French power and cooling giant Schneider Electric plans to acquire Cognite in an all-cash deal valued at $3.1 billion.
The company plans to purchase 100% of the shares of a privately held industrial AI company and merge it into its industrial software subsidiary Aveva.
“Cognite has built something rare: a true industrial-grade AI platform that turns operational data complexity into a competitive advantage,” said Olivier Bloom, CEO of Schneider.
“This acquisition strengthens Schneider Electric’s wholly-owned industrial software company, Aveva, in the fastest growing segment of the market and positions Schneider Electric at the center of the next phase of industrial intelligence.
Schneider Electric initially unsuccessfully attempted to acquire Aveva in 2015 and 2016, before completing a $3.4 billion reverse takeover in 2017. It took until 2022 for the conglomerate to fully control the business, which it itself acquired in 2020 for industrial software maker OSIsoft for $5 billion.
Bloom added, “At Schneider Electric, we have always believed that the energy transition requires intelligence, intelligence requires data, and to unlock its full value, we need AI.”
Founded in 2017, Cognite has more than 800 employees worldwide and is focused on cloud-native data and an AI platform for industrial data. The company said it is currently implementing an agent AI system.
In 2025, Cognite’s annual revenue exceeded $170 million and ARR bookings increased by 36%.
