Greg Bentley: Thank you, Kristen. We do think there’s a great opportunity in what we call integrated grid, which is putting together from a physical grid standpoint, the communications infrastructure, that’s increasingly 5G and as well as towers and it’s shared use with electrical transmission and distribution, and that’s where a lot of our integrated grid efforts have focused on the physical side. EasyPower comes in on the modeling and analysis side. But as to a grid there’s a portion, if you like that belongs to the utility. And then we say behind the meter is the portion that belongs to the major power user and EasyPower has focused to date, mainly, not entirely, but mainly behind the meter. But what goes on behind the meter is increasingly a mix of what we call distributed energy resources.
So its facilities that are starting to have some solar starting even to have some wind and some battery storage. And therefore, for every industrial or commercial or mining facility, however, engineering is never done. It constantly needs to be modeled and updated through a digital twin. And that’s where EasyPower comes in because it’s much more approachable and accessible to make part of a digital twin. So it’s an excellent acquisition for us. We will need ultimately to extend this to all aspects of the integrated grid, but we’re going to focus on this distributed energy resource opportunity behind the meter, most immediately with EasyPower.
Kristen Owen: There we go. Thank you. Apologies for that. So my follow-up question is really a follow-up to the prior, which is you have EasyPower now that you’ve tucked in this year. Should we think about you returning to that historical point to 1.5 points of programmatic acquisitions contributing to ARR growth this year? And if you could speak to the valuation backdrop in your M&A pipeline, that would be helpful? Thank you.
Greg Bentley: Well, it went significantly below 1% during 2022. And so I think it’d be ambitious to get above 1%, I’m sure why deals of our, I mean, we’re disciplined about valuation, of course but we’d be glad to get back to 1%, if you ask me.
Kristen Owen: Thank you so much.
Eric Boyer: Next question comes from Andrew DeGasperi from Berenberg.
Andrew DeGasperi: Taking my questions; first, congratulations to Keith and David as well as Julien on the promotion. Maybe, Greg, could you elaborate a little bit on the digital twin impact getting embedded in terms of the software more broadly? Is there like a time line that you have in mind on whether that could happen? And then I have a follow-up. Thanks.
Greg Bentley: Well, we announced in November a Year in Infrastructure 2022, Bentley Infrastructure Cloud, which brings the iTwin Platform and the iTwin Schema to project-wise, Seequent and Asset Life. That leaves the two-thirds of our portfolio, the modeling and simulation applications for the focus that Keith talked about. And maybe I’ll just say this that it’s easier to stop for Keith to stop getting paid than it is to stop working, and he made a commitment to our users. But I think it’s very significant. He said before the year is out in 2023 we’ll have the modeling and simulation users also benefiting in their applications from becoming data centric from €“ in creating their deliverables that they do now. They’ll also be creating an eye model that can be referenced in query for analytics, machine learning and so forth, right out there needing to change what they do.
