TraceSafe Inc. (CSE:TSF) said it has acquired Offsety - a carbon offset marketplace for individuals to reduce their carbon footprint by investing in high quality offset credits.
The acquisition strengthens the company’s vision to help its Fortune 500 clients respond to the urgent call for climate action from key stakeholders including customers, investors, regulators and governments.
TraceSafe has also brought on board Qayyum Rajan, a prominent leader in the finance and technology ecosystem in North America. Before launching Offsety, Qayyum was the founder and Chief Executive Officer at ESG Analytics, a startup that focuses on applying AI to the environmental, social and governance industry. Qayyum is anticipated to take a full-time leadership role at the company.
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"We are thrilled to have Offsety and Qayyum join us at TraceSafe where we are solving the biggest challenge that companies are about to face globally; proof of climate action. Carbon removal is about to become a boardroom agenda for most companies and credibility of offsets will play a central role in the decision,” Wayne Lloyd, TraceSafe CEO, said in a statement.
“This acquisition sets the pace for us as we move into the company's future of decarbonization solutions for individuals, companies and their customers," added Lloyd. "Qayyum comes with a successful history in ESG tech and deep expertise in carbon offset space and will be a key member of the team as we go into the exciting new direction."
Offsety will serve as a key platform for individuals to evaluate and offset their carbon footprint using 'Carbon Reserve'- fractionalized high-quality offsets that have gone through stringent verification mechanisms, and third party audits, the company said.
"I am deeply passionate about the future of sustainable organizations and the role technology will play in making net-zero ambitions a reality," said Qayyum Rajan, Founder- Offsety and former CEO- ESG Analytics. "TraceSafe has a notable history of identifying problems in the enterprise and creating solutions customized for various industries. With Offsety and the new portfolio of decarbonization solutions, we have an opportunity to make a real difference in climate action and the path to net-zero."
Earlier this year, TraceSafe announced a strategic foray into decarbonization solutions and building solutions to measure, mitigate, offset and report carbon emissions. The company will be announcing the new carbon product platform, and industry specific solutions in carbon calculation, along with a brand refresh in the coming weeks.
The acquisition of Offsety is expected to be completed pursuant to an asset purchase agreement dated July 11, 2022. On closing of the transaction, the company will purchase and acquire from the vendor the Offsety platform, website and related intellectual property in exchange for the issuance of 2,000,000 common shares.
TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low-power Bluetooth beacons and enterprise cloud management.
Contact the author at jon.hopkins@proactiveinvestors.com