M&A Deal Summary

Bentley Acquires Seequent

On March 11, 2021, Bentley acquired information technology company Seequent from Pencarrow Private Equity and Accel-KKR for 1.1B USD

Acquisition Highlights
  • This is Bentley’s 4th transaction in the Information Technology sector.
  • This is Bentley’s largest (disclosed) transaction.
  • This is Bentley’s 1st transaction in New Zealand.

M&A Deal Summary

Date 2021-03-11
Target Seequent
Sector Information Technology
Buyer(s) Bentley
Sellers(s) Pencarrow Private Equity
Accel-KKR
Deal Type Add-on Acquisition
Deal Value 1.1B USD
Advisor(s) Goldman Sachs Investment Banking Division (Financial)
Simpson Thacher & Bartlett LLP
DLA Piper (Legal)

Target

Seequent

Canterbury, New Zealand
website
Seequent is a provider in the visualization and interpretation of geological data for applications in the mining, minerals, energy, civil and environmental industries. Seequent provides software and consultancy solutions and has received wide acclaim for its flagship product, Leapfrog. Seequent was founded in 2003 and is based in Canterbury, New Zeland.

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Buyer(S) 1

Buyer

Bentley

Exton, Pennsylvania, United States

website


Category Company
Founded 1984
SectorSoftware
Employees4,104
Revenue 802M USD (2020)
DESCRIPTION

Bentley is a software development company that supports the professional needs of those responsible for creating and managing the world’s infrastructure, including roadways, bridges, airports, skyscrapers, and industrial and power plants, as well as utility networks. Bentley delivers solutions for the entire lifecycle of the infrastructure asset, tailored to the needs of the various professions: the engineers, architects, geospatial professionals, planners, contractors, fabricators, IT managers, operators, and maintenance engineers: who will work on and work with that asset over its lifetime. Comprised of integrated applications and services built on an open platform, each solution is designed to ensure that information flows between workflow processes and project team members to enable interoperability and collaboration. Bentley was formed in 1984 and is based in Exton, Pennsylvania.


DEAL STATS #
Overall 28 of 37
Sector (Information Technology) 4 of 5
Type (Add-on Acquisition) 27 of 36
Country (New Zealand) 1 of 1
Year (2021) 2 of 10
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-25 E7 Pty

Graceville East, Australia

E7 Pty Ltd. is a provider of field-based construction delivery software for heavy civil construction. E7 is based in Graceville East, Australia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-14 INRO

Montreal, Quebec, Canada

INRO is a provider of multimodal transportation planning, traffic simulation, and mobility visualization software. INRO’s products include Emme, a multimodal transportation planning system for urban, regional, and national transportation forecasting; Dynameq, a vehicle-based traffic simulation platform for city-wide traffic planning; and CityPhi, a mobility visualization solution providing data visualization and visual analytics of large-scale mobility and geospatial datasets. INRO was founded in 1976 and is based in Montreal, Quebec.

Buy -

Seller(S) 2

SELLER

Pencarrow Private Equity

Wellington, New Zealand

Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1993
PE ASSETS 692M NZD
SizeMiddle-Market
Type Sector Agnostic
DESCRIPTION

Pencarrow Private Equity is a private equity firm focused on investing in New Zealand owned and operated businesses. Pencarrow looks to support management buyouts, management buy-ins, and provide expansion capital for companies operating in a variety of sectors. Areas of interest include building materials, distribution, manufacturing, consumer products, business services, and capital equipment. Target companies are typically valued between NZ$20 and $100 million where the Firm can commit $10 to $30 million in equity capital. Pencarrow Private Equity was formed in 1993 and is based in Wellington, New Zealand.


DEAL STATS #
Overall 8 of 9
Sector (Information Technology) 1 of 1
Type (Add-on Acquisition) 3 of 4
Country (New Zealand) 8 of 9
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-01 Skin Institute

Auckland, New Zealand

Skin Institute is a provider of dermatological medical practice. Skin Institute offers treatments and services that include skin cancer, veins, cosmetic surgery, and appearance medicine. Skin Institute also has two retail brands, Lovely by Skin Institute and Off & On, that provide appearance medicine services to the mass-consumer market. Skin Institute was established in 1994 and is based in Auckland, New Zealand.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-08-01 Umbrellar

Auckland, New Zealand

Umbrellar is a provider of cloud hosting, domain name services, and e-commerce payment services across New Zealand and Australia. The Group operates a network of data centres providing distributed high availability and fault tolerant cloud services. Umbrellar was established in 1997 and is based in Auckland, New Zealand.

Sell -
SELLER

Accel-KKR

Menlo Park, California, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2000
PE ASSETS 10.0B USD
SizeMega
Type Sector Focused
DESCRIPTION

Accel-KKR is a private equity firm that seeks control and growth-oriented investments in middle-market technology companies. The Firm targets investments in public and private companies with revenues ranging from $15 to $150 million. Accel-KKR pursues transactions across multiple segments of the technology industry, including software, hardware and internet technologies, and IT enabled services. Accel-KKR's first fund was created in 2000 by Accel Partners and Kohlberg Kravis Roberts & Co. to invest in technology assets and businesses that were outside of each firm's core focus. Accel-KKR is based in Menlo Park, California.


DEAL STATS #
Overall 34 of 44
Sector (Information Technology) 7 of 8
Type (Add-on Acquisition) 20 of 25
Country (New Zealand) 1 of 1
Year (2021) 3 of 12
Size (of disclosed) 2 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-10 ShowingTime.com

Chicago, Illinois, United States

ShowingTime is a residential real estate industry's showing management and market stats technology provider, with more than 1.2 million active listings subscribed to its services. Its showing products and services simplify the appointment scheduling process for real estate professionals, buyers, and sellers, while its MarketStats division provides interactive tools and easy-to-read market reports for MLSs, associations, brokers, agents, and other real estate companies, as well as recruiting tools for brokers. ShowingTime was formed in 1999 and is based in Chicago, Illinois.

Sell $500M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-03-26 Navis

Oakland, California, United States

Navis provides enterprise software solutions for the maritime transportation and logistics industry. Navis is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Navis was founded in 1988 and is based in Oakland, California.

Buy €380M