Cority’s ESG-Focused M&A Deals Continue With The Acquisition Of Greenstone

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Cority’s ESG-Focused M&A Deals Continue With The Acquisition Of Greenstone

Cority, a Canada-headquartered provider of environment, health and safety (EHS) and sustainability software, has acquired Greenstone, a UK-headquartered provider of supply chain and sustainability solutions. Over the past few years, Cority has engaged in several ESG-focused M&A deals, spurred by a 2019 majority investment by US private equity and growth capital firm Thoma Bravo. These deals include the acquisition of Reporting 21 in September 2022 and WeSustain in April 2021.

Founded in 2006, Greenstone has 51 employees and 75,000 platform users amongst its 75 corporate customers, spanning the manufacturing, professional services, technology and media sectors. The firm provides a variety of software solutions, covering supply chain sustainability, GHG emissions calculation, and investor-focused ESG management. Greenstone’s SupplierPortal allows users to create standardized and customizable supplier assessment questionnaires, using supplier GHG emissions data to quantify Scope 3 emissions – a necessary element of mandatory reporting regulations in the EU and US.

Greenstone’s blend of software and services will allow Cority to expand its supply chain and investor-focused product offering and expertise. Furthermore, the acquisition gives Cority a larger foothold in the European market, which has a more immediate need for ESG reporting and data management software. This is driven by upcoming regulations such as the EU Corporate Sustainability Due Diligence Directive (CSDDD) and the German ‘Duty of Care’ Act, which will hold firms accountable for their sustainability impact throughout their value chains. Verdantix expects a combination of regulatory and non-regulatory drivers to see the market for supply chain sustainability software more than quadruple, growing from around $991 million in 2021 to $4 billion in 2027, at a CAGR of 28%.

The acquisition also allows Cority to make further inroads into the financial services sector, after gaining initial market share through the acquisition of Reporting 21. Greenstone’s InvestorPortal complements the functionality of Reporting 21, as well as offering a ‘GHG emissions wizard’ that helps financial institutions measure the carbon footprint of portfolio firms across Scopes 1, 2 and 3. Cority intends, eventually, to integrate Greenstone’s software into the Cority Sustainability Cloud, following a similar path of integration to that of Reporting 21 and WeSustain.

Over the past few years, many software providers known for their EHS products have evolved to incorporate functionality and products to meet corporates’ growing ESG and sustainability demands. Cority’s investments, including its acquisitions, demonstrate its ongoing intention to support a wide range of EHS and ESG requirements, including ESG reporting and carbon management.


Luke Gowland

Industry Analyst

Luke is an Industry Analyst in the Verdantix ESG & Sustainability practice. His current research agenda focusses on emerging technologies and trends in the ESG software space. Prior to joining Verdantix, Luke worked as an analyst at GlobalData where he gained experience in ESG and key business technologies. Luke holds an MSc in Sustainability and Management from the University of Bath.