by Milana Vinn and Anirban Sen
Bentley Systems BSY.O, an engineering software company worth nearly $16 billion (€15.03 billion), is exploring expressions of interest that include a possible sale, people familiar with the matter said. folder.
Electrical equipment manufacturer Schneider Electric
SCHN.PA and design software company Cadence Design Systems CDNS.O are among the companies expressing interest, according to one of the sources.
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 a sale or the creation of a joint venture, said the sources, who requested anonymity due to the confidential nature of the discussions. They clarified that no agreement was certain.
On the New York Stock Exchange, Bentley Systems shares rose 5% after this information.
Bentley Systems and Cadence did not immediately respond to requests for comment. Schneider Electric declined to comment.
According to the sources, it is entirely possible that other takeover candidates, including Siemens AG SIEGn.DE – which began talks to acquire Bentley in 2020 – will come forward.
Siemens indeed holds a stake in the group and the two companies signed a strategic alliance in 2016, which was expanded two years later to establish joint investment possibilities.
Bentley, however, chose to proceed with its IPO in 2020, due to stalled negotiations, one of the sources explained.
Under the agreement between the two companies, Siemens has the option to make an offer if the group 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 the design and construction industries. It currently employs more than 5,200 people in more than 40 countries, according to its website.
(Reporting Milana Vinn and Anirban Sen in New York; French version Kate Entringer)