Bentley files its IPO — again. Finally.

So much S-1 to read … so little time. You can see the filing for yourself here. A couple of quick highlights from the front of the document:

• This is an IPO for shares owned by others, as a way of creating a liquid market for Class B shares. Bentley states upfront, “We will not be selling any shares in this offering and will not receive any of the proceeds from the sale of the Class B shares being sold by the selling stockholders.” I other words, I don’t believe the Bentley company is selling its own Treasury shares — but TBD.
• There’s no price in the offering, so we can’t tell how much Bentley will be valued at post-IPO (yet; I presume this will change)
• Bentley says its mission is to “provide innovative software to advance the design, construction, and operations of the world’s infrastructure—sustaining both the global economy and environment, for improved quality of life.” Interesting, a bit DS-ish and much more succinct than it has been
• But we get back to Bently-speak fairly quickly: “Our business, comprised of more than 4,000 colleagues, includes a “success force” of more than 900 colleagues with experience and credentials in infrastructure engineering. Our success force, coupled with 36 years of singular focus, has enabled us to create what we believe to be the most comprehensive infrastructure engineering software portfolio available today. Our comprehensiveness creates a formidable competitive advantage by providing our users integrated solutions for infrastructure projects and assets of nearly any type, scale, and complexity.” I am not sure what a “success force” is, but hope to learn as I read through all 200-ish pages
• Bentley’s total revenue in 2019 was $737 million, up 6.5% over the prior year using ASC 606 accounting.
• In 2019, subscription revenue was $608.3 million (again, 606), up 9%. Perpetual revenue was $59.7 million, down 2% — likely, as everyone else saw, as people switched to subs. But I need to read the details — and services revenue was $68.7 million, down 6%
• In 2019, Bentley reported a net income of $103.9 million (again, 606)
• As everyone else is doing, Bentley highlighted its recurring revenue percentage, which was 86% — on par with others’.

So many more details. Regional metrics, product details, customer success stories … But it’s a Friday night. I’ll get going on this on Monday!