diff --git a/classes/codebench.bbclass b/classes/codebench.bbclass
new file mode 100644
index 0000000..f7ee570
--- /dev/null
+++ b/classes/codebench.bbclass
@@ -0,0 +1,52 @@
+# If the user hasn't set EXTERNAL_TOOLCHAIN, but CODEBENCH_PATH is set, then
+# we automatically set both EXTERNAL_TOOLCHAIN and EXTERNAL_TARGET_SYS based
+# on the installed toolchains in CODEBENCH_PATH/../toolchains.
+CODEBENCH_PATH ?= ""
+CODEBENCH_TOOLCHAINS_PATH ?= "${CODEBENCH_PATH}/../toolchains"
+
+python codebench_check () {
+    codebench_path = d.getVar('CODEBENCH_PATH', True)
+    if not codebench_path:
+        return
+    elif d.getVar('EXTERNAL_TOOLCHAIN', True):
+        bb.warn('Both EXTERNAL_TOOLCHAIN and CODEBENCH_PATH are set. Ignoring CODEBENCH_PATH in preference to EXTERNAL_TOOLCHAIN')
+        return
+
+    toolchains_path = d.getVar('CODEBENCH_TOOLCHAINS_PATH', True)
+    if not os.path.exists(toolchains_path):
+        if len(os.listdir(os.path.join(codebench_path, 'bin'))) > 1:
+            bb.warn('CODEBENCH_PATH is set, but the expected toolchains path ({}) does not exist. Defaulting EXTERNAL_TOOLCHAIN to CODEBENCH_PATH, assuming an old codebench version.'.format(toolchains_path))
+        else:
+            bb.fatal('Expected toolchains path `{}` does not exist, please ensure that CODEBENCH_PATH is set to a valid CodeBench installation'.format(toolchains_path))
+
+    required_version = d.getVar('SOURCERY_VERSION_REQUIRED', True)
+    if required_version:
+        required_version = required_version.split('-', 1)[0]
+
+    subdirs = os.listdir(toolchains_path)
+    triplets, toolchain_subdir = [], None
+    for triplet in d.getVar('EXTERNAL_TARGET_SYSTEMS', True).split():
+        if required_version:
+            expected_subdir = triplet + '.' + required_version
+            if expected_subdir in subdirs:
+                triplets.append(triplet)
+                toolchain_subdir = expected_subdir
+        else:
+            for subdir in subdirs:
+                if subdir.startswith(triplet + '.'):
+                    triplets.append(triplet)
+                    toolchain_subdir = subdir
+
+        if triplets:
+            break
+
+    if len(triplets) > 1:
+        bb.fatal('Error: unable to determine which toolchain to use, as multiple are available ({}). Please set EXTERNAL_TOOLCHAIN manually to the appropriate path in `{}`'.format(', '.join(triplets), toolchains_path))
+    elif not triplets:
+        bb.fatal('Unable to locate appropriate toolchain in `{}`, please set EXTERNAL_TOOLCHAIN to the correct toolchain path, or install the required CodeBench version'.format(toolchains_path))
+    else:
+        d.setVar('EXTERNAL_TARGET_SYS', triplets[0])
+        d.setVar('EXTERNAL_TOOLCHAIN', os.path.join(toolchains_path, toolchain_subdir))
+}
+codebench_check[eventmask] = "bb.event.ConfigParsed"
+addhandler codebench_check
diff --git a/conf/distro/include/tcmode-external-sourcery.inc b/conf/distro/include/tcmode-external-sourcery.inc
index 564b40b..fd36c9b 100644
--- a/conf/distro/include/tcmode-external-sourcery.inc
+++ b/conf/distro/include/tcmode-external-sourcery.inc
@@ -51,6 +51,9 @@ PREFERRED_PROVIDER_linux-libc-headers = "linux-libc-headers-external"
 # Support use of an external toolchain with the SDK/ADE/etc
 TOOLCHAIN_TARGET_TASK_append = " sdk-env-external-toolchain"
 
+# Set our vars based on the codebench path, if available
+INHERIT += "codebench"
+
 # Pull in our utility functions for use elsewhere
 INHERIT += "external-common"