Aker, Telenor, Cognite Establish New Software Security Company

By Dominic Chopping

Norwegian industrial investment company Aker ASA, software-as-a-service company Cognite AS and telecommunications provider Telenor ASA said Monday that they are establishing a software security company to serve industry and operational technology.

The new company, called Omny, will fill a gap in the cybersecurity market where there is a great unmet need for software that prevents cyber attacks and secures businesses' operations, they said in a joint statement.

"The aim is to build a Norwegian software company that will be a global player in operational industrial security," they added.

The companies said Omny will develop software that helps to secure industrial operators and critical infrastructure, such as oil-and-gas producers, energy suppliers, public-sector actors and hospitals. This product will be developed in close partnership with pilot customers in the industrial sector, and will be based on Cognite's Data Fusion platform.

Omny will launch a commercial product into the Norwegian market in 2023 via Telenor's sales organisation, with the aim to launch the product internationally during 2024.

Omny will be owned 50% by Telenor, 44.2% by Aker and 5.8% by Cognite.

Cognite co-founder John Markus Lervik will be chairman of Omny, while Telenor Chief Executive Sigve Brekke and Aker Chief Executive Oyvind Eriksen will join the board. The recruitment process for a chief executive has been initiated.

Omny will launch with 15 employees, with plans to expand significantly during the first year, the companies said.

The deal is subject to approval by the Norwegian Competition Authority and the Danish Competition and Consumer Authority, which is expected to be confirmed during the second quarter of 2022.

Write to Dominic Chopping at [e-mail]

(END) Dow Jones Newswires

May 02, 2022 04:20 ET (08:20 GMT)

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