LuxSE Acquires Tetrao ESG Analytics Unit to Expand Sustainable Finance Capabilities

The Luxembourg Stock Exchange has acquired the ESG data analytics unit from fintech firm Tetrao International, marking a strategic move to strengthen its position as a global leader in sustainable bond data and reinforcing Europe’s push to dominate the green finance information market.

The transaction, announced on January 21, 2026, brings the Tetrao ESG data analytics team directly into the LuxSE Group, where they will continue extracting and collecting sustainable bond data points for the Luxembourg Green Exchange. The deal builds on a five-year partnership between the two Luxembourg-based entities that has powered one of the most comprehensive sustainable bond databases in global capital markets.

Under the terms of the acquisition, Tetrao ESG specialists will leverage proprietary tools and artificial intelligence-driven technologies developed by the fintech startup to support the LGX DataHub, which currently provides up to 200 data points on more than 23,000 green, social, sustainability and sustainability-linked bonds listed worldwide. Tetrao International will remain a key technology provider to the LuxSE Group and continue operating independently under founder and Chief Executive Officer Christian Gillot.

The strategic rationale centers on data control. Julie Becker, CEO of the Luxembourg Stock Exchange, emphasized that investors increasingly demand reliable information to make informed decisions in the rapidly expanding sustainable finance market. By integrating the Tetrao ESG analytics capabilities in-house, LuxSE gains full oversight of the data collection process and strategy that underpins its market-leading sustainable bond offerings.

The acquisition represents the culmination of a relationship that began in January 2021, when LuxSE acquired a 22.8 percent minority stake in Tetrao. That initial investment signaled the exchange’s recognition that artificial intelligence and machine learning would become essential infrastructure for processing the massive volumes of documentation required to maintain comprehensive ESG databases. Since 2020, Tetrao ESG technology has consistently fed the LGX DataHub with multiple data points on bonds identified by LuxSE’s sustainable finance expert team.

Pierre Schoonbroodt, Chief Financial Officer of LuxSE and former board member of Tetrao International, highlighted the strategic fit between the organizations. The Tetrao ESG team brings unique expertise in data collection with deep understanding of exchange processes and business requirements. The advanced technological solutions developed specifically for sustainable finance activities position LuxSE to expand into new areas of ESG data services.

Tetrao’s technology stack combines machine learning algorithms, generative artificial intelligence large language models, and computer vision to automate the identification, reading, and understanding of complex information from documents and websites. These capabilities integrate with human expertise and fully auditable processes to ensure high data quality standards, addressing one of the primary concerns institutional investors have expressed regarding ESG information reliability.

The Luxembourg fintech traces its origins to November 2014, when Christian Gillot founded the company with a focus on robotic cognitive automation. The startup gained early recognition by winning the BNP Paribas International Hackathon in December 2017, defeating 160 competitors from ten countries with technology that could dramatically accelerate bank account opening processes for corporate clients. Tetrao ESG services evolved from this foundation, applying document understanding capabilities to the specialized requirements of sustainable finance data extraction.

In 2019, the company launched a research and development project for the investment fund industry that collected daily documentation and relevant metadata on 85,000 instruments. This large-scale data collection experience proved directly applicable to sustainable bond markets, where information arrives in varied formats from thousands of issuers globally. The Tetrao ESG business line emerged from this work, developing specialized services that could process hundreds of thousands of web pages and documents to extract millions of data points with precision.

The acquisition arrives as demand for structured ESG data intensifies across global capital markets. The LGX DataHub has established itself as a trusted resource for major international organizations, including the European Commission, the International Capital Market Association, and the Organisation for Economic Co-operation and Development. By May 2025, the database had expanded to include structured data points on more than 20,000 sustainable bonds from over 3,700 issuers worldwide.

Luxembourg has positioned itself at the center of European sustainable finance infrastructure since LuxSE established the Luxembourg Green Exchange in 2016 as the world’s first platform dedicated entirely to sustainable securities. The exchange listed what is widely recognized as the first green bond in 2007 when the European Investment Bank brought its climate awareness bond to market. That pioneering issuance has since grown into a global market that, according to LGX DataHub figures, has raised cumulative funding exceeding $5.2 trillion through green, social, sustainability and sustainability-linked bonds issued worldwide.

The Tetrao ESG acquisition extends LuxSE’s vertical integration strategy in sustainable finance data services. The exchange has previously invested in London-based artificial intelligence firm Util, which helps companies understand their positive or negative impact on United Nations Sustainable Development Goals. Combined with the enhanced data collection capabilities from Tetrao, LuxSE aims to offer issuers and investors a comprehensive suite of tools for navigating increasingly complex ESG disclosure requirements.

Gillot expressed gratitude for the trust LuxSE has placed in Tetrao over the years, noting pride in the robust and efficient data collection processes developed for the LGX DataHub. The partnership has refined Tetrao’s ability to collaborate with and deliver seamlessly for corporate stakeholders. As artificial intelligence continues to progress rapidly in capabilities, the proven track record positions the company well to deliver tangible value to innovative clients seeking to extract greater value from data and future-proof their businesses.

The transaction is expected to close by the end of February 2026, subject to obtaining required regulatory approvals. Financial terms were not disclosed. Following completion, Tetrao ESG analytics operations will integrate into the LuxSE Group while Tetrao International continues developing new AI-enabled services independently.

The deal reflects broader consolidation trends in financial data services, where exchanges and market infrastructure providers increasingly seek to control critical information assets. ESG data has emerged as particularly valuable as regulatory frameworks like the European Union’s Sustainable Finance Disclosure Regulation and Corporate Sustainability Reporting Directive impose new transparency requirements on market participants.

For LuxSE, the acquisition reinforces a decade-long commitment to sustainable finance leadership that has transformed the exchange from a traditional listing venue into what Becker describes as a sustainable finance and information solution provider for capital markets. The exchange operates two markets with approximately 44,000 listed securities from 1,800 issuers across 100 countries, with sustainable instruments representing a growing share of new listings.

The Luxembourg Green Exchange platform now encompasses more than 2,100 green, social, sustainability and sustainability-linked bonds from 330 issuers in 60 countries, raising a total exceeding EUR 1 trillion for sustainable investment projects globally. The Tetrao ESG capabilities will help maintain and expand this leading position as competition for sustainable finance market share intensifies among European exchanges.