IT Brief New Zealand logo
Technology news for New Zealand's largest enterprises
Story image

Kiwi company Seequent acquired by Bentley Systems for $900 million

By Catherine Knowles
Mon 15 Mar 2021
FYI, this story is more than a year old

Bentley Systems, the global infrastructure engineering software company, is set to acquire New Zealand company Seequent.

Founded in New Zealand and with its headquarters in Christchurch, Seequent is a provider of software for geological and geophysical modelling, geotechnical stability and cloud services for geodata management, visibility and collaboration.

The company currently has more than 430 colleagues in 16 office locations, serving geologists, hydrogeologists, geophysicists, geotechnical engineers and civil engineers in more than 100 countries.

The acquisition is reportedly to the value of $900 million in cash, subject to adjustment.

Bentley CFO David Hollister says, "The transaction is expected to close in Q2, with the cash consideration settled via a combination of cash on hand and availability under our undrawn $850 million revolving credit facility.

"We expect Seequent to contribute in excess of $80 million to our ARR during this year."

Hollister says, "Seequent impressively has a historical and current organic revenue growth rate which, coupled with an operating margin profile similar to ours, makes Seequent accretive to our financial model."

The acquisition is expected to initially add approximately 10% 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.

Most significantly, the combination will deepen the potential of infrastructure digital twins to help understand and mitigate environmental risks, advancing resilience and sustainability, Seequent states.

The acquisition is subject to customary closing conditions and regulatory approvals, including New Zealand Overseas Investment Act consent as well as clearance under the Hart-Scott-Rodino Antitrust Improvements Act.

Upon closing, Seequent will operate as a stand-alone Bentley subsidiary, with Seequent current chief operating officer Graham Grant succeeding current CEO Shaun Maloney.

Grant will report to Bentley’s chief product officer Nicholas Cumins.

According to the company, Seequent’s established presence in mineral-intensive geographies such as South America and southern Africa is expected to accelerate Bentley’s overall opportunities in these regions with significant infrastructure requirements.

In turn, Bentley’s established presence in China, and its reach across civil engineering sectors, is expected to accelerate Seequent’s expansion in new markets.

Seequent’s products include Leapfrog, its product for 3D geological modelling and visualisation, Geosoft for 3D earth modelling and geoscience data management, and GeoStudio for geotechnical slope stability and deformation modelling.

Bentley’s complementary geotechnical engineering software portfolio, including PLAXIS, gINT, and OpenGround, will be integrated to support open digital workflows from borehole and drillhole data to geological models and geotechnical analysis applications, the company states.

Executive comments

Bentleys CEO Greg Bentley says, "We can be very confident about Seequent’s contribution to our shared future not only because of our product synergies, but because we recognise in Seequent’s trajectory an echo of the playbook that made Bentley Systems successful except they have grown faster.

"They have made farsighted decisions to benefit the future at every stage: identifying and then laser-focusing on the 3D vertical opportunity in earth modelling, institutionalising a subscription commercial model from the outset, directly populating the appropriate global markets, acquiring and consolidating the best software for adjacent disciplines, and bringing it all together with cloud services, ready for digital twins advancement together."

Bentley says, "I can think of no greater compliment than our determination to leave intact Seequent, as a Bentley Company, entrusting its management with greater responsibilities to continue their dynamic momentum.

"I congratulate retiring CEO Shaun Maloney on the quality of the business and the team he has developed, and we will warmly welcome his established successor Graham Grant, and all Seequent colleagues, to our shared values and endeavours in advancing infrastructure."

Seequent chief executive officer Shaun Maloney says, "By leapfrogging ahead with Bentley to align geosciences with infrastructure engineering through deeper digital twins, Seequent underscores our conviction that better understanding of the earth creates a better world for all.

"Users and accounts of Seequent, as a Bentley Company, can expect business as usual, with many product and commercial synergies eventually forthcoming.

"For my Seequent colleagues, I am confident that the future is in safe hands with like-minded Bentley Systems and our COO Graham Grant, so this presents a timely moment for me to announce my planned retirement. For all, our new larger scope presents a great opportunity for shared advancement."

