Tempe-Based Cognite Acquired in $3.1 Billion Deal

Arizona's technology ecosystem added another major milestone this week as Tempe-based Cognite announced it has entered into a definitive agreement to be acquired by Schneider Electric in an all-cash transaction valued at $3.1 billion.

The acquisition marks one of the largest technology exits connected to Arizona in recent years and reinforces the state's growing reputation as a destination for high-growth software and artificial intelligence companies.

Originally founded in Norway in 2017, Cognite relocated its global headquarters to Tempe in 2025, joining a growing list of technology companies choosing Arizona as their long-term home. Since establishing its headquarters in the Valley, the company has continued to expand its presence while developing AI software used by manufacturers, energy companies, utilities, and other industrial organizations around the world.

Cognite's platform helps enterprises organize and analyze complex operational data using artificial intelligence, allowing customers to improve efficiency, productivity, and decision-making across large industrial operations. The company recently surpassed $100 million in annual recurring revenue, reflecting strong demand for industrial AI solutions across multiple sectors.

Following the acquisition, Cognite will become part of Schneider Electric's industrial software business through AVEVA, strengthening one of the world's largest industrial technology companies as it expands its artificial intelligence capabilities.

Beyond the transaction itself, the announcement represents another meaningful win for Arizona's innovation economy. Headquarters relocations, major venture-backed growth companies, and successful exits all contribute to a stronger startup ecosystem by attracting talent, investment, and entrepreneurial activity to the state.

As Silicon Oasis continues working toward its vision of making Arizona a Top 5 technology ecosystem, exits like Cognite demonstrate the caliber of companies choosing to build their future here. They also reinforce an important point: attracting high-growth technology companies to Arizona doesn't just create jobs—it creates momentum, national visibility, and the next generation of founders and investors who will shape the state's innovation economy.

The Cognite acquisition stands as another reminder that Arizona is increasingly becoming a place where world-class technology companies choose to grow, scale, and achieve global success.