Benzinga | Mar 30, 2021 12:02PM EDT

Bentley Systems Subsidiary Acquires Ontracks Consulting For Undisclosed Sum

* Bentley Systems Inc's (NASDAQ: BSY) digital integrator business subsidiary, The Cohesive Companies, acquired Canadian IBM Maximo implementer Ontracks Consulting.

* Ontracks specializes in strategic asset management and operational performance improvement for asset-intensive organizations in the energy, utilities, transportation, mining, manufacturing, and government.

* The financial terms of the transaction were not disclosed.

* The Cohesive Companies support the growing demand for enterprise asset management (EAM) and asset lifecycle information (ALIM) environments. The acquisition will consolidate its Maximo business.

* Ontracks offers extensive experience integrating data from IoT sensors, operational technology (OT) systems, and enterprise resource planning (ERP) systems.

* Ontracks recently launched Maximo Fastrack, a turnkey, cloud-based Maximo solution.

* Bentley recently acquired 3D geological modeling and visual data software developer Seequent for $1.05 billion.

* It held cash and cash equivalent of $122 million as of Dec. 31, 2020.

* Price action: BSY shares traded lower by 0.25% at $44.48 on the last check Tuesday.