Saudi Aramco, Cognite’s long-time digitalization partner in the Middle East, acquired a 7.4% stake in Cognite
OSLO, Norway–(BUSINESS WIRE/AETOSWire)– Cognite, a global leader in industrial software innovation, announces today that Saudi Aramco, via its subsidiary Aramco Overseas Company B.V., has invested in Cognite by purchasing 100% of Aker BP’s shares in the company.
“Cognite has proven that their technology delivers complex real-time insights seamlessly and is optimizing how energy is being supplied to the world,” says Saudi Aramco Senior Vice-President of Technical Services, Ahmad A. Al-Sa’adi. “We are impressed by the great momentum Cognite has shown since inception where it now serves some of the leading industrial companies globally.”
“This transaction demonstrates unprecedented confidence in Cognite and its high potential to transform industry through technology. This comes in addition to the USD 225 million raised from leading global technology investors TCV and Accel,” says Øyvind Eriksen, board chair of Cognite, and President and CEO of Aker ASA.
Cognite currently works with Saudi Aramco as a digitalization partner aiding in digitalizing and improving the efficiency of Saudi Aramco’s operations through Cognite’s Industrial Data Platform, Cognite Data Fusion™.
“To have the world’s leading energy company invest in Cognite is a strong show of faith in our trajectory, and in the value of contextualized, actionable data as the foundation to shape a more efficient, more sustainable industrial future,” says Dr. John Markus Lervik, CEO and co-founder of Cognite.