Riyadh – Mubasher: Aramco Overseas Company, the subsidiary of the Saudi Arabian Oil Company (Aramco), has acquired a 7.4% stake in Cognite, a Norway-based company specialised in industrial software innovation.
To invest in Cognite, Saudi Aramco has purchased the whole stake of Aker BP in the company, according to a press release on Wednesday.
As a digitalisation partner, Cognite currently enables Saudi Aramco to digitalise and raise the efficiency of its operations through its industrial data platform, Cognite Data Fusion.
Saudi Aramco's Senior Vice-President of Technical Services, Ahmad A. Al Sa’adi, commented: "Cognite has proven that their technology delivers complex real-time insights seamlessly and is optimizing how energy is being supplied to the world."
Meanwhile, the Board Chair of Cognite and President and CEO of Aker ASA, Øyvind Eriksen, commented: "This transaction demonstrates unprecedented confidence in Cognite and its high potential to transform the industry through technology. This comes in addition to the $225 million raised from leading global technology investors TCV and Accel."
