Enterprise environmental health and safety (EHS) software provider Cority announced today the acquisition of ESG-focused reporting and disclosure software and service provider Greenstone, in a move aimed at deepening the company’s sustainability and ESG expertise and expanding its related offerings for customers.
Founded in 2006, UK-based Greenstone provides a suite of sustainability, supply chain and ESG software as a service (SaaS)-based solutions enabling user to collect, manage, analyze and report the data required to meet their full value chain sustainability disclosure requirements.
Greenstone CEO Matthew de Villiers said:
“We are excited to be joining forces with Cority, a company that shares our mission to help our clients make better sustainability and ESG decisions through data-driven insights. Our combined strengths will equip us to deliver a comprehensive suite of sustainability solutions that enable customers to measure, manage, and report sustainability and ESG information and performance throughout their organizations, supply chains, and investment portfolios.”
According to Cority, the acquisition comes as businesses are facing growing pressure from stakeholders including investors, shareholders and regulators to prioritize sustainability, and with increasing mandatory ESG reporting requirements emerging leading to demand for digital solutions to gather, track, and report sustainability performance accurately.
Cority Chief Product Officer Ted Kail highlighted the benefits of bringing together EHS expertise with ESG reporting capabilities to address these needs, noting that “the EHS data that is already being collected and analyzed is necessary for some of the foundational elements for ESG reporting.”
“With the surge of interest in sustainability and ESG reporting, we have seen a lot of new players enter the market to help organizations produce the required reporting. However, it is often hard for enterprises to trust that some of these point solutions or emerging ESG software providers will be around long-term or have the technology infrastructure needed to keep up with the complexity and data volumes that large enterprises require. While consolidation in most SaaS markets is inevitable, there are tremendous benefits when an established EHS software provider partners with a leading-edge ESG reporting technology.”
The transaction marks the latest in a series of sustainability-focused moves for Cority, including the acquisition of sustainability SaaS solutions and advisory services provider Reporting 21 in September 2022, and of responsible business management software company WeSustain in 2021. Cority also launched its Sustainability Cloud solution in 2021, aimed at helping organizations to manage, measure, and report on their sustainability initiatives.
Cority CEO Mark Wallace said:
“The investment that we have made in sustainability and ESG reporting technologies recently is driven by our desire to help organizations make better decisions – not only meeting the reporting requirements of today, but also identifying and monitoring areas for improvement in the future. Bringing the Greenstone team and its solutions into Cority will allow us to accelerate and expand our product development road map, bringing a more comprehensive suite of sustainability solutions to our customers.”