SCHNEIDER ELECTRIC BUYS COGNITE FOR $3.1B

Schneider Electric, a global leader in digital transformation and energy management, is acquiring Norway-based Cognite to strengthen its software and AI portfolio. The $3.1 billion transaction represents a significant investment in industrial data platforms. Cognite develops AI and data software designed for industrial enterprises, helping manufacturers and energy companies extract insights from operational data. The firm's platform focuses on digitalizing industrial assets and processes—a critical capability as manufacturers increasingly rely on data-driven decision-making. The acquisition aligns with Schneider's strategy to deepen its software offerings beyond traditional energy and automation solutions. Industrial companies face mounting pressure to optimize operations, reduce downtime, and transition to sustainable practices. Data and AI tools are central to meeting these goals. Schneider Electric operates across multiple verticals including energy management, industrial automation, and digital services. Adding Cognite's software capabilities allows the company to offer more comprehensive solutions to customers managing complex industrial environments. The deal also reflects broader trends in the industrial technology sector. Major players are consolidating specialized software companies to build integrated platforms. These platforms combine hardware, connectivity, and AI to provide end-to-end digital solutions. Cognite was founded in 2017 and has grown to serve enterprises across oil and gas, manufacturing, and utilities sectors. The company has raised significant venture funding and operates offices globally. The transaction is subject to customary closing conditions. Financial terms and timing have not been fully detailed beyond the purchase price.