Bentley Systems was born as a family business, at that time of the 80 years when technological innovation took advantage of those principles that underpin the American nation, where unlike other countries: vision, hard work and doing the right thing are almost guarantees of success.
In countries with a Hispanic context, a high percentage of family businesses do not survive a third generation: the father founds the company and breaks his back working 16 daily hours, the children study what the parents decide to get involved and support the effort They saw their parents; the grandsons
They wasteEnjoy the benefits and decide to invest the resources in another discipline.
On several occasions I have meditated on this, every time at the close of the conference Gregg Bentley speaks with his eyes, more than with his words, how significant it is to see people inspired by the efforts of four brothers just out of college. During the past 4 years, the colleagues who covered the Be Inspired have spoken in the corridors of possibilities, after seeing Trimble, Microsoft, Siemens and TopCon as co-participants of the innovation. But I've always come to the conclusion that a CEO who converted an operating system with graphics management into a technology on which the geo-engineering of the most companies closest to the Top 500 of infrastructure is designed and operated, must have an idea Great to take stocks to the stock market and retire to enjoy their effort.
The example we are already seeing with SIEMENS, with which a collaborative work is brought for several years. The shares are for sale under a highly exceptional condition; Bentley will only do so with those companies that are willing to replace their tools with software that they have had enough time and good will to demonstrate that they are just what they need. We now understand that several of Bentley's acquisitions in recent years were part of that preparation of what SEIMENS was going to need.
The win-win relationship is extremely interesting. The money that SIEMENS would invest in software development and maintenance will be invested in the adoption of Bentley Systems tools, which will produce profits within a risky action model. For its part Bentley Systems is achieving a customer that is 232 times larger (in annual profits), with participation in different sectors of Geo-engineering.
We did not expect less; The business immediately is based on the constant investment that SIEMENS makes in technology that Bentley Systems does with a level of vision focused on the Internet of Things (IoT) and the challenges of the BIM level 3. It is definitely a disruptive model; a company that was born in 1984, with 150 times less employees, is able to do chemistry with one that exists from 1,847 with operation in 200 countries in the industrial, energy, health, infrastructure and cities sectors. One manufactures and operates services, the other develops the tools it needs.
If we continue with this model, we can see in a few years a percentage lower than the 50% of Bentley Systems distributed in at least those big categories: the modeling, of which we have seen the presence of Trimble and Topcon, Microsoft for the data infrastructure with Azure and SIEMENS for the operation of this technology in the devices that reach homes and industry.
In short, Bentley's strategy to stop being a company controlled by a group of brothers can be seen in the way its executive staff has been constituted. Their plan is to stay in charge for a while longer, while they hand over the participation of shares to companies that really have interests of participation beyond the economic.
On the Internet of things, this is not the only strategy. On the other side, the giant built around HEXAGON, which gradually acquired tools that include the entire AECO cycle. The Bentley model is different, with some grippers because although SIEMENS has a large sector, for now the collaboration is in the infrastructure management of the electricity sector; nothing prevents later going to other sectors. It will be necessary to see the reaction of HEXAGON that arrived late to the management of railroads, with the strategy of Bentley to transform the system of the United Kingdom to later acquire all the company that operates the majority of systems of trains of Europe.
We will also have to see what happens with AutoDesk, which raises doubts with the resignation of its CEO and many of its senior executives during the past month. Although AutoDesk is part of another emporium, being a public company means that any action that puts its participation at risk can cause its actions to fall; hence the strategic partners that make up their IoT vision ecosystem.