Saudi Aramco has bought a 7.4% stake in Norwegian industrial software group Cognite from oil firm Aker BP, Cognite said on Wednesday.

The price for the stake was « around 1 billion Norwegian crowns, » or about $113 million, an Aker BP spokesperson told Reuters, valuing Cognite at just over $1.5 billion.

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.

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.

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