Upon completion of the deal, the French energy services giant will combine Cognite with its own industrial software business, Aveva.
Schneider Electric has agreed to acquire industrial data and AI software company Cognite in an all-cash transaction worth $3.1bn.
Upon completion of the deal – which will see Schneider acquire 100pc of Cognite’s share capital – the French energy services giant will combine Cognite with its own industrial software business, Aveva.
Specifically, Schneider plans to integrate Cognite’s capabilities into Connect, Aveva’s cloud-based industrial intelligence platform, which uses a suite of shared software services to “achieve rapid and reliable integration” of industrial data, models, applications, and AI and analytics.
Cognite, founded in 2016 by Geir Engdahl, John Markus Lervik and Stein Danielsen, specialises in industrial software to improve production efficiency in areas such as energy and process manufacturing, among others. Last year, the company’s annual revenue exceeded $170m.
