Canada’s Assent Compliance lands $350M from Vista Equity for supply chain data management – TechCrunch

The importance of a seamless supply chain has never been as clear as it was in the era of the COVID-19 pandemic. For manufacturers in particular, managing complex supply chains can be a major challenge.

Enters agree to comply Canadian company focused on managing supply chain sustainability. Put simply, Ottawa-based Assent aims to help manufacturers make smarter decisions regarding “who they deal with and how their products are sourced,” CEO Andrew Whiteman notes.

Today, the company announces that it has raised $350 million at a valuation of more than $1 billion in a funding round led by Vista Equity Partners. This funding follows a $131 million increase in Series C led by Warburg Pincus, which remains the company’s largest shareholder.

Interestingly, Assent was restarted in the first five years of its life – from 2010 to 2015. In subsequent years, after Whiteman took over as CEO, the company raised more than $500 million and increased its number of employees from about 20 to 820 today ( 45 percent of them are female). While half a billion dollars raised in the United States is common, it is very rare in the Canadian tech scene.

Assent’s trajectory continues to grow and Waitman expects SaaS to exceed $100 million in annual recurring revenue (ARR) this year after ARR has grown more than 50% in the past 12 months. Their clients include the likes of GE, Polaris, Stryker and Escatec devices.

The company delivers sustainable enterprise-wide supply chain solutions via Product Compliance, Trade Compliance, and ESG – commonly known as Environmental, Social and (Corporate) Governance. Assent has made a name for itself by focusing exclusively on intricate manufacturing. Doubling the field has allowed it to build what it claims is the “industry’s largest network of supplier intelligence”. Specifically, it serves to help complex manufacturers identify and proactively manage risks, accelerate market access and growth and enhance brand reputation.

The Assent Compliance platform provides centralized access to supply chain data for use by teams across a given company. They automate data collection and validation and provide ‘configurable’ reports so their customers can ‘stay ahead’ of their data requirements.

“The increasing complexity and scale of globally changing regulations and requirements, combined with an increased focus on ESG, present challenges for companies across industries, particularly for manufacturers,” Whitman said. “Approval enables deep insight and rapid transparency to help ensure products are manufactured to the environmental and human rights standards necessary to compete – and win – in the markets of the future.”

The company plans to use its new capital mostly to continue expanding in Europe, eventually entering the Asian market and increasing its headcount by 40% across sales, services, engineering, customer success and marketing teams.

“Manufacturing accounts for 20% of GDP,” Whitman told TechCrunch. “It’s a huge market.”

The investment was led by Vista’s Foundation Fund, which invests in mid-market companies seeking to expand and accelerate their growth path. Patrick Severson of Vista, co-chair of the Vista Foundation Trust, and Jake Hodgman, managing director of the Foundation Fund, will join the Assent Board of Directors.

Companies globally face a growing demand to ensure they source their ingredients 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, Severson noted. Assent is “on top” when it comes to solving enterprise supply chain challenges through technology.

The Assent solution enables companies to mitigate their brand and reputation risks and become better citizens,” Severson has been added. “The scrutiny being imposed on complex manufacturers of how they manage their supply chains is only increasing. Assent is uniquely positioned to be a clear leader in a future focused on manufacturers embracing best supply chain sustainability practices.”

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