VANCOUVER, British Columbia - Bentley Systems, Incorporated (NASDAQ:BSY), a global provider of infrastructure engineering software, has introduced a new AI-powered application for civil site design named OpenSite+, which promises to enhance productivity and accuracy in civil engineering projects.
OpenSite+ is reportedly the first civil engineering application to utilize generative AI for site design, enabling engineers to swiftly design residential, commercial, and industrial sites. The software is designed to increase efficiency by automating repetitive tasks, allowing engineers to focus on more complex aspects of design.
The application offers a range of features including a design copilot that allows for natural language interaction and real-time design changes, layout optimization that suggests alternative designs, and automated drawing production that can accelerate drawing tasks by up to 10 times.
Bentley's chief product officer, Mike Campbell, emphasized the revolutionary potential of generative AI in infrastructure design, suggesting that OpenSite+ is an example of how Bentley is applying AI to improve design and project delivery.
Joe Viscuso, senior vice president and director of Strategic Growth at Pennoni, an early adopter of the software, described OpenSite+ as a "game-changer" that streamlines workflow and enhances accuracy, leading to faster project completion with superior results.
OpenSite+ is built on Bentley’s iTwin platform and is a digital twin-native product, enabling seamless collaboration and data-centric workflows. It is part of a new generation of Bentley Open Applications that combine desktop responsiveness with cloud-based application benefits.
The application is currently available for early access by North American site engineering firms.
Bentley Systems, known for its innovative software solutions for the design, construction, and operations of various infrastructure, generates annual revenues exceeding $1 billion with a workforce of over 5,200 colleagues worldwide.
This new product launch is based on a press release statement from Bentley Systems.
In other recent news, Bentley Systems, Incorporated reported robust Q2 2024 results, with an 11% annual recurring revenue (ARR) growth and significant increases in recurring subscription revenues. Despite challenges in China and its Cohesive digital integrated business, the company maintained strong profitability and cash flow. Bentley Systems also announced a Q3 2024 cash dividend of $0.06 per share, reflecting its financial health and commitment to shareholders.
The company recently made strategic moves to strengthen its position in the infrastructure engineering software market. Bentley Systems acquired 3D geospatial company Cesium, integrating Cesium's robust 3D geospatial data capabilities into its iTwin platform. This acquisition is expected to allow developers to align 3D geospatial data with subsurface, IoT, reality, and enterprise data, creating comprehensive digital twins from infrastructure networks to individual asset details.
Furthermore, Bentley Systems forged a strategic partnership with tech giant Google (NASDAQ:GOOGL). This alliance aims to integrate Google's geospatial data into Bentley's software and digital twin platform, providing real-world context and immersive 3D experiences within digital workflows. The partnership also includes the use of Google's artificial intelligence (AI) and analytics, as well as cloud technologies, to address critical challenges such as climate risk mitigation and maintenance of aging infrastructure.
In terms of future expectations, Bentley Systems anticipates ARR growth driven by E365 renewals, new logos in the SMB segment, and asset analytics deals. The company also plans to continue its adoption of digital twin technology across its portfolio. These recent developments provide a glimpse into the company's strategic direction and growth plans.
InvestingPro Insights
Bentley Systems' introduction of OpenSite+, an AI-powered application for civil site design, aligns with the company's strong financial performance and market position. According to InvestingPro data, Bentley Systems boasts a market capitalization of $15.56 billion, reflecting its significant presence in the infrastructure engineering software sector.
The company's impressive gross profit margin of 80.36% for the last twelve months as of Q2 2024 underscores its ability to maintain high profitability in its software offerings. This robust margin is highlighted as one of the InvestingPro Tips, indicating Bentley's strong pricing power and efficient cost management in developing innovative solutions like OpenSite+.
Moreover, Bentley Systems has demonstrated solid revenue growth, with a 11.32% increase in quarterly revenue as of Q2 2024. This growth trajectory supports the company's continued investment in cutting-edge technologies such as generative AI for infrastructure design.
InvestingPro Tips also point out that Bentley Systems is trading at a low P/E ratio relative to its near-term earnings growth, suggesting potential undervaluation despite its high earnings multiple. This could indicate that the market has not fully priced in the potential impact of innovations like OpenSite+ on the company's future earnings.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 11 more InvestingPro Tips available for Bentley Systems, providing a deeper understanding of the company's financial health and market position.
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