Bentley Systems is optimistic powerhouse mining software brand Seequent is going to benefit from market tailwinds in the form of accelerated mine permitting in the US and elsewhere.
The New York Stock Exchange-listed software company said Seequent, now contributing about a quarter of its US$1.32 billion annual recurring revenues versus less than 10% in 2021, was benefiting from new civil infrastructure and subsurface environmental modelling applications for its products. These were helping to offset some delayed investment in new mines, partly caused by “capital markets sensitivity”, Bentley executive chair Greg Bentley said on the company’s latest financial results call.
But “most auspiciously”, he said, “long-term fundamental shortages of self-sufficient supply for metals and minerals are spurring government priorities to expedite permitting for such essential capital projects”.
The US administration’s drive to increase mining was likely to benefit the Seequent business “over the coming years”.
Bentley acquired New Zealand-based Seequent for more than $1 billion in 2021.
Greg Bentley said the March-quarter launch of Seequent Evo, “a powerful cloud-based platform designed to unlock the full potential of geoscience data” was timely as the mining industry “needs to find new ways to work faster and more efficiently to meet the global demand for minerals”.
“Evo provides a strong foundation for integrated workflows by bringing together geoscience data from Seequent and third-party applications into a single, accessible source. It allows teams to integrate insights from past projects and collaborate more effectively by working with the most up-to-date data,” he said.
Bentley reported a 9.7% increase in Q1 revenues, compared with the same period last year, of $370.5 million. Subscriptions revenue was $342.3 million, up 11.5% year-on-year, while the ARR number for the end of March this year compared with $1.186 billion at the same point in 2024.
The company said free cash flow in Q1 2025 was $216.4 million compared with $201.4 million in 2024.
Bentley has a current market value around $14.55 billion.
