- Companies
- Seequent
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 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
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
Website
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.
| Acquirer | Date | Type | Price | EV/Revenue |
|---|---|---|---|---|
| 11 Mar 2021 | Strategic M&A | $1.1B | 9.6x |
Seequent Funding History
Seequent has raised 1 funding round.
| Date | Stage | Investors | Deal Summary |
|---|---|---|---|
| Jul 2014 | Undisclosed stage | Pencarrow Private Equity | Pencarrow 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
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Start Free TrialAcquisitions 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
| 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 Country | |||||
| HQ City | Rotorua | Denver, CO | Sudbury | Phoenix, AZ | |
| Deal Date | 11 Oct 2023 | 13 Dec 2021 | 14 Sep 2021 | 3 Aug 2021 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Seequent acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Seequent Competitors
Seequent competitors include listed companies like Nagarro and Smarter Microelectronics, and private ones like Imply, Astronomer, Cyberhaven and Immuta.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.2B | $134M | $1.1B | 1.2x | ||
| Private | - | - | $1.1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Private | - | - | $1B | - | ||
| Publicly listed | $120M | ($31M) | $985M | 7.8x |
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 FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.2B | $134M | 1.2x | 1.2x | 10.2x | 8.0x | |||
| $120M | ($31M) | 7.7x | 7.8x | (30.2x) | (31.1x) | |||
| $584M | $91M | 1.7x | 1.7x | 11.0x | 11.1x | |||
| $69M | ($310M) | 24.1x | - | (5.4x) | - | |||
| $133M | $12M | 7.4x | 6.9x | 79.9x | 49.1x | |||
| $275M | $68M | 2.7x | 2.6x | 10.9x | 9.8x | |||
| $277M | $51M | 1.6x | 1.7x | 8.9x | - | |||
| $591M | $108M | 1.5x | 1.5x | 8.4x | 8.2x | |||
This data is available for Pro users. Sign up to see all Seequent competitors and their valuation data. Start Free Trial | ||||||||
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. |
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