After successfully carving out a niche in computer-aided design with its construction-oriented software, MicroStation, Bentley Systems has been continuously expanding its family of offerings beyond the public works and utilities vertical to broaden its total addressable market. We find the opportunities in the resources sector attractive for Bentley Systems. With its 2021 acquisition of Seequent, Bentley now owns an industry-leading geotechnical tool that uncovers the complexities under the surface, a capability that many mining and energy companies are looking for. We think the proportion of revenue contributed by resource customers is on track to reach one-third of the company’s total over the next few years.