New investment by Vista Equity Partners and continued partnership with Warburg Pincus reinforces Assent’s market leadership in supply chain sustainability software and will support the company’s rapid expansion into broader supply chain ESG solutions
Assent Compliance Inc., a leader in supply chain sustainability management, announced that it has raised $350 million USD in funding led by Vista Equity Partners (Vista), the leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses. This is one of the largest raises in Canadian software company history and establishes Assent in unicorn status, valued at more than $1 billion.
The fundraise follows a year of tremendous growth for Assent, which has expanded its global workforce by 35% and annual recurring revenue (ARR) by more than 50% over the past 12 months. Assent delivers enterprise-wide supply chain sustainability solutions across product compliance, trade compliance and ESG. Exclusively focused on complex manufacturing, Assent has the industry’s largest network of supplier intelligence. The company’s SaaS platform, regulatory subject matter experts, and professional services team continuously deep-map supply chains down to every part of every product. Assent helps complex manufacturers proactively identify and manage risk, accelerate market access and growth, and promote brand reputation.
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“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.”
The funding will enable Assent to advance its distinct industry-leading SaaS platform, particularly supporting sustainability/ESG capabilities, grow its global footprint through expansion plans in Europe, and expand its team by 40%, hiring for key roles in sales, services, engineering, customer success and marketing.
“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,” continued Waitman.
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Vista’s Foundation Fund, which invests in middle-market companies seeking to scale and accelerate their growth trajectory, led the investment. Vista’s Patrick Severson, co-head of the Vista Foundation Fund, and Jake Hodgman, managing director of the Foundation 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,” said Severson. “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.
“As Warburg Pincus has continued to expand its focus on environmental sustainability, social responsibility and effective corporate governance, we have also strategically invested in a number of businesses that are helping push the corporate ESG frontier forward. Assent is a fantastic example of this at work, and we are proud to continue our partnership with Andrew and the Assent team,” added Sam Lipsick, principal, Warburg Pincus.
Volition Capital, First Ascent Ventures and StepStone Group remain investors in the company. 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.
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