Schneider Electric agrees to buy industrial-AI platform Cognite for $3.1 billion

Schneider Electric agreed on June 30, 2026 to acquire Cognite, an industrial-artificial-intelligence platform, for $3.1 billion in an all-cash deal the companies describe as the largest Norwegian software exit to date. The agreement, announced by Cognite, covers 100% of Cognite Holding B.V.

The price tags a fast-growing data layer for heavy industry. Cognite, founded in 2017, employs more than 800 people and generated over $170 million in revenue in 2025, with 36% growth in annual recurring-revenue bookings, the company said. Its platform pairs a unified industrial data model with agentic AI for plant operations, asset management and engineering workflows, the kind of operational technology Schneider Electric sells into factories and utilities.

The acquisition slots Cognite into AVEVA, Schneider Electric’s industrial-software subsidiary, inside its Industrial Automation segment once the deal closes. “Cognite has built something rare, a truly industrial grade AI platform,” Schneider Electric Chief Executive Olivier Blum said.

For Norway’s tech scene, the payout is concrete. Aker ASA, a major Cognite shareholder, expects roughly $1.48 billion (14.7 billion Norwegian kroner) in cash proceeds, the investment firm said in a regulatory filing.

The transaction still needs regulatory approvals and is expected to close in coming quarters, so the timeline and any conditions remain open. The revenue and growth figures come from the companies themselves and have not been independently verified.