HomeBusinessSaudi Aramco buys 7.4per cent stake in Norwegian software firm Cognite

Saudi Aramco buys 7.4per cent stake in Norwegian software firm Cognite

(Corrects Aker BP instrument code in 1st paragraph)

OSLO : Saudi Aramco has purchased a 7.4per cent stake in Norwegian industrial software group Cognite from oil firm Aker BP , Cognite stated on Wednesday.

Cognite and Saudi Aramco are in a partnership to supply digitalisation companies in Saudi Arabia and the broader Middle East area.

“Cognite has proven that their technology delivers complex real time insights seamlessly and is optimising how energy is being supplied to the world,” Saudi Aramco Senior Vice President Ahmad A. Al-Sa’adi stated in an announcement.

The phrases of the transaction weren’t disclosed.

Both Cognite and Aker BP are a part of Norwegian billionaire Kjell Inge Roekke’s group of corporations, whose funding firm Aker ASA has a 50.5per cent stake in Cognite.

U.S. enterprise capital firm Accel holds 12.4per cent whereas Cognite’s Chief Executive John Markus Lervik owns 7.2per cent, an Aker spokesman stated in May final 12 months.

(This story corrects Aker BP instrument code in 1st paragraph).

(Reporting by Victoria Klesty, modifying by Terje Solsvik)

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