The company has been the digitalisation partner of Saudi Aramco, helping the latter in digitalising and boosting its operational efficiency
Saudi Aramco has acquired a stake of 7.4% in Cognite. (Credit: Eagleamn/Wikipedia.org)
Cognite, a Norway-based industrial software solutions provider, has secured an undisclosed investment from Saudi Aramco for a stake of 7.4% in the company.
The stake was acquired by the Saudi government-owned energy company through its subsidiary Aramco Overseas, which purchased 100% of the shares held by Aker BP in the software firm.
Cognite offers contextualised and accessible data to help the asset-heavy industries in achieving full-scale digital transformation.
Its software solutions are used by oil and gas, power and utilities, renewable energy, and manufacturing industries around the world.
Established in 2016, the industrial Software as a service (SaaS) company had developed an industrial DataOps platform called Cognite Data Fusion.
The DataOps platform is designed to help industrial data and domain users to quickly and safely collaborate to build, operationalise, and scale industrial artificial intelligence (AI) solutions and applications to deliver profitability as well as sustainability.
Saudi Aramco technical services senior vice-president Ahmad Al-Sa’adi said: “Cognite has proven that their technology delivers complex real-time insights seamlessly and is optimising how energy is being supplied to the world.
“We are impressed by the great momentum Cognite has shown since inception where it now serves some of the leading industrial companies globally.”
Currently, the Norwegian SaaS firm is working with Saudi Aramco as a digitalisation partner to help the latter in digitalising and boosting its operational efficiency by using the Cognite Data Fusion platform.
Cognite CEO and co-founder John Markus Lervik 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 contextualised, actionable data as the foundation to shape a more efficient, more sustainable industrial future.”
Last May, the Norwegian firm raised $150m in a funding round led by growth equity firm TCV at a valuation of $1.6bn.
For Saudi Aramco, the deal pertaining to Cognite follows the $6.4bn investment announcement made by the Saudi government during the ongoing LEAP22 technology conference in Riyadh.