DLA Piper advised Accel-KKR and Seequent Holdings Limited on the sale.

Related stories
Top stories
Story image
Wireless
Cradlepoint expands its Cellular Intelligence capabilities
Cradlepoint has announced additional Cellular Intelligence capabilities with its NetCloud service.
Story image
Customer experience
Research unveils precarious customer loyalty for retailers
New research has found customers are reassessing established brand loyalties as their priorities and behaviours shift.
Story image
Cybersecurity
NCSC advisory highlights poor security configurations
The GCSB's National Cyber Security Centre (NCSC) has released a cyber security advisory identifying commonly exploited controls and practices.
Story image
Digital Transformation
Trading up: It's time to swap core systems for flexible digital applications
This year will see more oranisations planning and commencing high tech renovations that will shake up the way they operate.
Story image
CRM
Zendesk announces new conversational CRM solutions
“The last few years have made it obvious that digital is the front door, convenience is paramount and relationships are anchored in conversations."
Story image
Talend
Talend introduces new data health solutions for businesses
Talend has announced its latest version of Talend Data Fabric, with the release of Talend Trust Score enabling data teams to establish a foundation for data health.
Story image
Apple
Apple previews new features for users with disabilities
Apple says new software features that offer users with disabilities new tools for navigation, health and communication, are set to come out later this year.
Story image
Sustainability
Siemens showcases new automated solutions for data centers
Siemens has implemented new automated solutions and AI in the Baltic region's largest data center, providing insight into the future of data center management.
Story image
Public Cloud
Cloud adoption still a work in progress, NetApp finds
NetApp has announced the results of the annual Cloud Infrastructure Report based on a survey of public cloud business and IT decision makers.
Story image
BeyondTrust
BeyondTrust integrates Password Safe solution with SailPoint
BeyondTrust has announced the integration of BeyondTrust Password Safe with SailPoint identity security offerings.
Story image
Sustainability
Grasping the opportunity to rethink the metrics of a sustainable data centre
A data centre traditionally has two distinct operations teams: the Facility Operations team, and the IT Operations team. Collaboration between them is the key to defining, measuring, and delivering long-term efficiency and sustainability improvements.
Story image
Cybersecurity
The 'A-B-C' of effective application security
Software applications have been a key tool for businesses for decades, but the way they are designed and operated has changed during the past few years.
Darktrace
Threat actors are exploiting weaknesses in interconnected IT/OT ecosystems. Darktrace illuminates your entire business and takes targeted action to stop emerging attacks.
Link image
Story image
Fonterra
Fonterra to use automated guided vehicles by Dematic
New Zealand's dairy giant Fonterra is upgrading its manufacturing facility in Edendale with new automated guided vehicles (AGVs) from Dematic.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Artificial Intelligence
SAS launches human-focused responsible innovation initiative
SAS has launched a responsible innovation initiative, furthering its commitment to equity and putting people first.
Story image
Artificial Intelligence
Clear Dynamics closes $35M funding round, invests in global growth
The funding is a major milestone and speaks to Clear Dynamics’ vision for AI-enabled ‘composable’ enterprise software, the company states.
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Story image
Microsoft
PwC NZ unveils new Cloud Security Operations Center
PwC New Zealand has unveiled its new Cloud Security Operations Center for the entire Microsoft technology stack.
Story image
PaaS
New digital traffic light system to tackle construction defects
Smarter Defects Management launches its PaaS digital system and says it will revolutionise managing defects in the construction industry.
Story image
Microsoft
Microsoft backing Māori and Pacific wāhine in tech industry
A new initiative focused on getting Māori and Pacific wāhine into the tech industry and backed by Microsoft, NZTech and the government is calling for tech companies to get involved.
Story image
Cybersecurity
A10 Networks finds over 15 million DDoS weapons in 2021
A10 Networks notes that in the 2H 2021 reporting period, its security research team tracked more than 15.4 million Distributed Denial-of-Service (DDoS) weapons.
Story image
Remote Working
