Cognite appoints new CEO as founder steps aside

By Nerijus Adomaitis

OSLO -Industrial software program agency Cognite has appointed Girish Rishi, the previous head of U.S. supply-chain software program group Blue Yonder, because it eyes enlargement within the U.S. market and a possible itemizing there, the Norwegian firm advised Reuters on Monday.

He replaces John Markus Lervik, the co-founder of Cognite, who as a substitute is taking over a place as chief technique and improvement officer, the corporate stated.

Based in 2016, Cognite makes software program that helps learn, join and analyse massive quantities of knowledge, permitting prospects corporations to enhance the operations and security of business installations, resembling oil and gasoline platforms.

“As we speak we're excited to have Girish Rishi be part of the corporate, who brings with him confirmed software program and expertise expertise,” Cognite’s Chairman Oeyvind Eriksen stated.

The corporate doesn't plan to make acquisitions within the close to time period, aiming as a substitute for speedy development by itself in the USA and elsewhere, the brand new CEO advised Reuters.

“We need to develop at sturdy double digit % development charges on a quarter-by-quarter, year-by-year sequential and on a year-by-year foundation,” Rishi stated in a phone interview.

“A profitable software program firm must be closely anchored within the North America, which tends to be the biggest marketplace for profitable software program corporations, and that’s our intention to try this as properly,” he stated.

Rishi left Blue Yonder in February, lower than a 12 months after it was purchased by Japan’s Panasonic in a $7.1 billion deal.

Cognite is managed by Aker ASA, the funding agency of Norwegian billionaire Kjell Inge Roekke, and counts Saudi Aramco amongst its shareholders in addition to personal fairness companies TCV and Accel.

Aramco in February purchased a 7.4% stake from oil agency Aker BP in a deal that valued Cognite at simply over $1.5 billion.

Lervik, who has run Cognite since its inception, will in his new place concentrate on “high-impact enterprise alternatives”, whereas retaining his 7.2% stake within the firm, an Aker spokesperson stated.

Cognite’s Eriksen advised Reuters the plan was to listing Cognite in the USA, most probably on Nasdaq, sooner or later, although there was no timing set.