Canadian Manufacturing

Assent Compliance invests $350M to supply chain management

Over the past year, the company's workforce has grown by 35 per cent. The company has also reported an annual recurring revenue of more than 50 per cent over the past 12 months. 

January 6, 2022   by CM Staff

Andrew Waitman, CEO of Assent

ONTARIO — Assent Compliance Inc. has raised USD$350 million in funding led by Vista Equity Partners, according to a company statement.

Over the past year, the company’s workforce has grown by 35 per cent. The company has also reported an annual recurring revenue of more than 50 per cent over the past 12 months.

The company stated that its SaaS platform, regulatory subject matter experts, and professional services team continuously “deep-map” supply chains down to every part of every product. Assent tries to help manufacturers identify and manage risk, accelerate market access and growth, and promote brand reputation.

“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 in a statement.

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“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.”

Assent stated that the funding will enable the company to advance its SaaS platform, particularly supporting sustainability/ESG capabilities and expand its team by 40 per cent, hiring for key roles in sales, services, engineering, customer success and marketing.

Vista’s Foundation Fund, which invests in middle-market companies, led the investment. The company has also announced that 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 in a statement.

“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.”