Blackstone is weighing a $3bn exit from Sphera, the global ESG software and consulting business it acquired in 2021, in what could become one of the largest software-focused realisations in the sustainability space this year, according to Reuters.

Investment banks William Blair and Evercore have been appointed to manage the process, which remains in its early stages. Blackstone, Sphera, and the advisers have declined to comment on the potential transaction.

Sphera provides cloud-based risk management software, ESG data, and consulting services to over 8,400 clients across 95 countries. The company’s platform helps major global corporates—such as Siemens, Mercedes-Benz, Danone, and Wrangler—navigate sustainability regulation, ESG compliance, and enterprise-level risk.

Headquartered in Chicago, the company generates more than $300m in annual revenue and over $100m in EBITDA, positioning it for a potential $3bn valuation based on prevailing enterprise software multiples, especially within the high-growth ESG and regulatory risk segment.

Blackstone acquired Sphera from Genstar Capital in a $1.4bn deal three years ago and has since expanded the business through bolt-on acquisitions and organic growth, capitalising on heightened corporate and regulatory focus on ESG performance and transparency.

The prospective sale underscores continued investor appetite for scalable, compliance-driven SaaS platforms and reflects private equity’s increasing role in driving innovation and consolidation across sustainability-linked verticals.

Source: Reuters