Assent Compliance, a Canadian supply chain data management company, has raised $350 million in funding led by Vista Equity Partners, the company recently announced, helping it attain unicorn status with a valuation of more than $1 billion. The funding is one of the largest in Canadian software history.
The fundraise follows a year of growth for Assent, which has expanded its global workforce by 35 percent and annual recurring revenue by more than 50 percent, the company said in a news release. Assent provides enterprise-wide supply chain sustainability software across product compliance, trade compliance and ESG in the area of complex manufacturing.
“The increasing complexity and scale of regulations and varying requirements globally, combined with a heightened focus on ESG, presents challenges for companies across industries, particularly for manufacturers,” said Andrew Waitman, CEO of Assent. “Assent enables deep insight and rapid transparency to help ensure products are made with environmental and human rights standards necessary to compete — and win — in markets of the future.”
With the new funding, Assent plans expand its team by 40 percent, hiring for key roles in sales, services, engineering, customer service and marketing, in addition to implementing functions to support sustainability/ESG capabilities and expanding in Europe.
“We’ve always been committed to providing a solution that helps manufacturers make smart decisions regarding who they do business with and how their products are sourced. This funding, and our partnership with Vista and Warburg Pincus, allows us to build upon that commitment, scale with purpose and add exceptional talent to our already remarkable team. People want to do work that makes a meaningful impact on the world, and they want to do this purpose-driven work at a company that has an inclusive, exceptional culture. Assent embodies those values,” Waitman said.
Vista’s Foundation Fund, which invests in middle-market companies seeking to scale and accelerate their growth, led the investment. Vista’s Patrick Severson, co-head of the Vista Foundation Fund, and Jake Hodgman, managing director of the fund, will join the Assent board of directors.
“Andrew and his team at Assent are ahead of the curve when it comes to solving enterprise supply chain challenges through technology,” Severson said. “Companies globally are facing increased demand to ensure they source their components and raw materials in an ethical and responsible manner, either from government regulators who oversee them or from customers and partners whose expectations hold them to higher standards. Assent’s solution empowers companies to mitigate their brand and reputation risk and become better corporate citizens. We look forward to partnering with them to deliver this important value proposition to the market.”
“As a clear market leader in product compliance software, Assent is well-positioned to take advantage of the opportunity in supply chain risk management and supply chain ESG management and reporting. Over the past three years of our partnership, Assent has quickly responded to new regulatory requirements for clients, accelerated growth at an impressive scale and built a strong and experienced management team. We look forward to working with Vista on Assent’s next phase of growth,” said Justin Sadrian, managing director, Warburg Pincus.
Warburg Pincus invested in Assent in 2018 and is the company’s largest shareholder. Volition Capital, First Ascent Ventures and StepStone Group remain investors in the company, while Assent’s founders and leadership team retain an ownership stake.
Stikeman Elliott and Kelly Santini served as legal advisors to Assent. E&Y served as financial advisor to Vista and Kirkland & Ellis and McCarthy Tétrault provided legal counsel.
