Bentley Systems (BSY) acquires sensemetrics
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sensemetrics Inc., a global Industrial IoT (IIoT) and cloud technology company transforming sensor data into real-time business intelligence, today announced it has been acquired (agreement executed) by Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company.
“Since our founding in 2014, we have advanced our vision to simplify connectivity and standardize industrial sensor data to bring active risk management and safety solutions to infrastructure, mining and construction markets,” said Cory Baldwin, CEO, sensemetrics. “The acquisition is a tremendous accomplishment for our team and an exciting milestone for us as we join the Bentley family to take our vision to the next level. We would like to thank X2 Equity, sensemetrics’ largest investor, for their unwavering support, guidance, and mentorship in navigating the challenges of developing and delivering disruptive technologies to the markets we serve.”
In its news release about the acquisition, Bentley Systems credits sensemetrics for making “widespread infrastructure IoT deployments feasible by providing simple and reliable means to connect, store, and stream sensor data from a wide range of sensor devices for continuous and automated condition monitoring.”
The acquisition follows sensemetrics’ recent expansion of its IIoT sensor automation portfolio, with the January 2021 launch of the Thread X3, a next-generation broadband IIoT sensor connectivity device, and the March 2021 introduction of the Strand, a cost-effective narrowband solution. Both solutions are designed for organizations seeking to reduce risk, improve safety, and increase visibility to key insights in complex infrastructure, mining, geotechnical and environmental sectors.
sensemetrics’ technology and talent will be leveraged to add intrinsic IoT capabilities to the Bentley iTwin platform, enabling infrastructure digital twins to incorporate real-time sensor data and ultimately, advance asset performance and mitigate environmental risks. More information on how sensemetrics will help accelerate Bentley Systems’ infrastructure IoT strategy can be found here.
“The acquisition brings us closer to our goal to effortlessly connect decision makers with condition monitoring data and insights that are critical to the safe and efficient operation of their assets,” said Baldwin. “The synergies enabled by extending infrastructure digital twins through infrastructure IoT are compelling, and we are excited to play a pivotal role in this advancement.”
X2 Equity CEO and Founder Marc Sperschneider added, “Cory leads a first-class team, and we thank them for what has been a great partnership since we invested. We have built significant value in the business together, investing in the technology platform and launching several new products while transforming the sales and go-to-market strategy – all enhancing the customer experience. On behalf of the entire board, I wish Cory and the team all the best for their partnership with Bentley going forward.”
sensemetrics, with global operations and offices in both San Diego and Denver, will add a staff of approximately 25 to Bentley Systems, including Baldwin and his leadership team.
About Bentley Systems
Bentley Systems (Nasdaq: BSY) is the infrastructure engineering software company. We provide innovative software to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, and industrial facilities. Our offerings include MicroStation-based applications for modeling and simulation, ProjectWise for project delivery, AssetWise for asset and network performance, and the iTwin platform for infrastructure digital twins. Bentley Systems employs more than 4,000 colleagues and generates annual revenues of more than $800 million in 172 countries.www.bentley.com
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