Christchurch-based company Seequent, known for earth modelling software among other things, has been snapped up by Nasdaq-listed engineering software company Bentley Systems for US$1.05 billion ($1.45b).

The acquisition, subject to New Zealand Overseas Investment Office approval, would see the company continue to operate as a standalone business unit within Bentley.

Seequent is a New Zealand success story, having grown from one employee in 2004 to 173 New Zealand staff and a total of 430 globally today.

Seequent is 75 per cent owned by US private investor Accel-KKR Capital Partners following a reported $100m equity raising deal in 2018. Wellington-based Pencarrow Private Equity holds a 9 per cent stake with Maloney retaining 3.5 per cent.

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Source: Star News