“Business is booming. We offer the right tool for businesses that are required to report on the status of human rights, working conditions, and environmental issues throughout their supply chain. A time-effective and cost-effective solution, such as ours, is sought after,” says Siri Engesæth, CEO of Factlines, and former CEO of the environmental foundation Bellona.
Almost a year ago, the Transparency Act entered into force in Norway. The purpose of the act is to promote enterprises' respect for fundamental human rights and decent working conditions in connection with the production of goods and the provision of services.
“The Transparency Act has been a gamechanger. Documentation of supply chains used to be ‘nice-to-have’. Now, it is required by law. This has greatly expanded our market opportunities. At a time when most businesses scramble to comply, Factlines already offers a solution which is digital, easy to implement, and more affordable than any consultancies,” says Engesæth.
The Transparency Act has effect for the approximately 8,000 Norwegian companies that have more than 50 employees or a turnover of more than NOK 35 million. As of 30 June this year, such companies must – for the first time – disclose a report based on data from their suppliers.
“It is a due diligence of responsible business practice. Companies must communicate with all suppliers, collect data, and assess how their suppliers conduct their businesses,” explains Engesæth.
With over 10 years of experience in supply chain mapping, also covering areas that are not included in the Transparency Act, Factlines enables clients to work efficiently in all fields of sustainable procurement. Factlines supports the process from requirements and code of conduct – to risk analysis, follow-up, and dialogue. Based on a traffic light model, areas that are orange or red must be corrected or addressed with a plan for improvement.
No business is an island. Future marked leaders must be financially excellent, but also ecologically and socially sustainable.
Siri Engesæth, CEO of Factlines
"To achieve this, it is necessary to approach your suppliers efficiently and to work systematically. Factlines facilitates this work with our digital network solution,” says Engesæth.
She sees increased business opportunities as a Transparency Act is about to be introduced in Germany. Also, the EU has agreed to implement a Corporate Sustainability Due Diligence Directive.
“We are well positioned to take part in a fast-growing market,” says Engesæth.
About Factlines
Factlines, established in 2012, is a Norwegian tech company at the forefront of developing smart ESG software for the Norwegian Transparency Act and the EU taxonomy. The company's solutions streamline supplier relationship management and enable the seamless implementation of responsible practices, facilitating compliance with the growing demands of sustainability legislation.
Since 2022, Factlines has been a portfolio company of Alytic, a company fully owned by Arendals Fossekompani. Alytic was established in 2020 to create value from domain knowledge and data by acquiring and scaling-up companies with strong domain competence, massive data sets, and a clear potential for growth. Previous acquisitions include Kontali, Utel and Veyt.
