Business Description

Our Business Bentley Systems is the infrastructure engineering software company. Our purpose is to advance the world’s infrastructure for better quality of life. Our mission is to reshape how infrastructure systems and critical resources are delivered and optimized. We were founded in 1984 by the Bentley brothers and on September 25, 2020, we completed our initial public offering (“IPO”). Our enduring commitment is to develop and support the most comprehensive portfolio of integrated software offerings across disciplines, sectors, geographies, and the infrastructure lifecycle, enabling digital workflows that improve project delivery and asset performance. Our users design, build, and operate infrastructure assets for the following sectors: • Public Works/Utilities , which represents approximately 59% of our sector-attributable annualized recurring revenues (“ARR”) (1)(2) , includes roads, rail, bridges, tunnels, airports, and ports; federal, state, and municipal agencies; and networks for electricity, gas, water, wastewater, and communications; • Resources , which represents approximately 27% of our sector-attributable ARR (1)(2) , includes mining, oil and gas upstream activities, offshore, pipelines, environmental management, and renewable energy; • Industrial , which represents approximately 9% of our sector-attributable ARR (1)(2) , includes process and discrete manufacturing, oil and gas downstream activities, and power generation; and • Commercial/Facilities , which represents approximately 5% of our sector-attributable ARR (1)(2) , includes campuses, office buildings, retail facilities, and hospitals. Our Products and Offerings We serve enterprises and professionals across the infrastructure lifecycle, from the design and construction of new projects to the operation and maintenance of existing assets. For projects, our software encompasses conception, planning, surveying, design, engineering, and construction, as well as the collaboration required to coordinate and share the work of interdisciplinary and/or distributed project teams. For assets, our software spans the operating life of commissioned infrastructure assets, allowing our accounts to manage engineering changes for safety and compliance and to model performance and reliability to support operations and maintenance decisions. Bentley Open Applications and Seequent applications are primarily cloud-connected desktop modeling and simulation applications that support the breadth of engineering and geoprofessional disciplines. Bentley Infrastructure Cloud , provided via cloud and hybrid environments, extends enterprise collaboration during project delivery and helps manage engineering information during operations and maintenance. (1) Refer to the section titled “Key Business Metrics” included in Part II, Item 7 of this Annual Report on Form 10‑K for additional information, including our definition and our use of ARR. (2) Sector-attributable ARR refers to the proportion of our ARR which can be attributed either based on the sector-specific classification of the account and/or the sector-specific classification of the product giving rise to the ARR. The portions of our ARR which cannot be sector-attributed consist generally of ARR within accounts that are diversified engineering firms which work in multiple sectors, and as to that portion of their ARR which are for products that are not sector-specific, such as MicroStation , and structural or geotechnical modeling and simulation applications, and ProjectWise , which are used across any and all sectors. 4 Table of C ontents Bentley Asset Analytics automatically detect and analyze issues to trigger key operational workflows, improving overall asset performance. Powering these products is our Cesium and iTwin Platform , a cloud‑native technology platform to create, curate, and leverage infrastructure digital twins. Through our platform, our products are becoming increasingly data-centric to take advantage of digital twin and artificial intelligence (“AI”) capabilities. The proportions of our revenues are referenced in the diagram below. Our comprehensive portfolio of integrated software offerings comprises: Bentley Open Applications . We offer an open modeling environment comprising domain‑specific modeling and simulation applications that analyze the functional performance of designs.…