Technology-focused growth equity investor TCV has led a $150m series-B funding round for Norwegian software company Cognite, giving the company a valuation of $1.6bn.
The funding will allow the company to accelerate growth initiatives, including product development and international expansion.
TCV will own a 9.4% stake in the the company, while Aker will have a majority ownership of 50.5%. Accel Partners, which in November last year invested $75m in the company, is also a minority owner.
In November 2020, Accel invested around $75m in Cognite for a minority stake. The deal then valued Cognite at $550m.
Founded in 2017 and based in Oslo, Cognite is a software company whose flagship product, Cognite Data Fusion, helps industries with digital transformation. It currently has 450 employees.
Aker – Øyvind Eriksen (president, CEO).
TCV – Jake Reynolds (general partner).
GP formed the industrial maintenance, repair and overhaul firm in 2017 by merging IPH and Brammer
Sponsor submitted a 15x EBITDA offer to acquire Conet, two sources say
Vendor has delayed the process in order to build up visibility on its 2021 results, one source says
Idea Taste of Italy acquired a stake in Gelato d'Italia – then trading as Indian – in May 2016