Greenly Acquires Sweden's Normative in ~€64M Deal to Build Carbon Accounting's Largest Dataset
Greenly Acquires Sweden’s Normative in ~€64M Deal to Build Carbon Accounting’s Largest Dataset #
French carbon accounting platform Greenly has announced the acquisition of Stockholm-based rival Normative in a deal reported to be worth approximately €64 million. The combined company says the merger will make it the world’s largest climate software provider.
The transaction, announced on September 15, brings together two companies with large corporate emissions datasets. According to Greenly’s press release, the deal unites the two largest emissions datasets in the carbon accounting industry under a single platform, with the companies arguing the combined offering will give businesses better visibility into their Scope 3 supply-chain emissions than either could deliver independently.
The merged entity will offer a single system covering corporate carbon accounting, supplier engagement, life-cycle assessment, energy management, and multi-framework regulatory compliance, including CSRD, IFRS, SEC disclosure requirements and Science Based Targets initiative (SBTi) alignment. Greenly said the combination will also accelerate investment in its AI-native platform, which already deploys specialised agents to automate portions of the carbon accounting process.
The two companies are targeting combined software annual recurring revenue growth from €30 million to €50 million within three years. Normative, founded in 2014, had raised more than €40 million from investors including Blume Equity, Horizons Ventures, ETF Partners and 2150. Those backers will join Greenly’s existing investor base of EIP, XAnge and 7Ridge.
The deal is part of a broader consolidation trend in the climate software sector. According to ESG Today, 2026 has already seen the acquisition of Optera by Green Project Technologies, of Minimum by Novisto, and of Plan A by Diginex, as the fragmented market for carbon reporting tools reshapes around fewer, better-capitalised platforms.
Normative CEO Sebastien Blanc said in the announcement that tackling climate risk at scale would require platforms with “the breadth and depth of features and services to handle all of their clients’ needs in one place, across multiple regions, methodologies, requirements or needs, without sacrificing the quality of the work.” Greenly and Normative’s shared investor base and overlapping mission, he added, made the combination a natural fit.
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