Greenly and Normative Merge to Create Global Carbon Accounting Powerhouse

Carbon accounting leaders Greenly and Normative have merged to form the world’s largest climate software provider, aiming to consolidate a fragmented ESG data market. For fintech professionals, this creates a unified system of record for Scope 3 emissions, bridging the gap between environmental reporting and financial performance as global regulatory pressures intensify.

What was announced

The merger combines the two largest emissions datasets into a single platform, supporting 4,000 customers across more than 30 countries. The new entity currently manages 500 million tonnes of CO2, with a target to reach one billion tonnes by 2030. Financially, the group aims to scale its annual recurring revenue from €30 million to €50 million over the next three years through its pure software offerings.

The combined platform offers a suite of tools including corporate carbon accounting for Scopes 1, 2, and 3, life-cycle assessments, and multi-framework ESG reporting compliant with CSRD, California’s SB 253, and the SEC. It integrates Greenly’s AI-native platform, which features specialized agents like "The Architect" for automated quality checks, the "Scope 3 Scout" for supplier coverage, and "The Strategist" for decarbonization planning. The group will maintain offices in Paris, London, New York, and Stockholm to provide local support across its transatlantic footprint.

Beyond reporting, the company plans to expand into utility management and climate-risk modeling to quantify the financial impact of extreme weather. This infrastructure is supported by a network of implementation partners including McKinsey, Schneider Electric Advisory Services, and Wavestone, allowing the platform to serve complex sectors such as automotive, chemicals, and industrial manufacturing. The merger unites shareholders from both firms, including Blume Equity, Horizons, and 7RIDGE, under a founder-led management team.

"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. That is bigger than a competition between software companies. Someone has to do the hard work of building the carbon infrastructure of the twenty-first century: a trusted system capable of measuring emissions consistently across companies, products and supply chains, and ultimately of turning carbon reduction into something as measurable and accountable as financial performance. 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."

Alexis Normand, CEO and co-founder of Greenly

The companies involved

Greenly is a Paris-based carbon accounting specialist backed by investors including Energy Impact Partners (EIP), XAnge, and 7RIDGE. The company has focused on AI-driven automation to scale carbon footprints for SMEs and large enterprises. Normative, headquartered in Stockholm, brings scientific rigour and enterprise-level expertise to the merger. Its shareholder base includes Blume Equity, Horizons, ETF Partners, and 2150. Sebastien Blanc serves as the CEO of Normative.

The merger is supported by a diverse group of venture capital and private equity firms. 7RIDGE is a specialized investment firm focused on transformative technologies in financial markets, while XAnge is a prominent European venture capital firm. Blume Equity focuses on sustainable growth-stage companies, and HORIZON operates within the specialized training and investment sector. Together, these companies represent a significant portion of the European and North American climate-tech investment landscape. The new entity remains founder-led, with Alexis Normand at Greenly and Sebastien Blanc at Normative continuing to lead the combined group’s efforts to establish a global standard for corporate climate action.

What FF News has reported before

FF News has previously covered the activities of the investors and partners involved in this merger. This includes 7RIDGE’s portfolio expansion through Trading Technologies, such as the Trading Technologies Boosts Institutional FX Analytics with FairXchange Integration and the report that FX Traders Demand EMS Consolidation for Unified Risk Management. Additionally, we reported on the appointment of Trading Technologies Appoints Fintech Veteran Sal Lombardi as Chief Financial Officer at the 7RIDGE-backed firm. Prior coverage also includes the growth of the ETF market via Horizon Expands ETF Suite to 16 Funds, highlighting the broader investment ecosystem surrounding Normative’s backers.

What this means

This merger signals the end of the "wild west" era of fragmented carbon accounting. By consolidating two of the largest datasets, Greenly and Normative are positioning themselves to challenge the dominance of US-centric players like Watershed. The industry is moving away from simple annual disclosures toward real-time carbon management that mirrors financial auditing. This puts immense pressure on smaller, niche carbon calculators that lack the data gravity to provide reliable Scope 3 benchmarks. The key question for the sector is whether this "system of record" can truly integrate with existing ERP and financial systems to make carbon a standard line item in corporate P&L statements.