through a special class of shares. The company has formed a special committee of its board of directors to explore its options, which include an outright sale of the company as well as a joint venture, the sources said.
Shares of Bentley jumped more than 5% on Thursday following news of a potential deal.
The sources requested anonymity because the discussions are confidential and cautioned that no deal was certain.
Bentley Systems and Cadence did not immediately respond to requests for comment. Schneider declined to comment.
It is entirely possible that other bidders, including Siemens AG SIEGn.DE – which began talks to buy Bentley in 2020 – will come forward, the sources said.
Siemens, which owns a stake in Bentley, has long ties with the company. The two companies signed a strategic alliance in 2016 and expanded this agreement two years later to establish an initiative to make joint investments. Bentley opted to pursue an IPO in 2020 after negotiations with Siemens made no progress, one of the sources said.
As part of its ties with Bentley, Siemens has the right to make an offer for Bentley, if the latter explores a deal with an interested buyer, one of the sources added. Siemens declined to comment.
Bentley, headquartered in Exton, Pennsylvania, makes software that helps manage engineering projects in industries such as infrastructure, design and construction. It currently employs more than 5,200 people in more than 40 countries, according to its website.
Founded in 1984, Bentley recently announced a CEO transition. In March, on the company’s 40th anniversary, longtime chief executive Greg Bentley announced he would step down and become executive chairman. Current COO Nicholas Cumins will become the new CEO, effective July 1.
In March, Cadence agreed to buy BETA CAE Systems International AG, which makes software for analyzing car and jet engine designs, for $1.24 billion in cash and stock. Last year, Cadence was one of the candidates to acquire design software company Ansys, according to people familiar with the matter.
In recent years, Schneider has attempted to expand its software business through acquisitions. At the end of 2022, Schneider agreed to buy British software company Aveva Group for $11.9 billion, after a long battle with investors who demanded a higher price.