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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
NETGURU, INC.
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
64111K107
(CUSIP Number)
David G. Nation
Bentley Systems, Incorporated
685 Stockton Drive
Exton, Pennsylvania 19341-0678
(610) 458-5000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 19, 2005
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. o
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
TABLE OF CONTENTS
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CUSIP No. 64111K107 |
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1. |
Name of Reporting Person: Bentley Systems, Incorporated |
I.R.S. Identification Nos. of above persons (entities only):
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2. |
Check the Appropriate Box if a Member of a Group (See Instructions): |
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(a) |
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(b) |
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3. |
SEC Use Only: |
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4. |
Source of Funds (See Instructions): Not applicable |
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5. |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e): o |
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6. |
Citizenship or Place of Organization: Delaware |
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Number of Shares Beneficially Owned by Each Reporting Person With |
7. |
Sole Voting Power: 0 |
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8. | Shared Voting
Power: 6,586,700 shares* |
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9. | Sole Dispositive Power: 0 |
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10. | Shared Dispositive Power: 0 |
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11. | Aggregate Amount
Beneficially Owned by Each Reporting Person: 6,586,700 shares* |
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12. | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions): o |
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13. | Percent of Class
Represented by Amount in Row (11): 34.1%* |
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14. | Type of Reporting Person (See Instructions): CO |
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*Beneficial ownership of the common stock, par value $0.1 per share, of netguru, Inc. (the
Common Stock) referred to herein is being reported hereunder solely because the reporting
person may be deemed to have beneficial ownership of such Common Stock as a result of the Voting
Agreements described in Items 3 and 6 hereof. Neither the filing of this Schedule 13D nor any of
its contents shall be deemed to constitute an admission by the reporting person that it is the
beneficial owner of any Common Stock referred to herein for purposes of Section 13(d) of the
Securities Exchange Act of 1934, as amended, or for any other purpose, and such beneficial
ownership is expressly disclaimed. The aggregate number of shares and percent of class reported
reflects 200,000 shares issuable upon exercise of outstanding options or warrants as more
particularly described in Item 5 hereof.
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Item 1. Security and Issuer.
This statement on Schedule 13D (the Statement) relates to the shares of common
stock, $0.01 par value (the Shares), of netguru, Inc., a Delaware corporation (the
Company), with its principal place of business at 22700 Savi Ranch Parkway, Yorba Linda,
CA 92887.
Item 2. Identity and Background.
This Statement is being filed by Bentley Systems, Incorporated, a Delaware corporation (the
Reporting Person). The address of the Reporting Persons principal office is 685
Stockton Drive, Exton, PA 19341-0678. The Reporting Persons principal business is providing
collaborative software solutions that enable users to create, manage and publish architectural,
engineering and construction content. Attached as Schedule I hereto and incorporated herein by
reference is a list containing the (a) name, (b) residence or business address, (c) present
principal occupation or employment, and (d) the name, principal business, and address of any
corporation or other organization in which such employment is conducted, of each director and
executive officer of the Reporting Person. To the knowledge of the Reporting Person, each of the
persons listed on Schedule I is a citizen of the United States.
To the knowledge of the Reporting Person, neither the Reporting Person nor any person listed
on Schedule I has during the last five years been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of such proceeding was or is subject
to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities laws or finding any violation with respect to
such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The Reporting Person has entered into voting agreements with certain stockholders of the
Company (as further described in Item 6 below, the Voting Agreements). The Voting
Agreements were entered into as an inducement and condition to, and in partial consideration for,
the Reporting Persons execution and delivery of the Asset Purchase Agreement (as defined in Item 4
below), and the Reporting Person did not pay any additional consideration in connection with the
execution and delivery of the Voting Agreements. As a result of the provisions of the Voting
Agreements, the Reporting Person may be deemed to be the beneficial owner of the Shares that are
the subject of the Voting Agreements. The Reporting Person anticipates that it will fund the
transactions contemplated by the Asset Purchase Agreement by use of cash on hand and/or existing
credit facilities.
Item 4. Purpose of Transaction.
