Impact analysis and ratings FinTech impak Ratings has acquired Exerica, a company focused on data extraction.
By assessing how companies mitigate their negative impacts and how they create positive effects in relation to the UN’s 17 Sustainable Development Goals, the firm claims it goes beyond the traditional analysis of ESG issues.
This is a result of its double materiality approach, which consists of studying the impact of a company and the environment on one another.
According to impak, Exerica’s entire team will be integrated into impak’s production processes along with its proprietary AI data extraction and contextualization software. This will increase production capacity for impak’s high-quality impact assessments, including its entry-level SDG Alignment and SFDR products, now available as freemium offerings.
The company said that by integrating Exerica, impak will benefit from a permanent foothold in the UK, ‘a rapidly expanding market due to a growing demand for sustainable financial products and planned implementation of more stringent ESG reporting regulations’.
Paul Allard – co-founder and CEO of impak Ratings – said, “Whilst 100% automated ESG solutions suffer from the GiGo effect – garbage in, garbage out – the addition of Exerica’s AI expertise to the impak team is fundamental to the scale-up of our augmented intelligence process. We will maintain our competitive advantage, which is to offer our clients contextualized impact data for them to make better financial decisions.”
Exerica CEO and founder Maxim Miller added, “The financial world needs to integrate impact analysis based on high-quality data. This is the only path to sustainability. By joining impak, Exerica will be a major contributor to impact analysis as a key data source, with its AI-driven data collection engine. Joining impak is the logical next step for Exerica.”
impak recently pulled in €4.5m in a Series A funding round.
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