Mergers and Acquisitions
Schneider Electric Confirms Early Stage Talks to Acquire Bentley Systems
Pa.-based construction tech vendor won't comment on potential purchase by French electrical systems manufacturer
A visualization of the ITER tokamak fusion reactor created with Bentley's Lumen RT. Schneider Electric's interest in further digitization of the design and construction process may align with Bentley Systems' strong background in building information modeling and digital twins.
Rendering courtesy of ITER
Schneider Electric SE, the French technology, electrical automation and energy management company, has said it is in talks for a potential deal to purchase a controlling stake in Bentley Systems, the Exton, Pa.-based construction design and project management technology company—a transaction that was valued at $15.6 billion following its 2020 initial public offering.
Schneider said in a statement April 19 it has "been holding discussions with Bentley Systems with regards to a potential strategic transaction," and that the talks are still in the preliminary stages. Schneider Electric, based in Rueil-Malmaison, France, reported $38.3 billion in revenue in 2023.
The statement follows media reports that Schneider Electric was in talks to take control of Bentley, which makes software and cloud-based products for infrastructure design and engineering. The vendor has long been known in the industry for its Microstation design suite and its project management tools such as Synchro and ProjectWise.
Scheider Electric CEO Peter Herweck has said the global economy can only reach a more sustainable future by using electrification and digitization to increase sustainability. Acquiring Bentley or entering into some form of strategic alliance would allow the French giant greater access to Bentley customers— including major infrastructure owners in the U.S. and numerous government clients worldwide.
Bentley said in a statement that while it acknowledges the public statement made by Schneider Electric, "Bentley does not publicly comment on market rumors or speculation and does not intend to comment on this matter."
Bentley's portfolio of cloud-based design, construction and operation tools for transportation and water infrastructure as well as public works, utilities, buildings, mining and industrial facilities, has drawn interest from other suitors in the past.
Germany-based Siemens AG was in talks with Bentley prior to its 2020 IPO, but instead of an acquisition Bentley entered into a partnership with the manufacturing and automation giant, and has since funded a joint innovation program as part of that arrangement.
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