(Reuters) – Infrastructure engineering software maker Bentley Systems Inc said on Thursday it had agreed to buy privately held geological and geophysical modeling software developer Seequent for about $1.05 billion.
Bentley, which makes software for the design and construction of roads, bridges, buildings and campuses, will buy Seequent from investors led by private equity firm Accel-KKR for $900 mln in cash and the rest in stock.
Seequent’s software is used for large-scale projects, including road and rail tunnel construction, groundwater detection, geothermal exploration and subterranean storage of spent nuclear fuel.
The deal is expected to close in the second quarter and will add about 10% to Bentley’s annualized recurring revenue and earnings before interest, taxes, depreciation, and amortization, following the close.
(Reporting by Ankit Ajmera in Bengaluru; Editing by Amy Caren Daniel)