- Assent Compliance recently announced it raised $350 million in funding. These are the details.
Assent Compliance recently – a leader in supply chain sustainability management – announced it raised $350 million in funding. This funding round was led by Vista Equity Partners, 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 over $1 billion.
The funding round follows a year of tremendous growth for Assent, which has expanded its global workforce by 35% and annual recurring revenue (ARR) by over 50% over the past year. And Assent delivers enterprise-wide supply chain sustainability solutions across product compliance, trade compliance, and ESG.
Assent — which is exclusively focused on complex manufacturing — has the industry’s largest network of supplier intelligence. And 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. Plus Assent helps complex manufacturers proactively identify and manage risk, accelerate market access and growth, and promote brand reputation.
The funding round 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.
Vista’s Foundation Fund — which invests in middle-market companies seeking to scale and accelerate their growth trajectory — led the investment. And 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.
KEY QUOTES:
“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. 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.”
“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.”
— Andrew Waitman, CEO of Assent
“Andrew and his team at Assent are ahead of the curve when it comes to solving enterprise supply chain challenges through technology. 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.”
— Vista’s Patrick Severson, co-head of the Vista Foundation Fund
“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.”
— Justin Sadrian, managing director, Warburg Pincus. And 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.”
— Sam Lipsick, principal, Warburg Pincus
