Aker — Capital/Financing Update 2021

May 19, 2021

Aker ASA: Cognite Announces USD 150 Million Investment by TCV

Aker ASA: Cognite Announces USD 150 Million Investment by TCV

Aker ASA ("Aker") today announced that Cognite has raised USD 150 million in a

Series B investment by TCV, a leading technology-focused growth equity firm. The

new funding round will allow Cognite to accelerate growth initiatives, including

product development and international expansion. The investment round values

Cognite at USD 1.6 billion, marking one of the largest private founding rounds

for a Software-as-a-Service (SaaS) company in Europe.

The Series B investment round comes as Cognite continues to experience

significant customer growth and is scaling globally. Cognite's flagship 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. Today, Cognite is servicing some

of the world's largest industrial companies.

"Cognite has had a remarkable growth journey since its founding in 2017,

attracting top talent from across the globe and working feverishly to develop,

deploy and verify the impact from its industrial software technology. As the

global growth continues across industry verticals, there is significant interest

from companies to partner with Cognite. We are very pleased to welcome TCV, a

top-tier growth equity firm, on board, especially given their strong track

record from building and scaling enterprise software companies globally," said

Øyvind Eriksen, President and CEO of Aker. "The investment is a testament to the

Cognite growth journey so far and to its future potential. Moreover, it

highlights the significant value creation taking place in Aker's industrial

software portfolio."

TCV complements Aker and Accel and will strengthen the ongoing work to

accelerate Cognite's growth initiatives, including expanding its go-to-market

strategy and product development. TCV has decades of experience supporting high

-growth technology companies, such as Netflix, OSIsoft, Splunk, Airbnb and

Spotify. TCV helps companies recruit world-class talent to scale teams,

introduces high-value customers and partners, uses data and analytics to hone go

-to-market strategies, and prepare for IPOs. As part of the partnership

agreement, Jake Reynolds, General Partner at TCV, will join Cognite's Board of

Directors.

"Cognite is building the future by redefining modern industrial data

management," said Jake Reynolds. "Cognite is emerging as a leader of the pack

through their proven industrial-strength SaaS solutions as the world turns to

digitalization to truly transform, and we look forward to partnering with them

to revolutionize the industry as they grow and scale."

The USD 150 million Series B investment raises Cognite's valuation to USD 1.6

billion, giving TCV 9.4 percent of the shares in the company. Aker will have a

50.5 percent shareholding in Cognite following closing of the transaction with

TCV, as well as the previous equity conversion of the convertible loan to

Cognite and Series A investment by Accel. The TCV transaction is expected to

close in early June 2021, subject to customary closing conditions.

"Cognite was developed to digitalize some of the most complex industries in the

world and is enabling companies to deploy industrial software to improve cost

efficiency, environmental compliance, and data-driven decision-making," said

Eriksen. "Industrial software is also becoming necessary to succeed in the

ongoing energy transition, which creates new opportunities for growth. With

strong support from TCV, Accel and Aker, Cognite will continue to make legacy

industries more sustainable and sustainable industries more profitable."

ABOUT TCV

Founded in 1995, TCV was established with a clear vision: to capture

opportunities in the technology market through a specialized and consistent

focus on investing in high-growth companies. Since inception, the firm has built

a track record of successfully backing public and private businesses that have

developed into dominant industry players across internet, software, FinTech, and

enterprise IT. TCV has invested over $14 billion to date and has helped guide

CEOs through more than 125 IPOs and strategic acquisitions. TCV has invested in

cutting edge technology companies including OSIsoft, Airbnb, Brex, ByteDance,

Facebook, Hotmart, Netflix, Peloton, Spotify, Zillow, Clio, Redis Labs, Klarna,

Mollie, Nubank, Payoneer, Revolut, Toast, Wealthsimple and WorldRemit. TCV has

successfully executed over 350 investments of varying structures, including mid

-stage, late stage and public company investments, and has offices in Menlo

Park, New York, and London. For more information about TCV, including a complete

list of TCV investments, visit https://www.tcv.com/.

ABOUT COGNITE:

Cognite is a global industrial software-as-a-service (SaaS) company supporting

the full-scale digital data driven transformation of asset intensive industries

around the world. Our core product, Cognite Data Fusion (CDF), is an industrial

data operations and contextualization platform, putting raw data into real-world

industrial context, enabling rapid application & solution creation at scale. CDF

powers companies with contextualized OT/IT/ET data to develop solutions that

increase safety, sustainability, efficiency and drive revenue. Visit us at

www.cognite.com and follow us on Twitter @CogniteData or at LinkedIn:

https://www.linkedin.com/company/cognitedata

For more information, please contact:

Media:

Atle Kigen, Head of Media Relations and Public Affairs, Aker ASA

Tel: +47 90784878

Email: atle.kigen@akerasa.com

Investors:

Christina Chappell Glenn, Head of Corporate Communications and Investor

Relations, Aker ASA

Tel: +47 90532774

Email: christina.glenn@akerasa.com

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Christina Chappell Glenn, Head

of Corporate Communications and Investor Relations at Aker ASA, on May 19, 2021

at 14:45 CEST.