The Company and the Reporting Person have entered that certain Asset Purchase Agreement,
dated as of August 19, 2005 (the Asset Purchase Agreement), providing for the sale of
assets relating to the Companys Research Engineers International (REI) business and
STAAD product lines to the Reporting Person upon the satisfaction of certain conditions contained
in the Asset Purchase Agreement (the Sale). Upon consummation of the Sale, the Company
will be subject to certain restrictions upon its activities for three years under the terms of the
Asset Purchase Agreement. Such restrictions include, but are not limited to, a prohibition upon
the Company and its affiliates from owning, managing, marketing, operating, controlling, consulting
with, participating in, or being connected in any manner, directly or indirectly, with the
ownership, management, operation or control of any business that engages, directly or indirectly,
in any business that is the same or similar to the business of developing, marketing, distributing
and licensing structural, civil and piping engineering software products and services (and the
performance of maintenance and other services associated with such products) used in the worldwide
architecture, engineering and construction markets as such business
is conducted by the
Companys REI division. After consummation of the Sale, the Company will
retain its collaborative software operations and products, including eReview and ForReview,
and its information technology and engineering business process outsource services business.
Consummation of the transactions contemplated by the Asset Purchase Agreement by the Company
and the Reporting Person is subject to certain conditions, including the approval of the
stockholders of the Company in accordance with the Asset Purchase Agreement. The Asset Purchase
Agreement (a) obligates the board of directors of the Company to recommend unanimously in the proxy
statement filed with the United States Securities and Exchange Commission (the SEC) in
connection with the stockholder meeting with respect to the Sale that the Companys stockholders
vote to approve the Sale and (b) prohibits the Company and its officers, directors, employees,
representatives or agents from taking certain actions with respect to potential transactions with
persons other than the Reporting Person unless the board of directors by a majority vote determines
that withdrawing or modifying such recommendation in a manner adverse to the Reporting Person, or
failing to take such action, would constitute a breach of the boards fiduciary duty to the
stockholders of the Company.
A copy of the Asset Purchase Agreement is filed as Exhibit 1 hereto by reference to Exhibit
10.1 to the Current Report of the Company filed with the SEC on Form 8-K on August 24, 2005, and is
incorporated herein by reference. The summary of the Asset Purchase Agreement contained in this
Statement is qualified in its entirety by reference to such Exhibit.
Other than as set forth in this Statement, including the Asset Purchase Agreement attached
hereto as Exhibit 1, the Reporting Person has no present plans or intentions that would result in
or relate to any of the transactions described in subparagraphs (a) through (j) of Item 4 of
Schedule 13D of the Securities Exchange Act of 1934, as amended (the Act). The Reporting
Person reserves its right to change its intentions and to develop plans or proposals that could
result in any of the types of transactions described in such paragraphs.
Item 5. Interest in Securities of the Company.
(a) and (b) Based upon information provided by the Company in its Form 10-QSB filed with the
SEC on August 15, 2005, the number of Shares outstanding on August 10, 2005 was 19,117,154. As a
result of the Voting Agreements, for the purposes of Rule 13d-3 under the Act, the Reporting Person
may be deemed to beneficially own 6,586,700 Shares (including 200,000 Shares issuable upon the
exercise of options or warrants held by Santanu Das (Das) (such options or warrants, the
Das Options)), which represents approximately 34.1% of the Shares outstanding or deemed
outstanding as of August 10, 2005. The Reporting Person and the persons listed on Schedule I
disclaim beneficial ownership of all such Shares. As a result of the Voting Agreements, the
Reporting Person may be deemed to share voting power with respect to 6,386,700 outstanding Shares
and 200,000 Shares issuable upon exercise of the Das Options.
(c) Except as described in this Statement, during the past 60 days there have been no other
transactions in the Shares effected by the Reporting Person or, to the knowledge of the Reporting
Person, the persons listed on Schedule I.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the
Company.
The matters set forth in Item 4 above are incorporated in this Item 6 by reference as if fully
set forth herein.
