TradeSun, a trade and compliance company has acquired Coriolis Technologies, a trade and data analytics provider, to boost compliance with environmental, social and governance (ESG) factors in trading.
The acquisition follows a collaboration agreement entered by both parties earlier in the year, TradeSun announced on Monday in a statement shared with Finance Magnates. The firm added that the acquisition is the first of its moves toward expansion.
The acquisition also means that Dr Rebecca Harding, the Founder of Coriolis, will move into a strategic advisory capacity in the new enterprise, TradeSun said.
“TradeSun will now deliver Coriolis’ ESG products, including the independent ratings-based platform developed with more than 50 financial institutions. The platform scores, monitors and verifies supply chain players against the 17 UN Sustainable Development Goals, as well as other key regulatory frameworks such as the EU Taxonomy. It facilitates supply chain transparency by measuring ESG impact throughout all tiers in trade supply chains,” TradeSun explained.
Furthermore, TradeSun noted that its purchase of Coriolis will power global and regional banks’ ability to introduce more innovation into trading. Nigel Hook, the CEO and Founder of TradeSun, believes that banks will play a more central role in championing more sustainable practices in the trade ecosystem.
“The acquisition will support both financial institutions as well as supply chain players to assess and modify their businesses to meet industry and sovereign ESG goals,” Hook added.
Recent ESG Efforts
In July, Sydney-headquartered Vantage partnered with Supercar Blondie, an Australian automotive YouTube star, to launch its ESG programme. The multi-asset broker explained that its corporate ESG journey was driven by the passion of its employees.
Earlier in June, NASDAQ disclosed plans to acquire Metrio, a Canada-based provider of ESG data collection, analytics and reporting services, in order to integrate its software into its suite of ESG solutions.
Meanwhile, in May, Temenos, a SIX-listed banking software provider, launched its ESG investing-as-a-service. The offering is targeted at banks and wealth managers, Temenos said.
