Bentley Systems’ Seequent Snaps up Aarhus GeoSoftware

Bentley Systems, Incorporated (BSY) announced that its recently acquired company, Seequent Holdings, has bought Aarhus GeoSoftware, a Danish geophysical software firm, to strengthen its expertise in subsurface projects. The financial terms of the deal have been kept under wraps.

Shares of BSY, an infrastructure engineering software company, have jumped 97% over the past year. (See BSY stock charts on TipRanks)

Last month, Bentley Systems completed the acquisition of Seequent Holdings Limited for a total cash consideration of $900 million and 3.1 million BSY shares.

Seequent provides 3D modeling for the geoscience industry. It develops and serves crucial geoscience analysis, modeling, and collaborative technologies for organizations in more than 100 countries.

Aarhus GeoSoftware has been spun off from the Aarhus University in Denmark. It develops the processing, inversion, and visualization software packages, Workbench and SPIA, for geophysical data from electromagnetic and electrical instruments.

The addition of Aarhus GeoSoftware will enhance Seequent’s Leapfrog capabilities and increase its proficiency in groundwater management and various other projects dealing with exploration, contaminants, and infrastructure resilience.

Seequent also intends to collaborate with universities and research organizations across the world through Aarhus University for further enhancement of geophysical solutions.

Mizuho Securities analyst Matthew Broome recently increased the price target from $53 to $74 (12.5% upside potential) and reiterated a Buy rating.

Broome increased his price target based on his expectations of strong momentum and improved infrastructure spending under the Biden administration.

Overall, the stock has a Strong Buy consensus rating based on 4 Buys and 1 Hold. The average Bentley Systems price target of $57.20 implies 13% downside potential from current levels.

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