Novisto Expands Carbon Accounting Software With Acquisition of Minimum

Montreal-Based ESG Platform Absorbs London Carbon Management Startup to Build End-to-End Sustainability System as Global Disclosure Rules Tighten

Novisto expands its enterprise sustainability platform with the acquisition of London-based carbon management software company Minimum, a deal designed to consolidate carbon accounting and ESG data management into a single system of record. Financial terms of the transaction were not disclosed.

The acquisition, announced March 31st, positions Novisto to compete for a larger share of the rapidly expanding carbon footprint management market, which Global Insight Services projects will grow from $13.8 billion in 2024 to $103.4 billion by 2034 at a compound annual growth rate of 22.3%. The deal signals that consolidation in the ESG technology sector is accelerating as enterprises shift away from fragmented point solutions toward integrated platforms capable of withstanding regulatory scrutiny.

The Strategic Logic Behind the Deal

Novisto has built its business around helping large enterprises collect, govern, and report environmental, social, and governance data with what it describes as financial-grade rigor. Its client roster includes Sanofi, The Emirates Group, Bombardier, Moderna, Synopsys, and Deutsche Bank. The company raised $27 million in a Series C round in May 2025 led by Inovia Capital, with participation from White Star Capital, SCOR Ventures, and Sagard, bringing its total funding to more than $55 million. Revenue has nearly tripled since its Series B round in 2023.

What Novisto lacked, however, was a purpose-built carbon accounting engine. As Novisto expands into carbon measurement, Minimum provides exactly that capability.

Founded in 2020 and backed by Y Combinator and Octopus Ventures, Minimum developed a carbon management platform focused on mapping complex organizational structures to granular emissions data. Its flagship product, Carbon Atlas, allows enterprises to construct detailed environmental inventories across business units, geographies, and facilities. The platform’s flexible data ingestion layer can pull information from utility providers, PDF invoices, spreadsheets, and existing IT systems without requiring manual processing.

“Our customers value Minimum’s depth and accuracy, but their needs are clear: they want that depth unified within a full ESG platform,” said Chris Winchurch, CEO and co-founder of Minimum. “Novisto is the ideal partner because they share our obsession with data quality.”

Charles Assaf, CEO and co-founder of Novisto, framed the acquisition as a natural extension of the company’s founding thesis: bringing financial-grade rigor to sustainability data. “By embedding Minimum’s specialized carbon technology, we are delivering a unified system of record that allows enterprises to manage their climate impact and regulatory obligations with absolute confidence,” Assaf said.

The two companies had previously collaborated through integrations and shared clients, a relationship that provided both sides with a proof of concept before the formal deal closed. Minimum’s team will join Novisto; neither company disclosed headcount or financial terms of the transaction.

Why Carbon Data Quality Has Become a Boardroom Problem

Before the first wave of CSRD-aligned reports landed on auditors’ desks in early 2025, most enterprises treated carbon reporting as a compliance checkbox. That calculus has shifted. Auditors are now scrutinizing sustainability disclosures with the same rigor they apply to financial statements, and the penalties for getting it wrong are growing. In Europe, companies filing under the Corporate Sustainability Reporting Directive face mandatory third-party assurance requirements. In California, SB 253 compels companies with more than $1 billion in annual revenue to report Scope 1 and 2 emissions beginning in 2026, with Scope 3 value chain disclosures following in 2027. That final category, which can represent the bulk of an enterprise’s carbon footprint, is where most organizations struggle.

The problem is not a lack of willingness. It is a lack of infrastructure. Most large organizations still cobble together emissions data from spreadsheets, utility invoices, and supplier questionnaires, then reconcile it manually before handing it to consultants for calculation. The process is slow, error-prone, and difficult to audit. Minimum was built to replace that patchwork. Its platform ingests raw operational data from across an enterprise, maps it against emissions factor databases from the GHG Protocol, IEA, EPA, and DEFRA, and produces granular, traceable calculations that hold up under assurance review.

As Novisto expands its data lifecycle coverage, the combined platform will span from raw data ingestion through to investor-grade disclosure. For CFOs and sustainability leads who have been stitching together three or four tools to get a single auditable number, that integration solves a concrete operational headache.

A Consolidation Wave in ESG Software

Novisto’s acquisition of Minimum fits within a broader pattern of consolidation reshaping the ESG technology landscape. In January 2026, Nasdaq-listed Diginex closed its acquisition of Berlin-based Plan A, a carbon accounting and decarbonization platform that had raised more than $42 million in venture capital. In December 2025, German compliance software maker Osapiens purchased risk management startup Lucent AI following a $120 million Series B round backed by Goldman Sachs. In November 2025, Swiss testing and certification giant SGS acquired French carbon accounting startup Sami, while Nordic ESG advisory firm Position Green completed its third acquisition of the year with the purchase of Factlines.

The pattern is clear: standalone carbon accounting tools are being absorbed into larger platforms as enterprise buyers demand fewer vendors and more integrated workflows. Companies that once relied on separate systems for emissions tracking, ESG metrics, and regulatory reporting increasingly view that fragmentation as a source of compliance risk, data inconsistency, and operational inefficiency.

Novisto’s Assaf indicated the company would remain open to further deals as Novisto expands through both organic development and inorganic growth. “We are always evaluating build versus buy opportunities,” he said. “If we find a unique technology or intellectual property that accelerates our ability to help customers meet evolving regulations, we will certainly consider further strategic acquisitions.”

What Comes Next

Novisto said it plans to deliver a unified user experience and an AI-driven dashboard combining ESG and carbon metrics later this year, while continuing to support integrations with other specialty carbon platform partners. The company has existing distribution partnerships with S&P Global and participates in SLB’s Digital Platform Partner Program, both of which extend its reach to a broader base of enterprise clients. Novisto’s existing customers have reported a 50% reduction in time required to complete reporting assessments after adopting the platform.

The deal also broadens the company’s international reach. As Novisto expands its geographic footprint through Minimum’s established presence in the United Kingdom and its enterprise client base in Europe, the company gains a stronger foundation in a market where regulatory momentum around sustainability disclosure continues to build. The company had already signaled its European ambitions during its Series C round, when it announced plans to build a European team equal in size to its North American operations.

For the ESG software sector, the Novisto and Minimum transaction underscores a maturing market dynamic. The era of specialized, single-function sustainability tools appears to be giving way to a new phase in which comprehensive platforms serve as the backbone of corporate sustainability infrastructure. As disclosure requirements multiply and assurance standards tighten, the companies best positioned to win enterprise contracts will be those that can deliver carbon accounting, ESG data governance, and regulatory reporting from a single, auditable platform.

Novisto, with Minimum now folded into its technology stack, is making a clear bet that it can be one of them. Whether the combined platform can deliver on the promise of a single auditable system before the first SB 253 filing deadline hits in August will be an early test of that wager. As Novisto expands its ambitions, the margin for error is shrinking as fast as the market is growing.