LONDON (April 11, 2024) – ISS-Corporate, a leading provider of compensation, governance, cyber risk monitoring, and sustainability offerings to help companies improve shareholder value and reduce risk, today announced the acquisition of Celsia, an Oslo-based provider of SaaS solutions for corporate sustainability reporting.
Formed in 2021, Celsia’s software simplifies regulatory sustainability reporting with a particular focus on solving for the European Union’s Corporate Sustainability Reporting Directive (CSRD) regulations. The CSRD, which took effect January 1, includes the European Sustainability Reporting Standards, an extensive, detailed new sustainability reporting framework that is addressed by Celsia’s offering. Celsia software also supports EU Taxonomy and Sustainable Finance Disclosure Regulation reporting requirements.
Presently, more than 300 companies rely on Celsia’s software solutions and the expertise of its staff for accurate and timely sustainability reporting. Some companies using Celsia see time savings of up to 80 percent, as compared with conventional approaches to reporting, in a process estimated by the EU to cost companies €320,000 per year. By the middle of 2027, when approximately 50,000 EU/European Economic Area companies must implement CSRD requirements, aggregate reporting costs are projected to be €9.9 billion of which 10 percent is expected to flow to SaaS providers.
“As corporations across the globe seek cutting-edge solutions and services in response to a rapidly shifting regulatory landscape, ISS-Corporate is pleased to respond to those demands through this transaction,” said Marija Kramer, Head of ISS-Corporate.
“We welcome the Celsia team to the ISS-Corporate family and look forward to continue providing our clients with industry leading solutions spanning sustainability, governance, compensation, and cyber risk.”
Celsia workflows automate CSRD reporting, allowing for all relevant data and documentation to be maintained in a single location. Its team of sustainability, technology, and related domain experts provide clients with gap analysis, double materiality assessments, and software updates to support the entire process from data collection to a ready report. Celsia staff will remain in place and continue to report to Celsia’s CEO & Co-Founder, Petter Reistad.
“We are excited for Celsia to join ISS-Corporate. Together we will help many more clients free up time to implement sustainability initiatives, while still doing high-quality reporting,” said Reistad. “Our clients are the true winners in this transaction. They will get access to a menu of complementary solutions, solving their full range of challenges within sustainability and regulatory reporting.”
