tiprankstipranks
Bentley Systems Snaps Up SPIDA to Accelerate its Grid Resilience
Market News

Bentley Systems Snaps Up SPIDA to Accelerate its Grid Resilience

Bentley Systems (BSY) inked a deal to acquire SPIDA Software to improve its grid performance and resilience. The financial terms of the deal have been kept under wraps.

Shares of the infrastructure engineering software company have jumped 89.4% over the past year. (See BSY stock analysis on TipRanks)

SPIDA is a leader in utility pole structure management and provides modelling, simulation, and data management software solutions to electric and communications utilities in the U.S. and Canada.

The addition of SPIDA will be a good fit for Bentley’s OpenUtilities engineering software and grid digital twin cloud services. The combination will help address the various challenges faced in transitioning to new renewable energy sources and enhance Bentley’s capabilities with respect to utility pole networks and structures.

Alan Kiraly, SVP of asset and network performance at Bentley Systems, commented, “As the rapid expansion of renewable energy sources and greater demand created by electric vehicles increasingly stresses our grid infrastructure, and for 5G-enabled broadband rollout, grids’ utility poles are ‘priceless’ for sustainably advancing infrastructure.”

The deal is not expected to have any material impact on Bentley’s earnings.

Mizuho Securities analyst Matthew Broome recently increased the price target from $53 to $74 (16.7% upside potential) and reiterated a Buy rating.

Broome is positive on the stock based on his expectations of the pending acquisition of Seequent, positive momentum, and a favourable environment for infrastructure spending under the Biden administration.

Overall, the stock has a Strong Buy consensus rating based on 4 Buys and 1 Hold. The BSY average analyst price target of $57.20 implies 9.82% downside potential from current levels.

Related News:
United Airlines Launches Corporate Venture Capital Fund; Shares Drop 1.7%
Medtronic Receives FDA Approval for Neurostimulator; Shares Rise 1.4%
Occidental Petroleum Divests Non-Strategic Permian Basin Acreage for $508 Million

Trending

Name
Price
Price Change
S&P 500
Dow Jones
Nasdaq 100
Bitcoin

Popular Articles