Bentley Systems' Strong Infrastructure Continues to Protect Its Narrow Moat

Bentley Systems is a leading provider of engineering software, providing solutions that help design, construct, and manage infrastructure projects efficiently. Bentley Systems has carved out its niche in the fragmented computer-assisted design market, targeting public works and utility needs, covering everything from roadway design to wind analysis. Beyond these mainstay applications, Bentley has expanded its scope from purely single applications to integrated platforms that track project management and assets after the design and simulation phases of its applications, which we think provide significant growth potential as their markets remain underpenetrated.