Bentley Systems makes software for infrastructure engineers — the tools used to design, build, and operate physical infrastructure including roads, bridges, rail networks, water systems, power grids, tunnels, and industrial plants. Customers are roughly split between engineering and construction firms (~52% of revenue), which use Bentley software as the primary tool to deliver engineering work, and infrastructure owner-operators (~48%), such as government agencies, utilities, and industrial companies, which use Bentley software to manage assets through their operating lives. Bentley sells primarily through a direct sales force (~94% of revenue), with a smaller e-commerce channel (Virtuosity) serving SMBs. Bentley's core product areas include domain-specific desktop modeling tools (road, bridge, rail, water, structural, and plant design), Seequent (subsurface and geoscience modeling for mining and energy), Bentley Infrastructure Cloud (enterprise project and asset data management), and an emerging Asset Analytics business applying AI and digital twins to infrastructure inspection and monitoring. About 92% of revenue is subscription-based. The primary commercial model for large accounts is E365, a consumption-based subscription with multi-year contracts and annual escalators of ~10%, providing strong revenue visibility. Bentley tracks net revenue retention of ~109-110%, with roughly half coming from contractual price escalation and half from volume and product mix expansion. Bentley also grows through SMB logo additions via Virtuosity and programmatic acquisitions of small software companies, supplemented by occasional larger platform deals.