Bentley Systems' results for 2002 revealed revenues rising by 14% to $230 million, sustained and increased profitability, expansion of its subscription licensing program, and future-growth investments including verticalisation and several strategic acquisitions.

"Despite global economic factors, 2002 was successful for Bentley," said Greg Bentley, CEO of the company. "Our positive financial indicators affirm the increasing value of our solutions to users and the merits of our subscription-based business model. Moreover, our expanded market presence and corporate resources allowed us to attract and complete strategic acquisitions."

Other 2002 financial highlights:

* After normalising for acquired business and currency translations, the company's organic revenue growth approximated 6%.

* Cash generated from operations increased by 20% to over $42 million.

* 405 accounts each invested more than $100,000 in Bentley products and services during the year, an increase of 65 accounts over 2001.

* No single account represented more than 1% of revenue.

* Among the top three providers listed in market research firm Daratech's new architecture/engineering/construction/operations (A/E/C/O) rankings, Bentley is the only one with positive corporate revenue growth in reports for 2002.

Strategic acquisitions

The company recently completed the acquisition of Infrasoft Corporation, a global software and services company with operations based in the UK.

Other recent acquisitions have reinforced Bentley's vertical resources and strengthened its vertical product portfolios. These acquisitions include Rebis and WorkPlace Wisdom for Bentley Plant; the Department of Transportation Division of TransDecisions, for Bentley Civil; and Cadac.

Combined, these transactions contribute over 225 domain experts and over

$35 million in annual revenue to Bentley. Company headcount is now approximately 1500.

For more information contact Bentley Systems, 011 462 5811.