Diginex buys Plan A in a major shift for carbon accounting

Diginex buys Plan A in a major and revealing move that signals a turning point for Europe’s carbon accounting market. The €55 million acquisition brings together two companies founded in the same year but built for different layers of the sustainability economy. Berlin-based Plan A focused on emissions measurement and climate data, while London-based Diginex built its business around ESG compliance and regulatory reporting. Together, the deal reflects how the carbon accounting sector is shifting from rapid expansion to strategic consolidation.

Plan A was founded in 2017 by Lubomila Jordanova with a clear and timely mission. The company set out to help businesses understand, measure, and manage their environmental impact using structured emissions data. That promise resonated strongly during the peak of the ESG boom. Corporations faced rising pressure from regulators, investors, and customers to prove climate action, not just talk about it. As a result, Plan A attracted significant attention and momentum across Europe and beyond.

During those growth years, Plan A raised roughly $40 million from a wide mix of venture firms, financial institutions, and well-known technology founders. The funding surge reflected a belief that carbon accounting would become a permanent and mandatory layer of corporate infrastructure. Many companies rushed to adopt emissions tools as ESG reporting became a board-level priority. At the time, speed of adoption mattered more than long-term integration.

The market reality today looks different. ESG rules are still expanding, but not evenly. In Europe, regulations remain relatively strong, while political resistance in other regions has slowed or softened mandates. That uneven pace has created uncertainty for standalone carbon accounting startups. Buyers now ask tougher questions about durability, compliance depth, and real business value. As a result, product quality alone is no longer enough to guarantee scale.

For Diginex, the decision to acquire Plan A appears deliberate rather than opportunistic. As a publicly listed ESG and sustainability regulation provider, the company already operates close to regulatory frameworks and reporting obligations. By adding Plan A’s carbon accounting engine, Diginex strengthens its ability to offer end-to-end sustainability infrastructure. Instead of relying on third-party data tools, it now controls a core emissions measurement layer.

The structure of the deal reinforces that long-term intent. The transaction includes €3 million in cash, €52 million in shares, and a potential earnout of up to €25 million. That mix suggests confidence in future growth rather than a short-term exit. It also aligns incentives for both teams to focus on expansion rather than integration shortcuts.

A key signal is Diginex’s decision to keep Jordanova as CEO of Plan A. That move points to continuity and trust rather than absorption. In sustainability and carbon accounting, credibility matters deeply. Companies rely on these platforms to make legally and reputationally sensitive disclosures. Preserving the Plan A brand while expanding its reach allows Diginex to scale without eroding confidence.

At the ecosystem level, the acquisition confirms that consolidation in carbon accounting is accelerating. Funding has slowed across climate tech, and many mid-sized players now face pressure to either merge or specialize. Larger platforms are stepping in to combine compliance, data, and reporting under one roof. This trend reduces fragmentation but raises the bar for new entrants.

Similar logic has driven earlier moves by Accenture and OneTrust, which both expanded their sustainability and governance capabilities through acquisitions. These deals show a clear pattern. Buyers want integrated systems that connect emissions data to risk, compliance, and financial decision-making.

This shift does not signal the end of innovation in carbon accounting. Instead, innovation is moving higher up the stack. The next generation of platforms will focus less on static dashboards and more on operational intelligence. Businesses want tools that translate emissions data into strategy, cost control, regulatory readiness, and long-term resilience.

In that sense, the Diginex buys Plan A deal is less about carbon metrics alone and more about infrastructure. It reflects a future where sustainability software sits alongside finance and legal systems, not apart from them. Emissions data becomes actionable only when it connects to policy, reporting standards, and executive decisions.

For Europe’s carbon accounting scene, the message is clear. The market is maturing fast. Scale, trust, and regulatory alignment now outweigh novelty. Startups that cannot integrate into broader platforms may struggle to survive independently. Meanwhile, companies that can anchor emissions data inside compliance frameworks are likely to define the next phase.

Diginex buying Plan A is an early but powerful marker of that transition. It shows how climate tech is moving from hype to structure. The winners will not just measure carbon. They will help businesses act on it with confidence.