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Sweep takes aim at Big Tech with finance software

Sep 26, 2022
Illustration of a broom made of hundred dollar bills sweeping coal dust

Illustration: Natalie Peeples/Axios

Sweep, the carbon accounting software startup, announced Monday its specially tooled Sweep for Finance offering for financial institutions to track emissions.

Why it matters: Sweep wants to carve out its place in the enterprise software world and is taking aim at Big Tech companies such as Salesforce with its expanded set of software products.

Driving the news: Sweep for Finance allows financial institutions to analyze and report on emissions data from asset holdings.

  • It is available in addition to Sweep's other reporting and analysis software, which is primarily geared to corporations with access to primary emissions data.

Zoom out: Sweep CEO Rachel Delacour says she sees striking parallels between the emergence of carbon accounting software now and the cloud business intelligence software boom of the early 2010s.

  • In both cases, new types of software rapidly swept across businesses and, in the case of cloud intelligence software, created a once-in-a-decade opportunity for software startups like Salesforce and ADP balloon into multi-billion dollar businesses.
  • "You can build an empire if you can build the right software and become the forever company," Delacour says.

The intrigue: Calling from Salesforce's massive customer conference, Dreamforce, in San Francisco, Delacour tells Axios that she was not impressed with the enterprise software giant's newly added emissions reporting software.

  • "At Dreamforce, I met with prospective and current customers, and they are telling me that when it comes to carbon accounting, they want something precise and accurate, not just a simple module," Delacour says.

What we're watching: Delacour says Sweep is not currently for sale and is not actively courting a major tech buyer like Salesforce.

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