French climate-software company Greenly is acquiring Swedish rival Normative in a deal reported at around €65 million, combining two established carbon-accounting platforms as the market shifts toward larger systems capable of handling emissions data across entire supply chains.
Sifted reported that Greenly has acquired Normative in a deal worth about €65 million, bringing together competitors that help companies measure and report corporate emissions.
The companies say the combination will create a single platform spanning carbon accounting, supplier engagement, life-cycle assessment, product footprints and multi-framework sustainability reporting.
Two emissions datasets become one platform
Greenly and Normative said the combined business will support 4,000 customers across more than 30 countries, with operations in Paris, London, New York and Stockholm. It already manages data representing around 500 million tonnes of CO₂, with a target of one billion tonnes by 2030.
The technical value of the combination lies heavily in data.
According to the companies, the merged platform will bring together methodologies and more than five million emission factors, which are used to translate business activities—from purchased materials to transportation and energy use—into estimated greenhouse-gas emissions.
That becomes particularly important for Scope 3 emissions, which arise throughout a company’s supply chain and can require data from large numbers of suppliers, products and transactions.
Greenly CEO and co-founder Alexis Normand described the goal as building a common system through which companies can understand where emissions originate and whether reductions are actually taking place.
Normative CEO Sebastien Blanc said companies increasingly need platforms capable of handling multiple regions, methodologies and reporting requirements without sacrificing data quality.
The combined company is targeting €50M ARR
The two companies currently generate around €30 million in combined software annual recurring revenue and aim to increase that figure to €50 million within three years.
Normative brings a 170-person operation and customers including Vodafone, Nordea, Hitachi, Typeform and Flying Tiger, while Greenly contributes a broader AI-focused platform and international implementation network. Normative has raised more than €40 million from investors including Blume Equity, Horizons Ventures, ETF Partners and 2150.
The companies also plan to increase investment in Greenly’s AI-native platform, which already includes specialized agents for mapping corporate structures, expanding supplier-level Scope 3 coverage and producing decarbonization plans.
Carbon accounting is becoming infrastructure software
The deal matters beyond climate-tech M&A.
Carbon-accounting software began largely as a compliance tool for producing periodic emissions reports. The Greenly–Normative strategy assumes businesses increasingly need something closer to an operational data layer, continuously connecting supplier emissions, products, regulations and financial decisions.
Other providers including Watershed in the U.S., Asuene in Asia and One Click LCA in construction are also competing around different parts of that market. Greenly and Normative explicitly describe their combination as a response to an increasingly competitive and fragmented software category.
For European software founders, the broader signal is clear: as regulatory software matures, winning may depend less on adding another dashboard and more on controlling the data infrastructure that every dashboard depends on.
