Bentley cashes out of Cohesive — into Naviam

Bentley just announced it’s selling its Cohesive business to Naviam, as part of a strategic partnership to form what the companies call the world’s largest independent IBM Maximo services provider.

You may recall that Bentley acquired Cohesive Solutions in 2020 through its Acceleration Fund –started to open up new areas of business– to bundle enterprise asset management (EAM) consulting with Bentley’s digital twin software, using Cohesive’s domain expertise in IBM’s Maximo and Bentley’s own AssetWise to support the digital transformation of infrastructure owner-operators.

Naviam, on the other hand, markets itself as the world’s leading IBM Maximo implementer and also makes cloud, mobile, and GIS-integrated software layers that sit on top of Maximo. The company was formed last year through the merger of seven independent EAM and Maximo implementation firms into a single brand.

Why do this? Scale. Combining Cohesive and Naviam consolidates a fragmented IBM Maximo services market under an even bigger single brand, with even bigger sales reach — for IBM Maximo but also for Bentley’s other software platforms across both Cohesive’s client base and Naviam’s existing customer portfolio.

The companies say existing customers should see zero disruption and keep working with the same delivery teams — the combination is about adding resources and capabilities, not changing who customers deal with day to day.

Financial terms weren’t disclosed. Instead of a pure cash exit, Bentley is doing a “strategic rollover”: it sells Cohesive, then buys back in via an equity investment in Naviam, becoming a minority shareholder with a board seat at closing. Norwest Venture Partners—the equity firm behind the original roll-up that created Naviam—is simultaneously making a “significant” growth investment in the combined business, earmarked to scale Maximo delivery capacity and the product suite.

The deal is expected to close September 30, 2026, pending regulatory approval and standard closing conditions.

No deal with Bentley is ever simple—they can’t just sell Cohesive; they have to do this complicated rollover thing. But it makes sense to hold on to a board seat, so ensure that the cross-selling of Bentley’s mainline products via Cohesive (and now the bigger Naviam) continues to roll.