FigBytes, an Ottawa-based developer of an ESG data reporting and compliance service, has been acquired for an undisclosed amount by AMCS Group, an Irish firm offering cloud-based software for the environmental, utilities, waste and recycling industries.
Figbytes is behind Sustainability Platform, a software-as-a-service (SaaS) program that tracks ESG data and automates the reporting for easier development of decarbonization targets. Microsites and infographics can be made to visualize a client’s progress on their ESG-related metrics, including greenhouse gas emissions reductions.
FigBytes’ customers include AECOM, Akamai, Ford Motor Company, Horizon and Toyota Tsusho.
Sustainability Platform will be added to the existing AMCS suite of environmental solutions software that helps optimize waste and recycling operations, boosts vehicle fleet fuel efficiency, and assists in corporate ESG management.
AMCS said the strong market presence of FigBytes’ technology in North America complements AMCS’ European presence, allowing it to “better serve clients around the world with cloud-based SaaS solutions that help them reach their sustainability goals and manage increasingly complex regulatory reporting requirements.”
Ted Dhillon, the CEO and co-founder of FigBytes, said in a release, “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.”
Expanding to North America
Dhillon told Sustainable Biz Canada in an email exchange the relationship between FigBytes and AMCS was forged when FigBytes planned its next scale-up and learned that AMCS was seeking to acquire an ESG and sustainability vendor.
"The acquisition offered FigBytes a way to hit scale far faster with the reach and resources of AMCS, and we found a great alignment with their vision and approach towards a sustainable future, and the creative and open innovation culture,” Dhillon continued.
The addition of Sustainability Platform bolsters AMCS’ ESG software expertise, the company said, allowing it to offer global sustainability and compliance solutions that encompass the regulatory considerations of the different regions.
AMCS gave the example of mandatory European Union Corporate Sustainability Reporting Directive regulation, which demands companies manage their ESG data and provide auditable reporting through the European Sustainability Reporting Standards reporting framework.
In a previous interview with Sustainable Biz Canada, Dhillon laid out how Sustainability Platform can help with ESG compliance.
Private equity firms can track data from portfolio companies and convert those figures into ESG reports to manage the performance of the companies. Banks and asset managers can use the ESG data to level-set their portfolios and make appropriate risk divestments.
AMCS says it serves almost 5,000 customers in over 80 countries, with notable clients such as Greenergy, Waste Management, Inc., Uniper, Recology and Ferrovial. It is based in Limerick, a coastal community southwest of Dublin.
“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," Jimmy Martin, CEO of AMCS, said in the release.
AMCS has an existing interest in the ESG software space, already having bought out Berlin-based Quentic in June 2022.
Dhillon said another major release will be announced in the coming quarters, with an emphasis on improved supplier transparency. It is planned to cover Scope 3 activities and boost supplier transparency with regard to greenhouse gas emissions.
Editor's note: FigBytes provided responses to Sustainable Biz Canada's questions.