ECOVADIS acquired by ASTORG & GENERAL ATLANTIC
Context
EcoVadis has raised $500 million in a global investment round co-led by Astorg and BeyondNetZero (General Atlantic), establishing the company as a "sustainability impact unicorn". The strategic rationale for the deal is to accelerate EcoVadis’ global scale-up, particularly in the US and Asian markets, and to bolster its AI and machine learning capabilities. The fresh capital will also be used to fund strategic acquisitions and deepen its sustainability intelligence offering, such as Scope 3 carbon emissions management. The deal comes amid record demand for ESG transparency, with EcoVadis reporting 50% revenue growth over the previous 12 months. This investment positions the company to influence decision-making across enterprise, procurement, and financial platforms through its existing partnerships with SAP, Microsoft, and Coupa.
In the past, the company had already been the subject of several LBOs, notably led by Partech Ventures in 2016 and Cvc in 2020. These multiple LBO cycles illustrate the strong appeal for this type of asset.
ECOVADIS, which reported an EBITDA margin of in 2022, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).
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Target
EcoVadis is the leading provider of globally trusted business sustainability ratings and scorecards. The organization operates a SaaS platform that provides evidence-based ESG intelligence across 200 industry categories and 175 countries. The entity's methodology covers environmental, social, and ethical practices, serving more than 95,000 businesses, including multinational giants like Amazon, L’Oréal, and JPMorgan. Its business model focuses on driving sustainability-led business decisions across global supply chains, private equity portfolios, and ESG-linked financing. By providing actionable benchmarks and carbon action tools (such as its Carbon Action Module), the firm supports companies in monitoring and improving the performance of their trading partners. Headquartered in Paris with 15 global offices, the firm has become the partner of choice for integrating sustainability intelligence into procurement and risk management ecosystems.
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REFERENCES
Valuation range: EV 1b - 4b USD
Revenue range: 100M - 200M USD
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Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: general atlantic / astorg