The deal comes one year after FigBytes secured $14.5 million USD for its ESG insights platform.
Ottawa-based FigBytes, which offers a sustainability insights platform, has been acquired by Irish software company Advanced Manufacturing Control Systems (AMCS) for an undisclosed amount.
AMCS said that the FigBytes platform will strengthen its current offerings for environmental, social, and governance (ESG) reporting, similar to its acquisition of Berlin-based Quentics last year. The company said that FigBytes’ strong market presence in North America is complementary to the presence AMCS has established in Europe.
AMCS points to the EU’s Corporate Sustainability Reporting Directive as an area for FigBytes to provide value to its users.
“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,” AMCS CEO Jimmy Martin said in a statement.
FigBytes marks AMCS’ 20th acquisition since 2011 and its second in Canada. In 2020, AMCS acquired Cambridge, Ontario-based TRUX Route Management Systems for its waste management-focused software. The Ottawa Business Journal reported that FigBytes was officially acquired by the AMCS Canadian subsidiary created under this acquisition.
FigBytes was co-founded by CEO Ted Dhillon and CTO Sonam Devgan in 2014. Its software platform helps companies track and report on ESG reporting targets in areas including carbon accounting, water impacts, and supply chain activities. The FigBytes system automates reporting and provides insights around a company’s ESG activities.
In October 2022, FigBytes secured $14.5 million USD, $10 million USD of which came from Quantum Capital Group’s sustainability venture fund, the Quantum Innovation Fund, to grow its sales, marketing departments, and product development departments in North America, Europe, and India.
RELATED: FigBytes secures $14.5 million USD in venture funding and debt
“In this emerging market, FigBytes stands out for its ability to bring comprehensive functionality based on a detailed understanding of customer ESG reporting needs,” Quantum Innovation Fund partner Jeffrey Harris said at the time of the investment.
Recent years have seen an increasing number of organizations prioritize ESG. This has been driven, in part, by federal regulators who either have or are in the process of introducing mandatory ESG reporting requirements. AMCS pointed to the European Union’s new Corporate Sustainability Reporting Directive, which will compel roughly 50,000 companies to manage their ESG data and ensure auditable reporting, as an area where the FigBytes acquisition would provide value to its users.
Based in Limerick, Ireland, AMCS was co-founded in 2003 by Martin with “a mission to maximize technology and business processes,” and “create a cleaner world.” With over 1,300 employees, AMCS counts companies with Canadian operations among its platform customers, including Waste Management, Cascades, and Veolia.
AMCS says its platform is designed to help waste and recycling companies increase efficiency, reduce costs, and embrace greater automation.
“For nearly a decade, we have equipped sustainability leaders everywhere with robust tools, resources, and expertise in order to put their ESG and sustainability programs into action,” Dhillon said. “I’m incredibly confident that our alignment with AMCS will unlock tremendous opportunities for organizations to make an even greater positive change for people and the planet.”
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