The Reporting Person has entered that certain Voting Agreement dated as of August 19, 2005
with Peter K. Kellogg (Kellogg) and that certain Voting Agreement dated as of August 19,
2005 with Das (each, a Voting Agreement and collectively, the Voting
Agreements). Pursuant to the Voting Agreements, each of Kellogg and Das has covenanted to
vote all of the Shares subject to his respective Voting Agreement (a) in favor of the Sale and
against (b) any proposal that would result in a breach by
the Company of the Asset Purchase Agreement and (c) any proposal made in opposition to, or in competition with, consummation of the
Sale and the other transactions contemplated by the Asset Purchase Agreement. Each of Kellogg and
Das has delivered to the Reporting Person an irrevocable proxy appointing certain officers of the
Reporting Person as the sole and exclusive attorneys and proxies, with full power of substitution
and resubstitution, and authorizing and empowering such officers at any time prior to the
Expiration Date (as defined below) to vote, and to exercise all voting and related rights with
respect to, the Shares subject to the Voting Agreements in accordance with the Voting Agreements.
The Expiration Date is the earlier to occur of such date and time as (x) the Asset
Purchase Agreement has been validly terminated pursuant to its terms, or (y) the Sale is
consummated in accordance with the Asset Purchase Agreement.
Pursuant to the Voting Agreements, each of Kellogg and Das has covenanted not to, after
execution and delivery of the Voting Agreement and prior to the Expiration Date, directly or
indirectly, (i) cause or permit the Transfer (as defined below) of any Shares subject to his
respective Voting Agreement or discuss, negotiate or make any offer regarding any Transfer of any
such Shares; (ii) grant any proxies or powers of attorney with respect to any such Shares, deposit
any of such Shares into a voting trust or enter into a voting agreement or other similar commitment
or arrangement with respect to any such Shares in contravention of the Voting Agreements; (iii)
request that the Company register the Transfer of any certificate or uncertificated interest
representing any of such Shares; or (iv) take any action that would make any representation or
warranty in the respective Voting Agreement of each of Kellogg and Das untrue or incorrect, or have
the effect of preventing or disabling Kellogg or Das, respectively, from performing any of his
obligations under the Voting Agreements other than to a signatory under the Voting Agreements in
the case of (i), (ii) or (iii). A Transfer of a security is deemed under the Voting
Agreements to have been effected by a person if such person directly or indirectly (1) offers for
sale, sells, assigns, pledges, encumbers, grants an option with respect to, transfers or otherwise
disposes of such security or any interest therein, or (2) enters into an agreement, commitment or
other arrangement providing for the sale of, assignment of, pledge of, encumbrance of, granting of
an option with respect to, transfer of or disposition of such security or any interest therein.
A party to a Voting Agreement who is both a stockholder and a director or officer of the
Company is not prohibited by anything in the Voting Agreement from acting in his capacity as a
director or officer or from taking such action that may be required on the part of such person as a
director or officer of the Company. The Voting Agreements terminate automatically as of the
Expiration Date.
Copies of the Voting Agreements with Kellogg and Das are filed as Exhibit 2 and Exhibit 3
hereto, respectively, and are incorporated herein by reference. The summary of the Voting
Agreements contained in this Statement is qualified in its entirety by reference to such Exhibits.
Item 7. Material Filed as Exhibits.
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Exhibit 1. |
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Asset Purchase Agreement, dated as of August 19, 2005, by and between netguru,
Inc. and Bentley Systems, Incorporated (incorporated herein by reference to Exhibit
10.1 to the Companys Current Report on Form 8-K filed with the SEC August 24, 2005). |
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Exhibit 2. |
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Voting Agreement and Irrevocable Proxy, dated as of August 19, 2005, by and
between Peter R. Kellogg and Bentley Systems, Incorporated (incorporated herein by reference to
Exhibit 10.3 to the Companys Current Report on Form 8-K filed with the SEC August 24,
2005). |
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Exhibit 3. |
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Voting Agreement and Irrevocable Proxy, dated as of August 19, 2005, by and
between Santanu Das and Bentley Systems, Incorporated (incorporated herein by reference to
Exhibit 10.4 to the Companys Current Report on Form 8-K filed with the SEC August 24,
2005). |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the
information set forth in this statement is true, complete and correct.
