Capital markets technology and exchange company Nasdaq announced today the acquisition of Metrio, a Montreal-based provider of ESG data collection, analytics and reporting software.

Nasdaq stated that Metrio’s software as a service (SaaS) platform will be integrated into its suite of ESG solutions, bolstering Nasdaq’s portfolio of IR & ESG services.

Michael Bartels, Senior Vice President, IR & ESG Services at Nasdaq, said:

“Metrio’s platform is complementary to Nasdaq’s end-to-end suite of sustainability reporting solutions and will accelerate our ability to support corporate clients who are looking for improved reporting technology across all three pillars of ESG. We expect current and prospective clients to benefit from a flexible platform that collects, measures and analyzes corporate sustainability data, as well as generates investor-grade reports in real-time, which can be adapted for and shared with multiple stakeholders.”

The transaction comes as companies globally are moving to measure and report on their sustainability performance, driven by increasing pressure from multiple stakeholders, including investors, consumers and regulators. ESG data collection, management and analytics are often cited as the most significant barrier to this process.

Founded in 2009, Metrio’s platform enables companies to streamline the sustainability reporting process with solutions for automated data collection, ESG performance measurement, analytics and dashboarding, multi-framework reporting, and stakeholder engagement and sustainability communication. The company’s clients include Target, Decathlon, Air Canada and TMX.

Metrio Co-Founder and CEO Patrick Elie said:

“We are tremendously proud of the market leading reporting solutions our team has built over the last decade.”

 Co-Founder and COO Pierre-Alexandre Hurtubise added:

“We are excited to be part of Nasdaq as we seek new opportunities to bring our solutions to a wider set of stakeholders and increase our impact.”

The transaction is expected to close in mid-June. Nasdaq stated that it plans to maintain Metrio’s headquarters in Montreal.