tech
Schneider Buys Industrial AI Firm Cognite for $3.1bn
Schneider Electric is buying Cognite, a Norwegian-founded industrial AI company, for $3.1bn in cash. The French group wants software that can make factories and power grids think for themselves.
TL;DR
- Schneider Electric will acquire Cognite, a Norwegian industrial AI company, for $3.1 billion in cash.
- Cognite's software unifies industrial data and uses AI agents to analyze and automate tasks.
- Schneider plans to integrate Cognite into its industrial software unit, Aveva.
- The acquisition aims to enable factories and power grids to operate more autonomously.
- This move aligns with a broader European push to enhance industrial AI capabilities.
- Cognite's tools are targeted at asset-heavy industries like oil and gas, power generation, and manufacturing.
- Schneider also benefits from the wider AI boom by supplying hardware to data centers.
- The deal requires regulatory clearance and is expected to close in the coming quarters.