M&A List: Who's Buying Carbon Accounting and Sustainability Software Companies?

M&A activity involving carbon accounting software companies has been steady -- though in most cases we don't know if the deal valuations were strong.

On the upside: The Carbon Footprint Management Market is expected to reach $103.4 billion by 2034, up from $13.8 billion in 2024, according to Global Insight Services. That's a 22.3% compound annual growth rate (CAGR). Moreover, numerous market forecasts predict strong demand for sustainable IT solutions.

But on the downside: Dozens of climate tech startups in 2025 are struggling to find new funding and new customers amid recent geopolitical headwinds.

Indeed, the U.S. federal government has rolled back and/or abandoned various climate initiatives since President Donald Trump's second term began in January 2025.

As a result, many venture capitalists (VCs), private equity firms and angel investors have hesitated to fund existing or new climate tech startups. The geopolitical headwinds could force some climate tech businesses to shutter and/or sell their intellectual property at steeply discounted valuations.

M&A List: Carbon Accounting and Sustainability Software Mergers and Acquisitions

Amid those various market forces, here's a list of M&A deals involving carbon accounting, ESG and sustainability software providers:

• December 2025: Diginex, a provider of Sustainability RegTech and Data Management solutions, has acquired PlanA.earth -- a carbon accounting and decarbonization software provider based in Berlin, Germany. Plan A, founded in 2017, raised $10 million in Series A funding in 2021 and a $27 million extension in 2023, TechCrunch reported. Plan A has roughly 1,500 customers -- including Chloé, BMW, Deutsche Bank, Visa, and Trivago. Financial terms of the deal were not disclosed. Diginex has M&A experience. The company previously acquired Matter DK ApS -- a provider of ESG analytics software -- in October 2025.
• November 2025: SGS has acquired Sami, a French startup that develops a climate change and carbon accounting software platform.
• November 2025: Position Green, a Nordic ESG software and advisory firm, has acquired Factlines, a provider of supply chain transparency and human rights due diligence solutions. This is Position Green's third acquisition of 2025. The other two involved Greenomy and Morescope.
• October 2025: Asuene USA, a subsidiary of Asuene Inc., has acquired Iconic Air Inc., a U.S.-based SaaS provider specializing in greenhouse gas (GHG) emissions monitoring and methane-leak detection. Rizoma advised Asuene on the deal: Financial terms of the deal were not disclosed.
• October 2025: Diligent has invested in Persefoni, and will transition its carbon accounting customers to Persefoni's carbon accounting software. Financial terms of the deal were not disclosed.
• October 2025: Novata acquired Atlas Metrics, a sustainability performance and reporting platform provider. The deal allows Novata to expand from North America to Europe.
• September 2025: One Click LCA acquired Pre Sustainability -- developer of the SimaPro software platform. Stockalper advised the seller on the deal.
• September 2025: Connect Earth acquired Datia, a Stockholm-based ESG reporting platform serving asset managers and financial institutions across Europe and the United States.
• September 2025: Position Green has acquired Greenomy, a provider of sustainability reporting and EU regulatory compliance software. Euroclear, a Greenomy investor since 2022, becomes a shareholder of Position Green. Private equity firm Norvestor remains Position Green's majority owner. Financial terms of the deal were not disclosed.
• May 2025: Asuene acquired NZero, a software company that allows organizations to "operationalize and optimize energy use, cost, and emissions," the buyer said. Rizoma advised NZero on the deal.
• March 2025: The Apave Group acquired Aktio of France. Stockalper advised the seller on the deal.
• February 2025: Ecologi acquired Net Zero Now, a carbon accounting software platform provider. Financial terms of the deal were not disclosed.

2024 Carbon Accounting Software Mergers, Acquisitions and Private Equity Investments

• October 2024: ISS-Corporate acquired SustainaBase, a carbon accounting and data management software provider in Florida. Financial terms were not disclosed. Rizoma advised SustainaBase on the deal.
• September 2024: Gevo acquired CultivateAI to further focus on carbon accounting software and data in the agriculture market. Gevo paid $6 million in cash, with additional earn-out payments potentially possible, the buyer said.
• August 2024: Asuene acquired CoRocket and launched an associated business called Asuene Veritas. Financial terms of the deal were not disclosed.
• June 2024: Workiva acquired Sustain.Life for $100 million.
• What M&A deals did we overlook? Email me the details: Joe@MentoreVentures.com.

Also of note: Private equity firm Thoma Bravo may be seeking to sell ESG software provider Cority for roughly $2 billion, Reuters reported in mid-2024. No buyer for Cority has emerged as of July 2025.

Meanwhile, multiple carbon accounting software startups received funding ahead of Donald Trump's return to the White House in January 2025. Trump's economic strategy and rollback of multiple Biden Administration climate policies have made some climate tech investors nervous.