Bentley Systems Inc., developer of Microstation design software, announced Sept 16 that it has applied to the Securities and Exchange Commission to withdraw its April 23 registration statement for a proposed initial public offering of stock in the privately held firm. (ENR 5/6 p. 23.)
"In the face of a market that has now apparently turned outright hostile to software company IPO's, Bentley has decided to remove the distractions and restrictions that accompany the IPO process and focus instead on managing our business, which continues its growth and profitability," says Greg Bentley, CEO, in a statement announcing the decision. "Bentley management remains confident in the companys prospects and plans to reconsider the IPO when appropriate market conditions eventually return," Bentley says.
When the IPO registration was filed, the company said that it intended to use the proceeds to buy Rebis, a Walnut Creek, Calif., developer of a process plant design and instrumentation software. Bentley has since bought Rebis anyway.