TradeSun, a leading provider of artificial intelligence solutions for trade compliance and automation, has acquired data company Coriolis Technologies, to expedite ESG-compliant trade.
The strategic acquisition will allow the TradeSun network, of global and regional banks around the world, to expand with further innovation across trade and the supply chain. It follows a partnership agreement by TradeSun and Coriolis earlier this year.
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.
The acquisition is the first in TradeSun’s expansion plans, acting as a catalyst to fulfill its vision of seamless, digitalized and more sustainable trade flows that allow regions and their people to prosper.
Dr. Rebecca Harding, Coriolis Founder, will act in a strategic advisory capacity going forward.
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 as well as 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 in order to meet increasingly ambitious sustainability targets set by governments and industry. The acquisition of Coriolis will support and take forward the vision and roadmap for automated ESG scoring and more sustainable trade. This is an exciting development and a significant measure of the importance of ESG in trade finance.”
Source: Company Press Release