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BENTLEY SYSTEMS, INCORPORATED
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By: |
/s/ David G. Nation
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Name: |
David G. Nation |
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Title: |
Senior Vice President |
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Dated:
August 26, 2005
Schedule I
DIRECTORS AND EXECUTIVE OFFICERS
OF
BENTLEY SYSTEMS, INCORPORATED
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Name, address and |
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principal business |
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of organization in |
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Present principal |
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which occupation or |
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Residence or |
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occupation or |
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employment is |
Name |
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business address |
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employment |
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conducted |
Directors |
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Gregory S. Bentley
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685 Stockton Drive,
Exton, PA 19341
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Chairman of the Board,
Chief Executive Officer
and President
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
Keith A. Bentley
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685 Stockton Drive,
Exton, PA 19341
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Chief Technology Officer
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
Barry J. Bentley
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685 Stockton Drive,
Exton, PA 19341
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Executive Vice President
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
Kirk B. Griswold
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950 West Valley
Road, Suite 2902,
Wayne, PA 19087
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Vice President of the
General Partner of
Argosy Partners II,
L.P.
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Argosy Partners II,
L.P.; 950 West
Valley Road, Suite
2902, Wayne, PA
19087; investing in
portfolio
companies. |
Executive
Officers |
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Raymond Bentley
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685 Stockton Drive,
Exton, PA 19341
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Executive Vice President
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
Richard Bentley
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685 Stockton Drive,
Exton, PA 19341
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Executive Vice President
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
George Church
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685 Stockton Drive,
Exton, PA 19341
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Senior Vice President,
Professional Services
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
Alton B. Cleveland Jr.
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685 Stockton Drive,
Exton, PA 19341
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Senior Vice President,
Bentley Software
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
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Name, address and |
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principal business |
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of organization in |
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Present principal |
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which occupation or |
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Residence or |
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occupation or |
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employment is |
Name |
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business address |
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employment |
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conducted |
Ted Lamboo
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685 Stockton Drive,
Exton, PA 19341
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Senior Vice President,
International Operating
Unit
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
David G. Nation
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685 Stockton Drive,
Exton, PA 19341
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Senior Vice President
of Corporate Affairs,
General Counsel and
Secretary
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
Malcolm Walter
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685 Stockton Drive,
Exton, PA 19341
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Senior Vice President
and Chief Operating
Officer
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
Gabriel Norona
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685 Stockton Drive,
Exton, PA 19341
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Senior Vice President,
Bentley Civil
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
Jeffrey Hollings
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685 Stockton Drive,
Exton, PA 19341
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Senior Vice President,
Bentley Plant
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
Bhupinder Singh
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685 Stockton Drive,
Exton, PA 19341
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Senior Vice President,
Platform Development
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
John Riddle
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685 Stockton Drive,
Exton, PA 19341
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Senior Vice President
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
Richard Fiery
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685 Stockton Drive,
Exton, PA 19341
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Treasurer
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Bentley Systems,
Incorporated; 685
Stockton Drive,
Exton, PA 19341;
providing
collaborative
software solutions
that enable users
to create, manage
and publish
architectural,
engineering and
construction
content. |
EXHIBIT
INDEX
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Exhibit 1. |
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Asset Purchase Agreement, dated as of August 19, 2005, by and between netguru,
Inc. and Bentley Systems, Incorporated (incorporated herein by reference to Exhibit
10.1 to the Companys Current Report on Form 8-K filed with the SEC August 24, 2005). |
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Exhibit 2. |
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Voting Agreement and Irrevocable Proxy, dated as of August 19, 2005, by and
between Peter R. Kellogg and Bentley Systems, Incorporated (incorporated herein by reference to
Exhibit 10.3 to the Companys Current Report on Form 8-K filed with the SEC August 24,
2005). |
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Exhibit 3. |
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Voting Agreement and Irrevocable Proxy, dated as of August 19, 2005, by and
between Santanu Das and Bentley Systems, Incorporated (incorporated herein by reference to
Exhibit 10.4 to the Companys Current Report on Form 8-K filed with the SEC August 24,
2005). |