A lawsuit that has been in court for eight years between the former Intergraph Corp. and Pennsylvania-based software maker Bentley Systems has been settled for nearly $200 million. As part of a settlement agreed upon last month, Cobalt BSI Holding, which bought Intergraph in 2006, will sell back to Bentley its 15.6 million shares of Bentley stock, at a purchase price of just over $12 per share, totaling about $198 million.
Intergraph sold its civil engineering products to Bentley in 2000 and the deal included proceeds from maintenance contracts. In 2002 the companies began their long courtroom skirmish, with Intergraph challenging how much Bentley owed it from a promissory note and Bentley countersuing in connection with Intergraph’s handling of the maintenance contracts. A settlement hearing before Circuit Judge Tom King, from Jefferson County, who gave preliminary approval to the settlement in December, is scheduled for February 10th at the Madison County Courthouse. Bartley Loftin III, a lawyer in the Huntsville office of Maynard Cooper & Gale, represented the Plaintiff and did a very good job.