Belfast-based ESG scoring platform Coriolis Technologies has been acquired for an undisclosed sum by the trade finance compliance and automation tools provider TradeSun (source, Finextra).
TradeSun proposes to leverage the Coriolis assets to expand its ESG compliance services across its affiliated regional and global banks, who use its "one-stop" AI platform to stop financial crime as well as digitising trade documentation.
Coriolis's ESG product offering was developed in partnership with more than 50 financial institutions.
It uses the UN Sustainable Development Goals as well as the EU's sustainability taxonomy to score, monitor and verify trading supply chains, and also includes "multilateral" trade data to uncover cross-border risks, such as geopolitical or economic turmoil.
The acquisition extends a partnership deal agreed by the two companies earlier this year.
After the acquisition, TradeSun is planning to pursue further growth focused on enabling digitised and sustainable cross-border trading.
Coriolis founder Dr. Rebecca Harding will serve TradeSun as a strategic adviser.
Nigel Hook, founder and CEO of TradeSun, argued the financial trade ecosystem was bound to seek better ESG scores in an effort to maintain market share as banks introduce sustainable financing products.
He added: "With regulations evolving fast to mandate sustainable commerce, banks will increasingly play a more central role in facilitating and guiding the trade ecosystem to adopt more sustainable practices."
"The acquisition will support both financial institutions as well as supply chain players to assess and modify their businesses to meet industry and sovereign ESG goals.”
Coriolis's Dr Harding added: "Global trade must have the tools to better measure ESG impact in order to meet increasingly ambitious sustainability targets set by governments and industry.
"The acquisition of Coriolis will support and take forward the vision and roadmap for automated ESG scoring and more sustainable trade."
Would you like to write the first comment?
Login to post comments