Bentley Systems, Incorporated (NasdaqGS:BSY) is exploring options that include a sale after attracting acquisition interest, according to people familiar with the matter. Among the companies that have expressed interest in a deal with Bentley are electrical equipment maker Schneider Electric S.E. (ENXTPA:SU) and design software firm Cadence Design Systems, Inc. (NasdaqGS:CDNS) one of the sources said. The Bentley family controls the eponymous company through a special class of shares.

The company has formed a special committee of its board of directors to explore its options, that include an outright sale of the company as well as a joint venture, the sources said. Bentley's shares jumped more than 5% on April 18, 2024 on the news of a potential deal. The sources requested anonymity because the discussions are confidential and cautioned that no deal is certain.

Bentley Systems and Cadence did not immediately respond to requests for comment. Schneider declined to comment. It is entirely possible that other bidders, including Siemens AG which held talks to buy Bentley in 2020 - could emerge, the sources said.

Siemens, which holds a stake in Bentley, has longstanding ties with the company. The two companies signed a strategic alliance in 2016 and expanded on that agreement, two years later to set up an initiative to make joint investments. Bentley chose to proceed with an initial public offering in 2020 after its deal talks with Siemens did not progress, one of the sources said.

As part of its ties with Bentley, Siemens has a right to bid for Bentley, if the latter explores a deal with an interested buyer, one of the sources added. Siemens declined to comment.