French power and cooling giant Schneider Electric plans to acquire Cognite in a $3.1 billion all-cash deal.

The company plans to buy 100 percent of the privately held industrial AI firm and merge it into its industrial software subsidiary Aveva.

“Cognite has built something rare, a truly industrial grade AI platform that turns the complexity of operational data into a competitive advantage,” Schneider CEO Olivier Blum said.

“This acquisition strengthens Aveva, Schneider Electric’s wholly owned industrial software company, in the highest‑growth segments of the market and positions Schneider Electric at the center of the next phase of industrial intelligence.

Schneider Electric initially tried and failed to acquire Aveva in 2015 and 2016, before pulling off a $3.4bn reverse takeover in 2017. It took until 2022 for the conglomerate to fully control the business, which itself had acquired industrial software maker OSIsoft in 2020 for $5bn.

Blum added: “At Schneider Electric, we have always believed the energy transition demands intelligence, intelligence demands data, and unlocking its full value requires AI.”

Cognite was founded in 2017 and employs more than 800 people around the world, with a focus on cloud‑native data and AI platforms for industrial data. The company said that it is currently deploying agentic AI systems.

In 2025, Cognite’s annual revenue exceeded $170 million, with a 36 percent growth in ARR bookings.