Cognite is a fast-growing industrial software-as-a-service (SaaS) company. It is headquartered in Oslo and has offices in Austin and Houston (Texas), USA, as well as Tokyo, Japan. The company’s core product, called Cognite Data Fusion®(CDF), collects, processes, and contextualizes vast quantities of data for industrial operations.
Aker's ownership agenda
As Cognite’s largest shareholder, Aker is engaged to support its further growth by seizing opportunities in the growing industrial software market. A significant portion of Cognite’s revenues already derive from licenses and subscription-based income (ARR). A key focus area for Aker’s ownership agenda is to support continued growth in the company’s ARR and SaaS revenues, which are a key factor for value creation in a SaaS business model. Aker will support Cognite’s strategy of further international expansion, recruitment of skilled employees worldwide and development of customer relationships. It is also important for Aker that Cognite continue to work in partnership with companies possessing unique expertise, experience and global presence, which are leaders in their respective fields and willing to further upscale and commercialize the company’s products.
Aker owns 50.5 percent of the company’s shares. Aker’s co- shareholders in Cognite are two of the world’s most well-reputed technology investors, Accel and TCV, as well as the world’s largest oil company, Saudi Aramco. Aker’s CEO and President, Øyvind Eriksen, represents Aker on Cognite’s Board of Directors.
Cognite Data Fusion (CDF)
Industries like manufacturing, energy and shipping, have yet to have their iPhone moment in digitalization. Data is locked in separate systems and sensors, and other barriers to change impede their digital transformation and trigger inefficiencies. Cognite’s main product, CDF, solves that challenge by breaking down silos, liberating operational data from all relevant sources, and enabling smart applications that can improve operations, optimize production, reduce energy consumption, and improve efficiency.
Saudi Aramco and Cognite to accelerate industrial digitalization
Saudi Aramco Devlopment Company and Cognite have signed an agreement to establish a joint venture as part of a strategic digitalization partnership, focusing on industrial digitalization and sustainability in Saudi Arabia and the broader Middle East and North Africa region. The joint venture will develop, distribute and deploy end-to-end digital and advanced solutions for customers across industries, including oil and gas, power and utilities, manufacturing and shipping. The joint venture is expected to be operational in 2021.
Cognite’s growth journey continues with 1.6 billion dollar valuation
In October 2020, Cognite entered a partnership with Accel, a leading global venture capital firm with deep domain experience and expertise in building world class software companies. Accel’s insight and expertise in scaling and commercializing software companies globally marries perfectly with Aker’s deep industrial knowledge to accelerate Cognite’s growth.
Seven months later, TCV, a leading growth equity firm with decades of experience in scaling technology companies, became the third largest shareholder in Cognite. The Series B investment gives Cognite a post-money valuation of USD 1.6 billion.
Together, Aker, Accel and TCV will continue the ongoing work to accelerate Cognite’s growth initiatives, including product development, honing the go-to-market strategy, and scaling CDF globally.