M&A: AMCS Acquires FigBytes for Carbon Accounting, ESG Software Expansion
November 6, 2023 by Joe Panettieri
Environmental software provider AMCS has acquired sustainability software company FigBytes. The acquisition essentially extends AMCS's ESG software efforts from Europe to North America. Financial terms of the deal were not disclosed.
Together, AMCS and FigBytes plan to assist customers with compliance regulations such as CSRD (Corporate Sustainability Reporting Directive), a mandate that will impact organizations worldwide.
ESG and Sustainability Software Acquisition: About the Businesses
AMCS, founded in 2003, is based in Limerick, Ireland. The company develops software and vehicle technology for the environmental, waste, recycling and resource industries. More than 4,000 customers leverage AMCS technology. As of 2022, the business had more than 1,000 employees and a revenue run rate of roughly €180 million (US$19.3.2 million) or so.
AMCS is backed by Clearlake Capital Group, Insight Partners, Ireland Strategic Investment Fund (ISIF), and Highland Europe. Insight Partners and ISIF have funded the software company since 2015, investing in multiple rounds. Clearlake's investment arrived in 2022. We don't know when Highland Europe first invested in the business.
FigBytes, founded in 2014, is based in Ottawa, Ontario, Canada. The company's software allows customers to track and report various ESG activities -- such as carbon accounting, climate action, water impacts, and supply chain activities.
This AMCS's second ESG software acquisition since June 2022. The earlier deal involved buying Quentic. AMCS has completed roughly 19 acquisitions since 2011, according to the company's website.
AMCS Acquires FigBytes: Executive Perspectives
In a prepared statement about the deal, AMCS CEO Jimmy Martin said: “Our mission is to create an environmentally sustainable future for our clients and their families, and we are excited to have FigBytes join us in these efforts. This acquisition underscores our mission to provide integrated, secure, and future-proof environmental software solutions that help clients across the globe accelerate their growth and sustainability.”
Added FigBytes Co-Founder and CEO Ted Dhillon: "For nearly a decade, we have equipped sustainability leaders everywhere with robust tools, resources, and expertise in order to put their ESG and sustainability programs into action. The combination of FigBytes’ award-winning Sustainability Platform and the AMCS suite of Environmental Software Solutions provides organizations with a unique, compelling offering and one of the clearest digital pathways to a more sustainable future while enabling them to comply with ESG regulations around the world. I’m incredibly confident that our alignment with AMCS will unlock tremendous opportunities for organizations to make an even greater positive change for people and the planet.”