TradeSun acquired its partner, Coriolis Technologies, to improve ESG compliance in trading

Earlier this year, TradeSun, a trade and compliance company from California, announced a partnership with Coriolis Technologies earlier this year. The two intended to launch a solution for banks to measure and verify ESG performance across trade. Now, only a few months later, the two made headlines again, this time because TradeSun decided to acquire Coriolis Technologies.

The importance of Coriolis Technologies for TradeSun’s long-term goals

In its announcement, published on December 12th, TradeSun stated that the strategic acquisition would allow its network of global and regional banks around the world to expand with further innovations in supply chain and trade alike. TradeSun uses artificial intelligence solutions for trade compliance and automation. Now, it will be able to also deliver Coriolis’ ESG products, such as independent ratings-based platform developed with over 50 financial institutions.

The announcement continues to explain that the platform scores, monitors, and verifies supply chain players against 17 UN Sustainable Development Goals. In addition to that, it also facilitates supply chain transparency by measuring ESG impact in all tiers of trade supply chains.

The acquisition represents the first step in TradeSun’s expansion — a move that the company has been planning for some time. It will help the company reach the vision of digitalized, seamless, and more sustainable trade flows.

Benefits of the acquisition

Meanwhile, Coriolis’ fonder, Dr. Rebecca Harding, will become the strategic advisor for the company moving forward. She commented on the move by saying that global trade needs adequate tools in order to better measure ESG impact. This is necessary in order to meet increasingly ambitious sustainability targets that the governments and the industry have set.

Dr. Harding added that the acquisition of Coriolis will allow the vision and roadmap for automated ESG scoring and more sustainable trade to take a step forward, which is an exciting development and a significant measure of ESG’s importance in trade.

The founder and acting CEO of TradeSun, Nigel Hook, said that regulations are evolving quickly in order to mandate sustainable commerce. As a result, banks will play a more central role in facilitating and guiding the trade ecosystem, allowing it to adopt more sustainable practices.Hook stated that he and Dr. Harding agree about the current state of sustainable financing, including the fact that it is becoming more prevalent. Different parties from all corners of the trade ecosystem will strive to gain better ESG scores and become more competitive. This is why the acquisition will support financial institutions, as well as supply chain players, allowing them to change their businesses and meet industry and sovereign goals, at least as far as ESG is concerned.