The Luxembourg Stock Exchange (LuxSE) has acquired the ESG data analytics business line of local tech firm Tetrao International, folding Tetrao's dedicated team and proprietary data extraction capabilities into the LuxSE Group. Founder and CEO Christian Gillot will continue to lead Tetrao as an independent technology company. The transaction, subject to regulatory clearance, is expected to close by the end of February 2026.
LuxSE cited rising investor demand for high-quality, reliable sustainability data as the driving force behind the acquisition, which it says reinforces its ambition to lead the rapidly expanding global market for green, social and sustainability-linked bonds.
Taking Full Control of Sustainable Bond Data
CEO Julie Becker described the move as a natural step in a long-standing partnership. “Investors need reliable data to make informed investment decisions, and given our long-term strategy in this area, full oversight of the data collection process and strategy is essential,” Becker said. She added that LuxSE has seen strong potential in Tetrao's technology and expertise after years of collaboration.
With transparency, data quality and traceability becoming central to sustainable finance regulation, LuxSE now internalizes a critical part of its ESG data value chain, ensuring alignment between data strategy, technology development and governance.
AI-Powered Engine Behind LGX DataHub
Tetrao's ESG analytics unit has been instrumental in building and running the LGX DataHub, widely considered one of the most comprehensive sustainable bond databases globally. Its technology uses artificial intelligence—combining machine learning, generative AI large language models and advanced computer vision—to deploy automated agents that simulate human behavior. These agents identify, read and interpret complex information from websites and documents, while maintaining high data quality through human expertise, AI-driven predictions and fully auditable decision trails.
Today the LGX DataHub covers up to 200 data points across over 23,000 green, social, sustainability and sustainability-linked bonds, representing nearly the entire universe of listed sustainable bonds worldwide.
Partnership Deepens After Minority Stake
LuxSE first took a minority stake in Tetrao in January 2021 and has relied on its data collection services since. As part of the acquisition, Tetrao's ESG data analytics team will join LuxSE and continue to extract sustainable bond data using the start-up's proprietary tools. Tetrao remains a key technology provider, ensuring continuity and innovation.
Pierre Schoonbrodt, CFO of LuxSE and Tetrao board member, said the integration will strengthen LuxSE's data services. “The team brings unique expertise in data collection and a deep understanding of our processes. Thanks to the advanced technology tailored for our specific area, this acquisition will open opportunities to expand into new areas,” Schoonbrodt said.
Tetrao was founded in Luxembourg in 2014 and began commercializing in 2017. It launched a major R&D project in 2019 for the investment fund industry, collecting daily documentation on around 85,000 fund instruments, before specializing in sustainability data from 2020 onward. Under the new structure, Tetrao International will continue as an independent firm, developing new AI-powered data services for a broader client base while maintaining close ties with LuxSE. Gillot emphasized that the collaboration helped refine Tetrao's operating model, and that AI's rapid progress positions the company to deliver tangible value to clients seeking to future-proof their businesses.
The acquisition comes as demand for sustainable investment products rises amid heightened regulatory and investor focus on data accuracy, comparability and auditability. By internalizing the data infrastructure that underpins its sustainable finance ecosystem—the LGX DataHub—LuxSE aligns with a broader industry trend of exchanges and market infrastructure providers bringing key data capabilities in-house as ESG data becomes central to investment decisions and compliance.