Takeaways

• EthiFinance and ESG Book have merged to create one of Europe's largest independent providers of sustainability and credit ratings.
• The combined company aims to strengthen Europe's sustainable finance ecosystem by offering an alternative to established U.S.-based rating agencies.
• The new organization will serve more than 500 clients worldwide, combining ESG data, credit analysis, technology, and regulatory reporting under the EthiFinance brand.

EthiFinance and ESG Book have agreed to merge in a move that will create one of Europe's largest independent providers of sustainability ratings and credit ratings, marking a significant development in the region's sustainable finance market.

The merged business aims to strengthen Europe's position in sustainability and financial assessments by offering an independent regional alternative to established U.S.-based rating firms. The companies believe the deal will also help address the growing need for reliable sustainability data, particularly in private markets, while improving the connection between financial performance and non-financial business factors.

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The combined company will operate under the EthiFinance brand and bring together the strengths of both organizations in ESG data, analytics, technology, and credit research.

Justin Fitzpatrick, CEO of ESG Book, said the market is increasingly relying on high-quality, data-driven insights to assess material business risks and opportunities. He noted that Europe needs a strong regional provider that combines local expertise with international capabilities. According to him, the merger positions the new organization to support the next stage of growth in the sustainable finance sector through its combined sustainability and credit expertise.

Founded in Paris in 2004, EthiFinance has built its reputation as an independent European rating agency serving investors, banks, insurers, and corporate clients. The company applies a double materiality approach, helping organizations assess both financial risks and the environmental and social impacts of their activities.

ESG Book, headquartered in Frankfurt, was established in 2018 and has grown into a leading sustainability risk and compliance platform for financial institutions. The company offers a broad range of products, including climate and ESG datasets, portfolio scoring, advanced ESG analytics, benchmarking tools, and a software platform that supports sustainability data management and corporate disclosures.

By combining these complementary capabilities, the new organization plans to offer an expanded suite of services for financial institutions and businesses. These will include sustainability and credit ratings, sustainability and financial data, portfolio analytics, regulatory reporting, benchmarking, and supply chain risk management.

The merged company will employ more than 300 people across Europe, the United States, India, and Japan. Together, the business will support over 500 clients while providing coverage of more than 10,000 issuers worldwide.

Carol Sirou, CEO of EthiFinance, said the merger creates a stronger platform to meet the changing needs of financial institutions and corporate issuers. She added that combining sustainability expertise, credit rating capabilities, and proprietary technology will enable the company to deliver a robust European infrastructure with global reach.

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The EthiFinance ESG Book merger comes as demand for transparent sustainability information and integrated financial analysis continues to rise. With investors, regulators, and businesses placing greater emphasis on ESG performance alongside traditional financial metrics, the newly combined European rating agency aims to play a larger role in supporting informed investment decisions and regulatory compliance across global markets.

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Source: ESGtoday