The new investment made by Vista Equity Partners and continued collaboration together with Warburg Pincus reinforces Assent’s market leading position in supply chain sustainability software, and will help Assent’s rapid expansion into other supply chain ESG solutions.
ONTARIO, Jan. 6, 2022 /PRNewswire/ — Assent Compliance Inc. (Assent) is an industry leading supplier chain sustainability management, has announced today the company has raised $350million dollars in capital from Vista Equity Partners (Vista) the largest company that invests exclusively in enterprise software, data , and technology-enabled companies. It is among the largest funding raises in Canadian software history. It also grants Assent unicorn status, worth over $1 billion.
The fundraiser follows a year that saw a tremendous rise in the growth of Assent and has grown their global staff by 35%, and its annual periodic income (ARR) at a rate of more than 50 percent in the last twelve months. Assent provides sustainable supply chain solutions that span trade compliance, product compliance, and ESG. Specially focused on the complex manufacturing, Assent has the industry’s largest network of supplier information. Assent’s SaaS platform and regulators, subject matter experts as well as its competent services team continually map supply chains right down to each component of every product. Assent helps manufacturers who are complex detect and manage risks, speed up expansion and market accessibility and build brand reputation.
“The growing complexity and the scale of regulations and demands across the globe, coupled with the increasing concentration on ESG is a challenge for businesses across all industries, and particularly for manufacturing companies,” said Andrew Waitman Assent’s CEO. Assent. “Assent provides the most thorough analysis and swift disclosure to benefit warrant that products are produced in accordance with human rights and environmental standards that are essential to compete and win in the markets in the near future.”
The money will allow Assent to expand its market-leading SaaS platform, specifically supporting sustainability and ESG capabilities. As well as expand its global reach through expansion plans across Europe and to expand its workforce by 40% and hiring for key roles in sales, service engineering, customer success and marketing.
“We’ve always believed in offering a solution that can help manufacturers make better decisions on whom they deal with and with whom their products are procured. This investment, along with our alliance together with Vista as well as Warburg Pincus, allows us to expand on the same commitment, expand with purpose and add a wealth of talents to the already impressive team. The people who work here want to do work that will have a significant impact on the world and they’d prefer to be able to fulfil this desire in a workplace that is characterised by an inclusive, extraordinary culture. Assent is a symbol of these values.” said Waitman.
Vista’s Foundation Fund, which invests in middle-market companies looking to expand as well as accelerate growth The fund was the one to lead the investment. Vista’s Patrick Severson, co-head of the Vista Foundation Fund as well as Jake Hodgman, managing director of the Foundation Fund, will join the Assent Board of Directors.
“Andrew Assent and its team of Assent are ahead of the game in tackling issues in the supply chain of enterprises through technological innovation,” stated Severson. “Companies across the globe are under increasing demands to assure that they source their components as well as raw material in an ethical and responsible way, whether from the government regulators that oversee their supply chain or from customers and suppliers whose demands hold them towards higher standards. Assent’s solution helps companies reduce their reputation and brand risk and benefit them to become more responsible corporate citizens. We are looking forward to working with them in delivering this valuable advantage to the marketplace.”
“As a prominent market leader in software that helps with compliance of products, Assent is well-positioned to benefit from the growth opportunities in risk management for supply chains and Supply chain ESG management and reporting. In the three years since our collaboration, Assent has quickly responded to changes in regulations for its clients, increased growth to a remarkable rate and established a robust and knowledgeable management team. We are looking forward to working with Vista for Assent’s next stage of growth.” added Justin Sadrian, managing director, Warburg Pincus. Warburg Pincus invested in Assent in 2018 and is currently the largest shareholder of the company.
“As Warburg Pincus has continued to broaden its focus to social responsibility, sustainability, environmental sustainability and efficient corporate governance, we have also made strategic investments in a variety of companies that benefit push our corporate ESG frontier to the next level. Assent is an excellent illustration of this in action and we are thrilled to continue our relationship with Andrew Assent and members of the Assent group,” added Sam Lipsick the principal of Warburg Pincus.
Volition Capital, First Ascent Ventures and StepStone Group remain investors in the company. Assent’s founders and the leadership team still own a stake in the company.
Stikeman Elliott, and Kelly Santini served as legal advisers to Assent. E&Y was a financial advisor of Vista along with Kirkland & Ellis and McCarthy Tetrault offered legal advice.
About Assent Compliance
Assent is a sustainable supply chain management solution that is designed to assist companies with complex processes to bring sustainable products to the market. Based on the advice of regulatory experts and the public, Assent is the foundation needed for sustainability across the enterprise. Assent uncovers the truth and validates the good things that are being done. It removes any surprises that might be unintentional so that the world’s innovative complex manufacturing firms can prosper now and into the future. With its headquarters at Ottawa, Assent is one of Canada’s most rapidly growing companies and is a pioneer in the field of sustainability management for supply chains. Learn more at www.assentcompliance.com or join us at Assent careers.
More About Vista Equity Partners
Vista is a renowned global investment firm that has over $86 billion worth of investments under its management by September. 30th 2021. Vista invests exclusively in data, software, and technology-enabled companies with a focus on permanent capital, credit as well as public equity strategy. They employ an approach that is focused on the creation of lasting market value for the benefit of its global network of companies, investors as well as employees, customers and. Vista’s investments are supported by a large capital base, a wealth of experience structuring technology-driven transactions, and methods of management that are flexible and enable sustainable growth. Vista believes that the transformative power of technology is essential to a better future that includes a healthier planet and a more efficient economy, a more diverse and diverse community, and a more broad way to prosper. Further information is available at vistaequitypartners.com. You can follow Vista on LinkedIn, @VistaEquityPartners and Twitter Vista the company on LinkedIn, @Vista Equity Partners as well on Twitter, @Vista_Equity.
About Warburg Pincus
Warburg Pincus LLC is a top global growth investor. The firm holds more than $67 billion of capital invested in private equity under control. The portfolio comprising more than 215 businesses is well-diversified across stages or sectors as well as geography. Warburg Pincus is an experienced advisor to management teams looking to build sustainable businesses with sustainability. The company has a solid experience investing in businesses which are committed to the expansion of social, environmental as well as governance (“ESG ”) strategies across all industries, on the global level. The most notable investments with an ESG concentration are FlexXray, Fortius, Gradient, Monolith, PTSG, Scale Microgrid Solutions, and Sunnywell New Materials. Established in 1966, Warburg Pincus has raised 20 private equity funds that are investing more than 97 billion dollars in over 960 companies across over 40 different countries. The company is headquartered at New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, Sao Paulo, Shanghai and Singapore. For more information please visit www.warburg pincus.com. Connect with Warburg Pincus on LinkedIn.
