NoteVault, Inc Acquired by Bentley Systems

NoteVault Inc.
Bentley Advancing Infrastructure

NoteVault, Inc Acquired by Bentley Systems

Deal Financials



Transaction Overview

  • On June 3, 2020 Bentley Systems announced its acquisition of NoteVault, Inc, an award winning mobile SaaS provider of voice-based field automation for construction management. True Blue Partners was the exclusive financial advisor to NoteVault in this transaction.
  • Bentley Systems is a leading global provider of software solutions for the design, construction, and operations of heavy civil infrastructure
  • Bentley Systems employs more than 3,500 colleagues and generates annual revenues of more than $700 million in 172 countries
  • Further details are available in the Company press release here

Strategic Importance of the Transaction

  • Voice enabled technology with Augmented Reality (AR) applications is the future. Natural Language Processing (NLP) is the next frontier of technology innovation. The big challenge with NLP is the lack of clean, labelled data. Cutting edge Artificial Intelligence (AI) algorthms developed by Microsoft and Google require high quality data from a specific domain to have commercial potential
  • NoteVault’s voice enabled technology replaces impractical solutions that do not work in the harsh conditions on construction sites. The Data Science Team at NoteVault has been leveraging historical data and NLP/AI technologies to research predictive scheduling and risk & safety assessment through sentiment analysis
  • This transaction proves that strategic transactions for differentiated technology companies well positioned in the marketplace are continuing to happen despite the uncertainty and overhang of COVID-19
  • Acquisitions like this will pave the way for potentially transformational AI tools in construction technology
  • As outlined in the Bentley’s press release the addition of NoteVault further extends the value of Bentley’s digital twin cloud services across construction management, enabling projects to combine immersive 4D models of the construction,enabling more data driven management of cost, schedule, and risk, leading to better project outcomes

An Entrepreneur’s Successful Journey

  • Peter Lasensky founded NoteVault – right about the time iPhone was introduced – to leverage mobile phone’s ability to capture notes in the field using voice.
  • Prior to that he was founder and CEO of Pacific DataVision that developed the technology that powered Nextel’s differentiated two way radio offering over cell phones and in establishing the Push-to-Talk radio network.
About True Blue Partners, LLC
True Blue Partners is a boutique M&A advisory firm that serves lower mid-market enterprise software, service and solutions companies. It brings the rigorous strategic and financial perspective of bulge bracket firms with a company building approach and a steadfast partnership that only an independent boutique firm can deliver. For more information please visit or email us at

TBP was the exclusive financial advisor to NoteVault on this transaction