Seequent Acquisition, Valuation, Funding & Investors

Seequent was acquired by Bentley Systems for $1.1B in March 2021, a 9.6x multiple on $109M of revenue.

Seequent acquisition price

$1.1B

Acquired by Bentley Systems · Mar 2021

Seequent revenue at acquisition

$109M

Last twelve months · Mar 2021

Seequent revenue multiple at acquisition

9.6x

EV/Revenue · Mar 2021

Key investors in Seequent

  • Pencarrow Private Equity

Seequent Overview

About Seequent

Seequent is a Christchurch, New Zealand-headquartered provider of subsurface modeling software for geologists and engineers. Acquired by Bentley Systems, its Leapfrog suite visualizes geological data for mining, oil and gas, and environmental projects. Seequent's Oasis montaj handles geophysical analysis. The platform supports collaborative workflows across global teams. Solutions address groundwater, tunneling, and carbon storage challenges.


Founded

2003

HQ

New ZealandChristchurch

Status

Acquired

Customer focus

B2B

Revenue model

Subscription

Revenue

$109M (Mar 2021)

Valuation

$1.1B (acquired Mar 2021)

Seequent Acquisition

Seequent was acquired by Bentley Systems for $1.1B on 11 March 2021.

The acquisition price implies a 9.6x revenue multiple on $109M of revenue.

Seequent acquisition details
AcquirerDateTypePriceEV/Revenue
11 Mar 2021Strategic M&A$1.1B9.6x

Seequent Funding History

Seequent has raised 1 funding round.

Seequent funding rounds
DateStageInvestorsDeal Summary
Jul 2014Undisclosed stagePencarrow Private EquityPencarrow Private Equity, through the Pencarrow IV Fund, made a significant minority investment in ARANZ Geo Limited, announced on 31 July 2014, becoming the company's largest single shareholder. The investment was primarily expansion capital. Financial terms were not disclosed and no public enterprise value has been reported for the transaction. ARANZ Geo is a New Zealand developer of 3D geological modelling and visualisation software, best known for its Leapfrog products, used in the mining, hydrogeology and geothermal industries. Its research and development centre and head office were in Christchurch, with support offices across Asia-Pacific, Africa, South America, North America and Europe. Pencarrow managing partner Nigel Bingham chaired the company. ARANZ Geo was renamed Seequent in November 2017. In September 2018 Accel-KKR acquired a controlling stake, providing liquidity to founding and existing shareholders, with Pencarrow retaining a residual holding of about 10%. Accel-KKR sold its majority interest to Bentley Systems in June 2021 in a transaction valued at approximately USD 1.05 billion.

Who has invested in Seequent?

1 investor has backed Seequent across its funding rounds, including Pencarrow Private Equity.


Seequent Investors

Investors in Seequent by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Seequent

Seequent has acquired 8 companies to date.

Last acquisition by Seequent was on October 11th 2023. Seequent acquired Flow State Solutions for undisclosed valuation.


Latest Acquisitions by Seequent

Flow State Solutions
AR2Tech
Minalytix
Imago
Description
Flow State Solutions is a New Zealand-based developer of geothermal simulation software for reservoir modeling and production forecasting. The company specializes in numerical simulators that handle complex subsurface flows in fractured reservoirs, integrating geologic data with well performance metrics. Clients in the energy sector use its tools for field development planning in projects across Indonesia, New Zealand, and the Philippines. Flow State Solutions offers on-premise and cloud-deployed versions with visualization capabilities for temperature, pressure, and phase behavior analysis. Established in 2018, it collaborates with research institutions on advanced heat extraction models.
AR2Tech is a Calgary-based provider of geostatistical software for reservoir characterization in the oil and gas industry. The company develops algorithms integrated into platforms like Petrel and DecisionSpace, enabling probabilistic facies modeling, object-based simulations, and multi-point statistics. Serving major operators worldwide, AR2Tech supports uncertainty quantification in subsurface modeling with tools used in over 50 countries since its founding in 2005.
Minalytix is a Sudbury-based information technology firm specializing in internet services and data analytics. Located in Greater Sudbury, Ontario, Canada, the company offers web development, hosting, and custom software for local businesses. With a focus on mining and healthcare industries prevalent in the region, Minalytix provides analytics platforms that process operational data for efficiency gains, serving over 50 regional clients through its minalytix.net portal.
Imago is a subsurface imaging platform for oil and gas that captures high-quality geological images integrated with machine learning workflows. It displays AI insights during interpretation, offers on-screen masking tools for model training, and maintains a cloud library of annotated geology images for enhanced modeling accuracy.
HQ CountryNew ZealandUnited StatesCanadaUnited States
HQ City
Rotorua
Denver, CO
Sudbury
Phoenix, AZ
Deal Date11 Oct 202313 Dec 202114 Sep 20213 Aug 2021
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Seequent Competitors

Seequent competitors include listed companies like Nagarro and Smarter Microelectronics, and private ones like Imply, Astronomer, Cyberhaven and Immuta.

Public and private companies comparable to Seequent
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NagarroGermanyGermanyPublicly listed$1.2B$134M$1.1B1.2x
ImplyUnited StatesSan Francisco, CAPrivate--$1.1B-
AstronomerUnited StatesNew York City, NYPrivate--$1B-
CyberhavenUnited StatesUnited StatesPrivate--$1B-
ImmutaUnited StatesBoston, MAPrivate--$1B-
Smarter MicroelectronicsChinaChinaPublicly listed$120M($31M)$985M7.8x

Seequent Public Comps

Seequent is no longer listed, but its public comps include Nagarro, Smarter Microelectronics, Lectra, e-Hualu, Zwsoft, Mensch und Maschine, ZUKEN, Addnode Group, Perfect Presentation and Gstarsoft.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Nagarro$1.2B$134M1.2x1.2x10.2x8.0x
Smarter Microelectronics$120M($31M)7.7x7.8x(30.2x)(31.1x)
Lectra$584M$91M1.7x1.7x11.0x11.1x
e-Hualu$69M($310M)24.1x-(5.4x)-
Zwsoft$133M$12M7.4x6.9x79.9x49.1x
Mensch und Maschine$275M$68M2.7x2.6x10.9x9.8x
ZUKEN$277M$51M1.6x1.7x8.9x-
Addnode Group$591M$108M1.5x1.5x8.4x8.2x

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Common questions about Seequent

When was Seequent founded?Seequent was founded in 2003.
Where is Seequent headquartered?Seequent is headquartered in Christchurch, New Zealand.
Is Seequent publicly listed?No, Seequent was acquired by Bentley Systems in March 2021.
Who acquired Seequent?Seequent was acquired by Bentley Systems in March 2021.
How much was Seequent acquired for?Seequent was acquired for $1.1B in March 2021, a 9.6x revenue multiple.
What was Seequent's last funding round?Seequent's last funding round was a undisclosed-stage round in July 2014.
Who are Seequent's investors?Seequent's investors include Pencarrow Private Equity.
Which companies are comparable to Seequent?Companies comparable to Seequent include Nagarro, Imply, Astronomer, Cyberhaven, Immuta and Smarter Microelectronics.
How many companies has Seequent acquired?Seequent has acquired 8 companies, including Flow State Solutions, AR2Tech, Minalytix, Imago and Aarhus GeoSoftware.

See companies similar to Seequent

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