Industrial revolution - Schneider Electric powers ahead with a $3.1 billion gambit to plug Cognite's industrial AI into AVEVA
Energy giant Schneider Electric is to acquire Cognite, an industrial data and AI software company, in an all-cash transaction valued at $3.1 billion. Schneider plans to integrate Cognite into AVEVA, its wholly-owned industrial software business, upon completion of the deal.
The goal is to build an AI industrial champion by combining the historical capability of AVEVA and the potential that Cognite brings, according to Schneider CEO Olivier Pascal Blum:
This new cycle has one simple goal, which is really to advance energy tech to the next level. It means really being this company in the market, which will be able to connect the physical and to the digital world by electrifying, automating and digitalizing every industry business and home with a goal to drive efficiency and sustainability everywhere.
We [are] entering in a new era, a new era where we believe intelligence is key, a new era where AI will...
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