Bentley Systems (BSY) a name with unusual 3000 February $55 calls bought in open interest as 1000 bought on 9/10 at $1.55 adding to the 2000 bought on 9/5 at $1.85. BSY will report this week, 11/7, before the market open and the action interesting because it was being pursued in M&A by Schneider Electric but an agreement was not reached. With Siemens having finalized a deal for peer Altair (ALTR) last week, it is possible BSY remains in play as an acquisition target.

Bentley Systems is an infrastructure engineering software company. Public Works and Utilities account for 58% of its ARR, Resources 26% and Industrial 10%. Its software encompasses conception, planning, surveying, design, engineering, and construction, as well as the collaboration required to coordinate and share the work of interdisciplinary and/or distributed project teams. Modeling and Simulation account for a majority of its revenues, an area where ANSYS (ANSS) was recently bought out.

BSY shares have traded in a narrow range since mid-2023 in the $45-$55 zone. BSY has a market cap of $14.7B and trades 40.15X Earnings and 11.6X EV/Sales with revenues seen rising 11% in 2025, certainly pricey on valuation but a strategic asset.