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expertise in building world class software companies.
Cognite’s main product, the software platform Cognite Data Fusion (CDF), helps
industries with digital transformation by liberating, safeguarding, and
translating data from sensors, systems, and other sources into one common
language. The data contextualized by CDF empowers companies to drive industrial
applications that increase safety, sustainability, efficiency, and
profitability.
“In just four years, Cognite has assembled a world-class team that has worked
feverishly to create, test and verify the CDF technology. The company has had
expeditious growth and is today attracting leading global customers and rapidly
expanding into new geographies and industries,” said Øyvind Eriksen, President
and CEO at Aker and Chairman of Cognite’s Board of Directors. “The timing is
right to bring in a partner that can help scale and further commercialize
Cognite’s industrial software platform. We are very pleased to have one of the
world’s most successful and experienced technology investors join us on the
Cognite journey, giving us access to invaluable insight, know-how and a proven
track record from the software industry that complements Aker’s main realm of
industrial expertise.”
The parties will work together to accelerate Cognite’s growth initiatives,
including expanding its go-to-market strategy and product development. Cognite
will be able to leverage Accel’s long history of being the first partner in
iconic companies, including Facebook, Slack, Dropbox, Atlassian and UiPath. As
part of the agreement, Accel is gaining a seat on Cognite’s Board of Directors.
“Having a partner like Accel join our mission to enable full-scale digital
transformation of industries around the world is a vote of confidence by leading
software experts and a further validation of Cognite’s global potential,” said
Dr. John Markus Lervik, CEO at Cognite. “Accel’s insight and expertise in
scaling best-in-class software companies globally marries perfectly with Aker’s
deep industrial knowledge. We look forward to working together with Aker and
Accel to accelerate Cognite’s current trajectory to becoming a category-defining
company.”
As part of the agreement, Accel will become minority shareholder in Cognite
through a Series A round investment according to conditions to be cleared by
Accel and Cognite jointly. The investment round raises Cognite’s valuation to
USD 550 million and marks the first round of external growth financing for the
company.
ABOUT ACCEL:
Accel is a global venture capital firm that is the first partner to exceptional
teams everywhere, from inception through all phases of private company growth.
Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy,
Facebook, Flipkart, Freshworks, Jet, Pillpack, Qualtrics, Slack, Spotify,
Supercell, Tenable, UiPath, and Venmo are among the companies Accel has backed
over the past 35+ years. We help ambitious entrepreneurs build iconic global
businesses. For more, visit www.accel.com or www.twitter.com/accel.
ABOUT COGNITE:
Cognite is a global industrial software-as-a-service (SaaS) company supporting
the full-scale digital transformation of asset-intensive industries around the
world. Their key product, Cognite Data Fusion (CDF), empowers companies with
contextualized OT/IT data to drive industrial applications that increase safety,
sustainability, and efficiency, and drive revenue. For more, visit
www.cognite.com/en
For more information, please contact:
Christina Chappell Glenn, Head of Investor Relations, Aker ASA
Tel: +47 90532774
Email: christina.glenn@akerasa.com
Atle Kigen, Head of Corporate Communications, Aker ASA
Tel: +47 90784878
Email: atle.kigen@akerasa.com
This information is subject of the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.
Kilde
