Carbon Accounting Software
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Greenly acquired Swedish climate-data company Normative for just over €64 million, bringing together two direct competitors in Europe's carbon accounting software market. Neither company has officially confirmed the deal, though reporting citing a source with knowledge of the transaction and documents filed in France supports the report.
Normative was founded 12 years ago and raised more than SEK 100 million in a recent fundraising round after posting a 2024 loss of nearly SEK 165 million on SEK 88 million in revenue. That financial position likely made a sale more attractive than continuing to grow independently.
The acquisition signals a broader wave of consolidation that will likely continue reshaping the sector as companies combine rather than compete for a shrinking pool of investment.
