TradeSun Acquires Renowned ESG Firm
TradeSun, a leading provider of AI solutions for trade compliance and automation, acquired data company Coriolis Technologies to speed up ESG-compliant trade.
The strategic acquisition will help TradeSun's global and regional bank network to grow through additional innovation in trade and supply chain. It follows a partnership deal signed earlier this year between TradeSun and Coriolis.
TradeSun will now offer Coriolis' ESG services, such as the independent ratings-based platform it built with more than 50 financial institutions. The platform ranks, tracks, and evaluates supply chain participants based on the 17 United Nations Sustainable Development Goals and other important regulatory frameworks like the EU Taxonomy. It increases supply chain transparency by assessing the environmental, social, and economic impact of all trade supply chains.
The acquisition is the first stage in TradeSun's growth strategy, catalysing the company's goal of seamless, digitalised, and more sustainable trade flows that enable regions and their people to develop.
Dr Rebecca Harding, Coriolis Founder, will continue to serve as a strategic advisor.
Nigel Hook, TradeSun CEO and Founder said: “With regulations evolving fast to mandate sustainable commerce, banks will increasingly play a more central role in facilitating and guiding the trade ecosystem to adopt more sustainable practices.”
He added: “Dr Rebecca Harding and I concur that with sustainable financing becoming more prevalent, parties across the trade ecosystem will naturally strive to gain better ESG scores. The acquisition will support both financial institutions and supply chain players to assess and modify their businesses to meet industry and sovereign ESG goals.”
Dr Rebecca Harding said: “Global trade must have the tools to better measure ESG impact to meet the increasingly ambitious sustainability targets set by governments and industry. The vision and plan for automated ESG scoring and more sustainable trade will be helped and moved forward by the purchase of Coriolis. This is an exciting development and a significant measure of the importance of ESG in trade finance.”