Aramco buys key stakes in industrial SaaS group Cognite
RIYADH, February 2, 2022
Cognite, a global leader in industrial software innovation, has announced that Saudi Aramco, via its subsidiary Aramco Overseas Company, has invested in the group by purchasing 100% of Aker BP's shares in the company.
The company currently works with Saudi Aramco as a digitalization partner aiding in digitalizing and improving the efficiency of its operations through Cognite’s Industrial Data Platform, Cognite Data Fusion.
"Cognite has proven that their technology delivers complex real-time insights seamlessly and is optimizing how energy is being supplied to the world," stated Ahmad A. Al Sa’adi, Saudi Aramco Senior VP (Technical Services).
"Cognite has proven that their technology delivers complex real-time insights seamlessly and is optimizing how energy is being supplied to the world," noted 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," he added.
Øyvind Eriksen, the board chair of Cognite, and President and CEO of Aker, said: "This transaction demonstrates unprecedented confidence in Cognite and its high potential to transform industry through technology."
"This comes in addition to the $225 million raised from leading global technology investors TCV and Accel," noted Eriksen.
Dr John Markus Lervik, CEO and co-founder of Cognite, said: "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."
