Bentley Systems (BSY)

Infrastructure engineering software (roads, rail, bridges, water) + iTwin digital twins — civil and public works

AI exposure 6% — derived from reported segment revenue, not asserted.

Where it sits

Software Stack → EDA & Engineering Software · figures rebased to Q2 2026, reported 2026-08-06

Bentley authors infrastructure engineering designs — MicroStation and the OpenRoads/OpenRail/OpenPlant applications for roads, rail, bridges and water networks are 62% of revenue, with iTwin digital twins of those same assets behind. The purest built-environment engineering company in the Atlas.

Reported segments

• Subscriptions (recurring) — 92.2% of revenue
• Perpetual licences + services — 7.9% of revenue

Bentley Systems ($410.7M Q2 2026, +13% YoY). Subscriptions 92.2% ($378.6M, +13.6%) = primary B5 EDA & Engineering Software — MicroStation and the OpenRoads/OpenRail/OpenPlant applications plus iTwin digital twins; perpetual licences and services 7.9% (perpetual $9.7M, -4.8%; services $22.4M, +9.4%). The recurring share keeps rising as perpetual runs off.

How the 6% is built

• Subscriptions (recurring) — 92.2% of revenue × 6% AI-driven (disclosed). Infrastructure design and digital-twin software; AI enters as design assistance rather than as infrastructure
• Perpetual licences + services — 7.9% of revenue × 6% AI-driven (disclosed). The same products on a legacy licence model

Investment read

Moat. Infrastructure-engineering software niche (roads/rail/bridges/water) + iTwin digital twins + installed base; the go-to for civil/public-works design.

Bottleneck / pricing power. Moderate pricing power, and flat: dollar-based net retention has sat at 109% for a full year while ARR compounds at ~12% constant currency. Government and owner-operator lock-in holds the base, but it is not currently producing incremental upsell — the iTwin and Copilot attach that would show up here has not moved the number.

Role in the AI stack. The infrastructure-engineering (civil/public-works) software layer.

Connected companies

• Autodesk (ADSK) — BSY competes with: AEC / infrastructure design software (Autodesk buildings vs Bentley infrastructure)
• Dassault Systèmes (DSY) — BSY competes with: Partial overlap — Bentley leads infrastructure/civil engineering software; Dassault leads industrial product design; they meet only in plant/AEC/digital twins

Others in EDA & Engineering Software

• Synopsys (SNPS)
• Cadence Design Systems (CDNS)
• Autodesk (ADSK)
• Dassault Systèmes (DSY)

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