Infrastructure management software firm BenItley Systems announced late this afternoon that it has confidentially filed an S-1 with the SEC to have its existing Class B common publicly traded.
As I understand it, this would be what is known as a direct listing. Slack is one recent example of a direct listing. It would not be an IPO.
Bentley has kicked the tires of an IPO before, filing in 2002 and 2015, but didn’t proceed to an offering.
2018 revenue was $700 million.
One issue that comes to mind is the China market, which is where much of Bentley’s recent growth has come from.