Naviam acquires Cohesive

● STRATEGIC | IT SERVICES · Systems Integration & Implementation

SEPTEMBER 8, 2026

Naviam (Norwest) acquires Cohesive (Bentley Systems)

TARGET

IBM Maximo implementation, consulting, managed hosting, and support firm serving asset-intensive industries including energy, utilities, transportation, defense, and manufacturing, with proprietary software add-ons including a data replication product.

Ownership	Carve-out from bentley systems, which takes a minority stake and a board seat in naviam; norwest makes a growth investment in the combined company; expected close september 30, 2026 · Bentley Systems (prior owner)
Headcount	201-500 FTEs
Headquarters	London, UK (Naviam)
Leadership	Colin Ellam, Chief Executive David Shaman, Chief Legal Officer (Bentley Systems)
Sell-side advisor	—

ACQUIRER

Naviam

IBM Maximo enterprise asset management services and solutions provider formed by the unification of multiple specialist EAM firms, serving utilities, energy, transportation, and manufacturing customers.

Ownership	PE-backed · Norwest; Norwest Venture Partners, Miramar Equity Partners, Aspect Investors, Galanthus Partners
Capital raised	$4.3M
Headcount	291 FTEs
Headquarters	Carlisle, United Kingdom
Deal team	Chris Scullin (Norwest Venture Partners)
Leadership	Oliver Garthwaite, CEO
Buy-side advisor	—

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Naviam -> Cohesive  (2026-09-11)
add_on | IT Services | announced
Target: IBM Maximo implementation, consulting, managed hosting, and support firm serving asset-intensive industries including energy, utilities, transportation, defense, and manufacturing, with proprietary software add-ons including a data replication product.
Website: cohesivesolutions.com | Buyer site: naviam.io
HQ: London, UK (Naviam) | Ownership: Carve-out from Bentley Systems, which takes a minority stake and a board seat in Naviam; Norwest makes a growth investment in the combined company; expected close September 30, 2026 | Seller: Bentley Systems | Buyer sponsor: Norwest | Buyer ownership: pe-backed
Advisors - not yet credited
Source: Thematic - https://thematichq.com/software/d/naviam-cohesive.html

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