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Bentley withdraws IPO registration

September 16, 2002 – Bentley Systems, Incorporated, has announced that it has applied to the Securities and Exchange Commission to withdraw its April 23 registration statement for its proposed initial public offering.

“In the face of a market that has now apparently turned outright hostile to software company IPO’s, Bentley has decided to remove the distractions and restrictions that accompany the IPO process and focus instead on managing our business which continues its growth and profitability,” said Greg Bentley, CEO of Bentley. “Bentley management remains confident in the Company’s prospects and plans to reconsider the IPO when appropriate market conditions eventually return.”