France-based Schneider Electric, which makes energy management equipment and industrial software, said it agreed on June 30 to buy Norway-based industrial software company Cognite for US$3.1 billion in cash.

Schneider will acquire 100% of Cognite’s share capital from Aker ASA and other investors and combine Cognite with AVEVA, its industrial software business.

The deal is expected to close in the coming quarters.

Cognite’s product is an industrial data and AI platform that brings together data from industrial systems used by energy, manufacturing, power, and renewables companies.

Its customers include bp, Saudi Aramco, Alfa Laval, and Mitsubishi.

AVEVA has been wholly owned since 2023 by Schneider.

Aker, a Norway-based industrial investment company that helped establish Cognite in 2017, said it expects about US$1.48 billion in cash proceeds, including settlement of an outstanding convertible loan.

The purchase price is above the US$1.6 billion valuation Cognite received in a 2021 funding round led by TCV.

The acquisition comes as 48% of European Union manufacturing firms use big data and AI, according to a 2025 European Investment Bank survey.

🔗 Source: Bloomberg