Exton-based Bentley Systems is considering going public, writes Joseph DiStefano for The Philadelphia Inquirer.
The construction software firm said it has “confidentially submitted a draft registration statement on form S-1 with the Securities and Exchange Commission” relating to listing its Class B common shares on the stock market.
The company also said that “the public listing is expected to take place after the SEC completes its review process, subject to market and other conditions.”
Bentley Systems was founded 36 years ago and is owned by the five Bentley brothers. It has 3,500 employees and $700 million in yearly sales in 170 countries.
Still, there is no guarantee a share sale will actually take place. In 2004, Wawa faced a similar situation when the McNeil Family Foundation wanted to sell some of the shares it had acquired in the 1990s from one of the founding members of the Wood family. However, the Wood family did not want to go public and the sale never actually took place.
Also, Bentley Systems has already flirted with the idea of going public several times before and has even submitted the same form before, then decided to withdraw it.
Read more about Bentley Systems in The Philadelphia Inquirer here.