Greenly and Normative, two of the most established names in carbon accounting, are merging to build what they describe as the world’s largest climate software provider. Stockholm-based Normative is reportedly being acquired by France-based Greenly for €64 million, according to Swedish outlet Impact Loop.
The Deal
The merger brings together the two companies’ emissions datasets under one system of record, aiming to give businesses a clearer view of their Scope 3 supply-chain emissions than either platform could offer on its own — and creating a data advantage the companies say grows stronger with every new company that joins.
Together, Greenly and Normative are targeting growth in combined software ARR from €30 million to €50 million within three years, extending what customers can already do on Greenly’s platform across carbon accounting, life-cycle assessment, supply-chain engagement, and energy management. The combined group remains founder-led and backed by existing investors on both sides, with the resources to keep investing in product and service quality as the market continues to consolidate.
What Normative Brings to the Table
Stockholm-based Normative brings scientific rigour, deep methodological expertise, and a strong footprint among large European enterprises, including Nordea, Flying Tiger, Vodafone, Typeform, and Hitachi, built up across a 170-person team with offices in Stockholm and London. Its focus on audit-ready data and demanding frameworks such as the CSRD complements Greenly’s strength in international reach, granular Scope 3 measurement, and AI-native automation.
Normative has raised more than €40 million to date from shareholders including Blume Equity, Horizons Ventures, ETF Partners, and 2150, who now join Greenly’s own backers — among them EIP, XAnge, and 7Ridge — alongside the founders on both sides.
Sebastien Blanc, CEO of Normative, framed the rationale behind the deal: “Achieving real change in how companies deal with climate risks will require more than scientific credibility, trusted data and commitment to customers. It will require platforms that have the breadth and depth of features and services to handle all of their clients’ needs in 1 place, across multiple regions, methodologies, requirements or needs, without sacrificing the quality of the work. Greenly and Normative’s team share the same mission, culture and goals and, together, we can turn methodological rigour into real climate and economic impact at scale.”
A Single Platform for a Fragmented Market
The carbon accounting market has grown crowded in recent years, with many companies stitching together several tools to cover Scope 1, 2, and 3 emissions, life-cycle assessment, and regulatory reporting. Greenly and Normative are positioning the merger as a direct answer to that fragmentation, combining Normative’s scientific rigour and enterprise-grade methodology with Greenly’s broader product suite, AI-native automation, international reach, and network of implementation partners.
The result is a single, more complete offering spanning corporate carbon accounting, supplier engagement, product footprints, life-cycle assessment, and multi-framework ESG reporting, backed by a dataset the companies say becomes more reliable as more companies and suppliers take part in it.
Demand is shifting alongside this: businesses are moving from annual compliance exercises toward continuous carbon management across increasingly complex value chains, driven by Scope 3 requirements, tightening regulation, and a growing need for product-level data to inform real decisions. The renewed implementation of the CSRD, California’s SB 253 and SB 261, and product-level rules such as CBAM and the Digital Product Passport are accelerating that shift globally.
Investing Further in Greenly’s AI-Native Platform
The combination brings stepped-up investment in Greenly’s AI-native platform, whose specialised agents already help customers automate carbon accounting work: The Architect maps the entities of a multi-country group and applies more than 200 automated quality checks; The Scope 3 Scout expands supplier-level coverage; The Environmental Engineer scales life-cycle assessment across product portfolios; and The Strategist turns the resulting data into board-ready decarbonisation plans aligned with reporting frameworks.
Bringing Normative’s data and methodology into the mix gives Greenly the largest shared dataset in the category — more than 5 million emission factors combined — to keep training and refining these agents.
Alongside this, Greenly’s ESG and CSRD suite is being extended with a climate-risk engine that models physical hazards and quantifies the cost of extreme weather across sites, assets, and supply chains, plus new utility-management capabilities bringing energy consumption, procurement, and cost data together with decarbonisation planning.
Alexis Normand, CEO and co-founder of Greenly, described the longer-term ambition behind the deal: “When we look back from 2050 at what made global decarbonization possible at scale, I believe we will see the emergence of a common language and source of truth for carbon as a defining moment — much as double-entry bookkeeping helped unleash modern finance during the Renaissance. We will not reach Net Zero through thousands of disconnected spreadsheets, surveys, methodologies and competing ledgers. Before companies can decarbonize at scale, they need a shared infrastructure for understanding where emissions come from, and whether they are actually falling. By bringing Greenly and Normative together, we are laying the first foundations of that infrastructure. Our ambition is not simply to build a larger company, but to help create the accounting system for the decarbonized economy.”
Customers and Scale
The combined platform already supports organisations including Amazon, Veolia, AXA, BNP Paribas, Sony, Porsche, Toyota, Eurostar, the Bank of England, Hitachi, Vodafone, Forvia, Nexans, and Bureau Veritas. Through Greenly Pro, a network of certified implementation partners including Schneider Electric Advisory Services, R3, ClimeCo, McKinsey, Dekra, Quantis, Wavestone, Sia Partners, and NATIVA can run carbon accounting engagements on the platform directly.
About Greenly
Greenly is one of the world’s most widely deployed climate-management suites, supporting organisations from global enterprises to small and medium-sized businesses, with granular Scope 3 measurement down to the product level and automated compliance with frameworks such as CSRD, CBAM, and EUDR. With hubs in Paris, New York, and London, Greenly supports more than 4,000 organisations worldwide and has raised a total of €75 million from investors including Fidelity International Strategic Ventures.
