Sage, a leading provider of accounting software, has acquired Spherics, a UK-based carbon accounting platform for SMEs to understand and lessen their environmental impact.
Although the deal’s terms were not made public, it is believed that Spherics had raised £300,000 in grants and £1.25 million in equity financing from angel investors. Smaller companies like Spherics compete in the same market as bigger ones like Normative, Plan A, and Klimametrix.global, Persefoni, and Planetly.com. Sage previously stated its intention to assist SMEs in reaching net zero, and this acquisition seems to fit into that plan.
Spherics, which has its headquarters in Bristol, United Kingdom, is Sage’s second Bristol startup to be purchased in the past year after Brightpearl was done so in 2021.
Read More: Carbon accounting platform acquired by Sage as ClimateTech heats up
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