Schneider Electric has released a short statement confirming it has held preliminary talks regarding a “potential strategic transaction” with the software company.
The full Schneider Electric statement says, “Schneider Electric, the global leader in the digital transformation of energy management and automation, confirms that, as part of its continuous exploration of opportunities in furtherance of its One Software strategy, it has been holding discussions with Bentley Systems with regards to a potential strategic transaction. Discussions remain at a preliminary stage regarding a potential transaction, and there is no certainty that any transaction will be agreed upon. No further comment will be made until an update is warranted.”
Bentley Systems did respond to the statement with its own comment, saying “Bentley Systems, Incorporated, the infrastructure engineering software company, acknowledges the public statement made today by Schneider Electric in response to recent market speculation. Bentley does not publicly comment on market rumors or speculation and does not intend to comment on this matter.” Bentley Systems announced earlier this week that it is exploring a sale.
Bentley Systems is a Pennsylvania-based software specialist that has a market value of nearly $16 billion. It describes itself as “an innovative software company to advance the world’s infrastructure – sustaining both the global economy and environment. Our industry-leading software solutions are used by professionals, and organizations of every size, for the design, construction, and operations of roads and bridges, rail and transit, water and wastewater, public works and utilities, buildings and campuses, mining, and industrial facilities.” If the deal is completed, it will be the biggest in Schneider’s history, and the second largest deal ever where a French company acquired a U.S. company, trailing only Sanofil’s $19.1 billion acquisition of drug company Genzyme Corp. in 2011.
The potential deal brings a return to public markets for Schneider’s software business. Back in 2017, Schneider agreed to merge with British software company Aveva, with Schneider placing its software assets into Aveva in exchange for a cash payment and 60% off the company. Schneider took full control of Aveva in January of 2023.
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