William Blair starts Bentley Systems at Outperform on growth drivers

William Blair initiated coverage of Bentley Systems with an Outperform rating. The company has grown to over $1B in revenue, providing an end-to-end software platform that supports both project and asset lifecycles for critical infrastructure projects, the analyst tells investors in a research note. The firm believes Bentley’s total addressable market could potentially grow to more than $30B. It sees an attractive financial profile and believes the company has “several growth levers” to sustain this business momentum for the next several years.