Financial information technology provider FactSet has agreed to buy Truvalue Labs, a US-based environmental, social and governance (ESG) data software developer backed by corporates Sun Hung Kai and Hearst, for an undisclosed amount.
Founded in 2013, Truvalue provides software that applies artificial intelligence to an organisation’s unstructured text data to discover information on its ESG compliance.
The company completed a $13.6m series A round in 2017 that included property developer Sun Hung Kai’s Strategic Capital vehicle and media group Hearst’s Financial Venture Fund, which has since rebranded as Fitch Ventures.
The series A was led by venture capital fund Katalyst Ventures and also featured The Entrepreneurs’ Fund and angel investors William Campbell and Tom Chavez.
Hendrik Bartel, co-founder and chief executive of Truvalue, said: “We are extremely excited to be joining the FactSet team.
“The client base, distribution, content and technology platform, as well as a strong culture fit will help us expand our reach and amplify the actionable ESG insights we can provide the investment community. FactSet’s commitment to helping clients leverage ESG content that matters matches our own.”
