Carbon accounting platform acquired by Sage as ClimateTech heats up • businesskinda.com

atmospheres, a UK-based carbon accounting platform that helps SMEs understand and reduce their environmental impact, has been acquired by accounting giant Sage. The terms of the deal have not been disclosed, but it is clear that Spherics has raised £1.25 million in equity financing from angel investors and £300,000 in grants.

Spherics was a smaller startup that played in a similar space to larger ones, including Normative, Plan A, Klimametrix.global, Persefoni, and Planetly.com (other carbon accounting players, such as Watershed and Climatiq, operate more as consultants).

Sage had previously stated its intention to support SMEs to reach net zero, and this acquisition appears to be part of their strategy.

Spherics automates the process of calculating emissions by taking data from a company’s accounting software and matching transactions to measure an estimate of their carbon footprint. It can also apply carbon emission factors to procurement categories (such as supply, accommodation, electricity and travel).

“We know that SMBs care about the impact they have on the environment, and our research shows they want to partner with suppliers and partners who can help them understand and address it,” said Amaya Souarez, EVP Cloud Operations, Sage, in a statement. “By combining Spherics’ innovative software with Sage’s digital network, we are connecting companies to their emissions data from customers and suppliers, enabling easy and collaborative climate action across value chains, helping to reduce carbon.”

George Sandilands, CEO & Co-Founder of Spherics, added: “Our vision and mission align closely with Sage’s core values, and we are excited to embark on this new journey to help SMEs break barriers to a more sustainable future. bad. Global emissions are still rising rapidly and we need immediate and meaningful climate action around the world.”

Spherics, headquartered in Bristol, UK, is the second Bristol startup acquired by Sage in the past year, following Brightpearl’s acquisition in 2021.

Bristol seems to be making a habit of Climate Tech and also produces Ecolog Zero, real-time carbon footprint calculation software for companies.