Bentley Systems promotes Nicholas Cumins to CEO, Greg Bentley shifts role By Investing.com

LONDON – Bentley Systems, Incorporated (NASDAQ:BSY), a global provider of infrastructure engineering software, has announced a change in its executive leadership. Effective July 1, 2024, current CEO Greg Bentley will assume the role of Executive Chair of the company’s Board of Directors, while Nicholas Cumins, the current COO, will be promoted to CEO. The announcement coincides with the opening of Bentley Systems’ new UK headquarters and the commencement of the company’s 40th-anniversary celebrations.

Cumins has been Bentley Systems’ COO since January 2022 and was previously the Chief Product Officer. His experience includes roles at SAP Marketing Cloud, Scytl, and OpenX, bringing a wealth of knowledge in product management, corporate strategy, and business development. Cumins, a dual French and U.S. citizen, holds degrees in Law and Business from University Paris II Panthéon-Assas.

In a statement, Cumins expressed his honor at being chosen to follow Greg Bentley’s leadership, highlighting the company’s sustained innovation and growth under Bentley’s tenure. Greg Bentley, who has been CEO since 1995 and is one of the founding brothers, remarked on the successful succession process and the company’s enhanced potential and performance. He also noted Cumins’ respect for the company’s ‘family values’ and his anticipation of continued technical and commercial innovation.

Bentley Systems, with over 5,200 colleagues worldwide, generates annual revenues exceeding $1 billion. The company’s software solutions support the design, construction, and operations of various infrastructure projects across multiple industries. Their portfolio includes MicroStation, Bentley Open applications, Seequent’s software for geoprofessionals, and Bentley Infrastructure Cloud services.

The leadership transition is part of a long-term succession plan that has been in the works following Bentley Systems’ IPO and a wave of expected retirements. Greg Bentley will continue to interact with investment constituencies and oversee overall capital allocation, including potential platform acquisitions.

This strategic change in leadership is based on a press release statement.

InvestingPro Insights

As Bentley Systems, Incorporated (NASDAQ:BSY) prepares for a pivotal transition in its executive leadership, the company’s financial health and market performance remain a keen interest to investors and industry analysts alike. According to recent data from InvestingPro, BSY is currently experiencing a period of robust financial health, underscored by a strong gross profit margin of 78.66% for the last twelve months as of Q4 2023. This impressive margin is indicative of the company’s efficient cost management and value creation from its offerings in the infrastructure engineering software space.

Investors may also find the company’s revenue growth noteworthy, with an 11.77% increase over the last twelve months as of Q4 2023. This growth is a testament to the company’s sustained innovation and market presence, aligning with the optimistic outlook shared by Nicholas Cumins, the incoming CEO. Furthermore, with a PEG Ratio of 0.59 during the same period, BSY is trading at a low price/earnings-to-growth ratio relative to its near-term earnings growth, suggesting potential for a favorable investment opportunity.

On the flip side, the InvestingPro Tips highlight that BSY is trading at a high Price / Book multiple of 18.59, which may give some investors pause as it suggests the stock could be valued richly in terms of its net assets. However, with five analysts having revised their earnings upwards for the upcoming period and the company predicted to be profitable this year, the overall sentiment seems positive.

For those interested in a deeper analysis, InvestingPro offers additional insights and metrics on Bentley Systems, including their latest market cap of 16.41 billion USD and a P/E ratio of 47.82, which reflects the company’s earnings relative to its share price. Subscribers to the platform can access a more comprehensive list of InvestingPro Tips to further inform their investment decisions. Discover more tips for BSY and consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

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