SA Startup Reatec Aims For Local And Global Expansion

Local ESG tech platform Reatec, a software-as-a-service (SaaS) product that streamlines an organisation’s environmental, social and governance (ESG) programmes, is seeking local and global expansion to capitalise on the growing ESG industry.

The only technology solution for ESG reporting in South Africa says its platform makes ESG reporting a reality and an opportunity as organisations look to create a tangible, practical plan that delivers real results.

Hashveer Singh, chartered accountant (CA) and founder and MD of Veers Group, of which Reatec is a part, told TechFinancials that the platform currently works mainly on renewable energy infrastructure projects, helping independent power producers (IPPs) in the Eastern Cape, Northern Cape and Western Cape feed clean energy into the national grid.

“We have our first client in sub-Saharan Africa and we will onboard them in August 2023,” Singh said. “We definitely want to expand locally and use the ESG platform internationally.”

Demand for ESG reporting is being driven by companies putting it at the heart of their operations and enabling their leaders to take bold steps towards a model that delivers sustainable business benefits and measurable value.

Singh, who was awarded in the Top-35-Under-35 CA’s competition (SA), says this is why Veers Group has created an ESG platform that informs social investing decisions and follows the investment journey of companies, providing transparency for investors to ensure their ESG dividends are making an impact.

“We have found that the ESG platform has been well received, with even the procurement and information technology departments using our system,” says Singh. “We have had unintended positive impact.”

He added that the company has expanded the ESG platform to other markets such as banking and telecommunications.

Mike Shannon, Global Head of ESG Assurance at KPMG, recently argued that ESG reporting needs to have the same level of quality and rigour as the financial information that users rely on to gain investor and stakeholder confidence and avoid the risk of greenwashing.

“This means that companies need to invest and improve data quality by applying internal control and risk frameworks, akin to what they do for financial reporting,” Shanon argues.

Singh agrees: “We are bringing transparency and analytics to the ESG sector based on verified data.”

He added that this technology (Reatech) will become the blueprint for the economic development of the entire renewable energy sector and will really impact the IPPs’ office, the Department of Minerals Resources and Energy (which deals with social labour plans compliance).

Reacted is equally controlled by Veers Group and Empire Partner Foundation, which has been pioneering youth development and entrepreneurship in the ICT sector since 2016.

Singh said the company employs many young developers who help in the expansion of the company.

He added that the company will grow its business “responsibly” and ensure that customers’ data on its platform continues to be protected.

Reatec is a SaaS platform that streamlines an organisation’s ESG programme.

What makes SaaS unique is that it is cloud-based software hosted on remote servers, maintained and updated by the service provider, and delivered to customers via web browsers, mobile apps and an application programming interface.

Reatec uses Amazon Web Services as its cloud provider to ensure that clients’ data is always protected.

“The platform is completely secure and resides on the AWS cloud system,” said Singh

Also read: GUGU LOURIE: Tech can drive renewable energy firms beyond compliance to bring benefits to all