Schneider Electric has agreed to acquire Norwegian industrial AI company Cognite for $3.1bn in cash. Cognite's platform unifies industrial data and applies agentic AI to automate factory and grid operations. Its two core products — Data Fusion for data modelling and Atlas AI for generative/agentic automation — will be integrated into Schneider's Aveva industrial software unit. Cognite posted $170mn in revenue in 2025 with 36% recurring bookings growth. The deal positions Schneider to own both the hardware and the AI software layer in industrial settings, competing with Siemens and data firms like Palantir. Regulatory approval is still pending.
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