Greenly, a Paris-based carbon accounting provider, has acquired Swedish rival Normative, consolidating two of the larger datasets in a climate software market that has grown crowded and is now contracting.
Sifted reported the deal at about €65M. The combined business supports more than 4,000 companies across 30-plus countries and covers corporate carbon accounting, supplier engagement, life-cycle assessment and reporting under frameworks including CSRD, IFRS, SEC rules and SBTi targets.
The two companies describe complementary strengths. Normative built a reputation for scientific rigour and enterprise-grade methodology, while Greenly brings a broader product suite, AI-native automation, international reach and a network of implementation partners who deliver engagements on the platform independently.
Consolidation has been building through the year, with Green Project Technologies buying Optera, Novisto acquiring Minimum and Diginex taking Plan A. Buyers argue that customers are tired of stitching together separate tools for Scope 1, 2 and 3 emissions, product-level measurement and regulatory reporting.
Greenly’s funding since its 2019 founding totals €75M, among it a $52M raise in 2024 led by Fidelity International Strategic Ventures. The company frames the acquisition as the start of building shared measurement infrastructure for emissions, comparable to accounting standards.
Normative’s investors and other terms of the transaction were not disclosed.