How zero trust and SD-WANs can support productive remote working
The way people connect with applications and data has changed, users are remotely accessing resources that could be stored anywhere from a corporate data center to the cloud.
Story image
Artificial Intelligence
SAS unveils AI experience to improve kids' batting abilities
SAS has created The Batting Lab, an interactive experience using AI, computer vision and IoT analytics to help kids improve their baseball and softball swings.
Softiron
For every 10PB of storage run on HyperDrive vs. comparable alternatives, an estimated 6,656 tonnes of CO₂ are saved by reduced energy consumption alone over its lifespan. That’s the equivalent of taking nearly 1,500 cars off the road for a year.
Link image
Story image
Data Center
Preventing downtime costs and damage with Distributed Infrastructure Management
Distributed Infrastructure Management (DIM) can often be a lifeline for many enterprises that work with highly critical ICT infrastructure and power sources.
Story image
Collaboration
Meadows exits Ingram Micro New Zealand on a good note
We look at the resignation of Danny Meadows from Ingram Micro's New Zealand Unified Communications & Collaboration business unit.
Story image
Workato
Workato unveils enhancements to enterprise automation platform
"The extra layer of protection with EKM, zero-logging, and hourly key rotation gives customers a lot more visibility and control over more sensitive data."
Story image
Attain
Revenue operations is taking centre stage
As the business world continues to evolve, new demands need to be met to keep up with the ever-changing landscape. 
Story image
Microsoft
SAS Viya on Microsoft Azure to deliver 204% return - study
The Forrester Total Economic Impact study finds SAS Viya on Microsoft Azure brings a 204% return on investment over three years.
Story image
Sustainability
Power at the edge: the role of data centers in sustainability
The Singaporean moratorium on new data center projects was recently lifted, with one of the conditions being an increased focus on power efficiency and sustainability.
Story image
Hawaiki Cable
BW Digital completes acquisition of Hawaiki Submarine Cable
BW Digital has completed its full acquisition of Hawaiki Submarine Cable, with all applicable regulatory filings and approvals now received.
Story image
SAS
New SAS service overcomes subscription fatigue for media companies
SAS has launched SAS 360 Match which helps media companies move towards a AVOD model to generate revenue as subscribers cancel.
Exabeam
Find out how a behavioural analytics-driven approach can transform security operations with the new Exabeam commissioned Forrester study.
Link image
Story image
Excel
Could your Excel practices be harming your business?
While Excel has been the de-facto standard for budgeting, planning, and forecasting, is it alone, enough to support organisations in the global marketplace that’s facing rapid changes due to digital transformation?
Booster
Booster Innovation Fund. A fund of Kiwi ingenuity – for Kiwi investors.
Link image
Story image
Artificial Intelligence
AI-based email security platform Abnormal Security valued at $4B
"A new breed of cybersecurity solutions that leverage AI is required to change the game and stop the rising threat of sophisticated and targeted email attacks."
Story image
Cybersecurity
Managed service providers: effective scoping to avoid costly vendor pitfalls
Managed security services are outsourced services focusing on the security and resilience of business networks.
Story image
Ransomware
A third of companies paying ransom don’t recover data - report
Veeam's report finds 76% of businesses who are victims of cyberattacks paid the ransom to recover data, but a third were still unable to get their information back.
Story image
Wireless Nation
Wireless Nation, N4L provide 4G network to remote NZ schools
Wireless Nation and Network for Learning (N4L) have rolled out the Rural Connectivity Group’s (RCG) new 4G network to better connect three Chatham Islands schools.
Story image
Sisense
Data and analytics could be key to higher selling prices in APAC
Sisense's latest report has found that almost half of data professionals in APAC think customised data and analytics can create better selling prices for their products.
Story image
Cybersecurity
Hard numbers: Why ambiguity in cybersecurity no longer adds up
As cybersecurity costs and risks continue to escalate, CEOs continue to struggle with what their investment in cyber protection buys. Getting rid of ambiguity becomes necessary.
Story image
Commerce Commission
ComCom appeals $2.25 million fine in Vodafone FibreX case
The Commerce Commission has filed an appeal in the High Court against a $2.25 million fine imposed on Vodafone NZ for its offending under the Fair Trading Act.