|News Update|| |
Bentley Systems enters into agreement to Acquire Power Line Systems
Bentley Systems, Incorporated the infrastructure engineering software company, has announced that it has entered into a definitive agreement to acquire Power Line Systems—a leader in software for the design of overhead electric power transmission lines and their structures—from private equity firm TA Associates for approximately $700 million. The consideration is payable, at BSY’s election, in cash or a combination of cash and BSY stock. As an established subscription business with no full-time go-to-market staffing, Power Line Systems generates extraordinary profitability and cashflow, and accordingly, the acquisition is expected to be accretive to BSY’s corresponding financial metrics.
The combination will substantially complete the reach of BSY’s comprehensive portfolio for the lifecycle integration of grid infrastructure across electrical transmission, substation, and distribution assets, and communications towers. The resulting breadth and depth of the company’s software and cloud services for grid integration will uniquely position BSY to support the modernization of grid infrastructure for renewable energy sources and storage, mobility electrification, ubiquitous broadband and 5G communications, and environmental resilience and adaptation. By rare global consensus, power infrastructure is of such pivotal priority that the U.S.’s Infrastructure Investment and Jobs Act commits $65 billion of incremental funding for it, with Goldman Sachs estimating that $3 trillion will need to be spent across the world annually for electrification and renewables to fully accomplish the environmental goals being endorsed by assembled political leaders.
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