(Corrects Aker BP instrument code in 1st paragraph)
OSLO (Reuters) – Saudi Aramco has bought a 7.4% stake in Norwegian industrial software group Cognite from oil firm Aker BP , Cognite said on Wednesday.
Cognite and Saudi Aramco are in a partnership to provide digitalisation services in Saudi Arabia and the wider Middle East region.
“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 said in a statement.
The terms of the transaction were not disclosed.
Both Cognite and Aker BP are part of Norwegian billionaire Kjell Inge Roekke’s group of companies, whose investment firm Aker ASA has a 50.5% stake in Cognite.
U.S. venture capital firm Accel holds 12.4% while Cognite’s Chief Executive John Markus Lervik owns 7.2%, an Aker spokesman said in May last year.
(This story corrects Aker BP instrument code in 1st paragraph).
(Reporting by Victoria Klesty, editing by Terje Solsvik)
