Schneider Electric agreed to acquire Cognite, an industrial data and AI software company, in an all-cash transaction valued at $3.1 billion, the company said Tuesday.
The French energy company plans to fold Cognite into AVEVA, its industrial software unit, pending regulatory approval
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Schneider Electric agreed to acquire Cognite, an industrial data and AI software company, in an all-cash transaction valued at $3.1 billion, the company said Tuesday.
Schneider plans to integrate Cognite into AVEVA, its wholly owned industrial software business, upon completion of the deal. The transaction remains subject to regulatory approvals and is expected to close in the coming quarters, the company said.
The company, which traces its origins to 2017, has grown to a workforce of more than 800 spread across the Americas, Europe, the Middle East, and Asia-Pacific. The company reported revenue exceeding $170 million in 2025, with annual recurring revenue bookings growing 36%, the company said. At its core, the platform uses a unified data model and knowledge graph to bring order to sprawling operational data, while a separate product called Atlas AI layers on generative and agentic capabilities that can take autonomous action across industrial processes.
Schneider CEO Olivier Blum said in a statement that Cognite's platform "turns the complexity of operational data into a competitive advantage" and positions Schneider "at the centre of the next phase of industrial intelligence."
Caspar Herzberg, who leads AVEVA, said Wednesday on an analyst call that Schneider had been pursuing Cognite for years because "it complements us so well," according to Bloomberg.
After the integration, AVEVA's CONNECT platform will absorb Data Fusion and Atlas AI, with Schneider aiming to deliver end-to-end coverage of how industrial assets are designed, run, and improved over time, the company said.
Norwegian industrial investor Aker, an early backer that helped get Cognite off the ground, is set to take in roughly $1.48 billion once the deal closes, a figure that covers the repayment of a convertible loan, according to Reuters.
Schneider stock fell as much as 2.9% in Paris following the announcement. Bernstein's Alasdair Leslie acknowledged the valuation invites scrutiny while arguing the acquisition aligns with where Schneider is headed strategically. JPMorgan $JPM's Phil Buller, in a note to clients, said Schneider deals tend to draw initial skepticism on price but have a track record of holding up strategically over time.
The acquisition reflects a wider race among European industrial companies to embed AI into their operations, a contest in which Siemens is among the competitors Schneider faces most directly.
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