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Schneider Electric will acquire industrial AI company Cognite for $3.1 billion.

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Jinse Finance reports that on July 1, Schneider Electric agreed to acquire Cognite in a $3.1 billion cash transaction in order to expand its industrial data and artificial intelligence software business. This is part of the company’s efforts to accelerate the modernization of European factories. The announcement shows that Schneider will acquire all shares of the privately held Cognite from Norway’s Aker ASA and other investors. The French energy management equipment manufacturer plans to merge Cognite with its industrial software business, Aveva. Schneider’s move comes as more and more European manufacturers are applying AI in factories to improve efficiency and streamline processes. Competitors such as Siemens are also further advancing the application of workshop automation and AI technologies.
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