Deepki Makes Its Biggest Gamble Yet With EVORA Acquisition

Since raising €150 million ($175 million) in Series C funding in 2022 from investors including Highland Europe and One Peak, French sustainable real estate software provider Deepki has pursued an aggressive acquisition strategy. The firm started with relatively modest bolt-on deals. It acquired UK energy management software vendor Fabriq in 2022, followed by Nooco in 2023 – a French lifecycle assessment software specialist focused on construction. In 2026, Deepki added French energy efficiency consultancy Sobre Energie and UK electrification modelling start-up Camion. As of early 2026, Deepki serves more than 50,000 individuals users at 500 customers who used the platform to monitor the ESG performance of $4 trillion worth of real estate assets across 80 countries. Its platform spanned ESG reporting, climate risk analysis, embodied carbon management and decarbonization planning. The acquisition of EVORA in August 2026 is a different development.

Unlike previous deals that expanded Deepki's product footprint, EVORA changes aspects of the firm’s business model, competitive landscape and growth ambitions. EVORA brings something new: real estate management and investment consulting capabilities. That capability comes with baggage.

The latest published accounts for EVORA's parent, Lotus Topco, reveal a business under pressure. Revenue fell 14% on a like-for-like basis to £13.3 million ($18.1 million) in the year ending October 31, 2025. In the same fiscal year, Lotus Topco generated an EBITDA loss of £3.7 million ($5.0 million), equivalent to a negative 27.9% margin. More significantly, the firm was carrying an estimated £80 million ($109 million) of shareholder loan notes while paying roughly £8.9 million ($12.1 million) annually in financing costs, equal to a staggering two-thirds of its annual revenue.

For EVORA's shareholders, the arithmetic was becoming difficult to ignore. A shrinking revenue base, market headwinds and a highly leveraged capital structure were unlikely to coexist indefinitely. For Deepki, however, EVORA offers strategic value that extends beyond its declining financial performance.

The acquisition adds approximately 120 real estate sustainability and energy specialists to Deepki’s workforce, strengthens the provider’s energy data capabilities through the Metry product that EVORA had acquired, and expands its functionality into transaction due diligence, portfolio assessments, climate advisory and energy procurement services. The result is a material shift in Deepki's competitive positioning.

Until now, Deepki's natural competitors were software vendors such as BuildingMinds, IBM Envizi, JCI and Measurabl. Following the EVORA acquisition, the firm will increasingly find itself competing against the sustainability arms of real estate services giants such as CBRE, Cushman & Wakefield and JLL. The question is no longer whether Deepki can sell sustainability software. The question is whether it can convince asset owners, operators and investors that a single platform provider should sit at the centre of every sustainability, risk, reporting and advisory decision they make. That makes EVORA less a bolt-on acquisition and more a bet on the future shape of the real estate sustainability market. Looking forwards, if expansion into the US is part of the growth plan, real estate sustainability data platform Measurabl stands out as a business that needs a new ownership structure.

To read more on developments in the real estate and built environment software market, check out the Verdantix Insights page.