Naviam, the IBM Maximo software and services provider formed from seven asset-management businesses in April 2025, has agreed to acquire Cohesive from Bentley Systems, an infrastructure engineering software company.
The agreement is the latest step in Naviam’s expansion since its launch. The company acquired Maximo specialists ZNAPZ and Sharptree in June 2025 before buying Latin American technology consultancy Solex in April 2026.
Cohesive would add another business assembled through acquisitions. Bentley formed The Cohesive Companies in 2020 after buying Atlanta-based Cohesive Solutions and adding its AssetWise services team. It subsequently acquired transport asset-management specialist OXplus, Brazilian Maximo consultancy MaximoCon and international enterprise asset-management consultancy Vetasi.
The proposed deal would therefore bring together two organisations built by consolidating IBM Maximo and enterprise asset-management specialists. Cohesive provides Maximo consulting, implementation, hosting and support to hundreds of asset owners worldwide, including the UK Ministry of Defence and US utility Con Edison.
Bentley Systems will invest in Naviam as part of the transaction. It will become a minority shareholder and take a seat on Naviam’s board once the acquisition is completed.
Norwest, a growth equity and venture investment firm, has agreed to invest at the same time. It described its investment as significant but did not disclose an amount. Financial terms for Bentley’s investment and the acquisition were also not disclosed.
Bentley to remain an investor and partner
Naviam will become a sales and implementation partner for Bentley’s platforms and products, once the acquisition is completed. It will sell and implement them for Cohesive customers and Naviam’s existing clients.
Naviam and Bentley also plan to connect Bentley Infrastructure Cloud, Naviam’s cloud capabilities and IBM Maximo. This would link engineering, operational and geospatial information used to manage infrastructure assets. The companies have not announced an integration timetable or details of any resulting products.
Bentley chief legal officer David Shaman is expected to join Naviam’s board as the software company’s representative.
Shaman said the companies were seeking to integrate engineering and operational data with enterprise systems so that infrastructure owners could create and maintain digital twins. Bentley’s investment and continuing relationship with Cohesive will now be channelled through its shareholding and partnership with Naviam.
Cohesive brings an expanding Maximo services business
Cohesive’s Maximo work had recently picked up. Bentley reported a 25.8% rise in its overall services revenue in constant currency during the first quarter of 2026, driven by renewed growth in Maximo-related services from Cohesive.
Naviam chief executive Oliver Garthwaite said the acquisition would create the world’s largest independent provider of IBM Maximo services and solutions. Naviam did not provide comparative market figures supporting the claim, though.
Garthwaite said Cohesive’s employees and customers would join Naviam following completion, while the company would continue to focus on delivering and supporting Maximo systems.
The acquisition would also extend the capabilities Naviam has assembled since its formation. Its purchase of Solex added operations in Chile, Colombia, Peru, Ecuador and Mexico, together with expertise in ServiceNow, business intelligence, analytics, data governance, change management and AI strategy.
Norwest to fund Maximo capacity and products
Norwest will work with Naviam’s management and Bentley on further investment in Naviam’s Maximo delivery capacity and product range.
Norwest partner Chris Scullin, who led the transaction for the investment firm, said the addition of Cohesive would increase Naviam’s ability to serve Maximo customers internationally. Norwest did not set out specific product investments, recruitment plans or regional expansion targets.
The transaction is expected to close on 30 September 2026, subject to regulatory approvals and other customary conditions.
Image: Courtesy of Naviam
