Mon. Jan 17th, 2022

Never before has the importance of a smooth-running supply chain been more apparent than in the era of the COVID-19 pandemic. For manufacturers in particular, managing complex supply chains can be a major challenge.

Enter Consent Compliance — a Canadian company dedicated to managing supply chain sustainability. More simply, Ottawa-based Assent aims to help manufacturers make smarter decisions about “who they do business with and how their products are sourced,” notes CEO Andrew Waitman.

And today, the company announces it has raised $350 million at a valuation of more than $1 billion in a funding round led by Vista Equity Partners. The funding follows a $131 million Series C raise led by Warburg Pincus, who remains the company’s largest shareholder.

Interestingly, Assent was started up for the first five years of its life – from 2010 to 2015. In subsequent years, after Waitman took office as CEO, the company has raised more than $500 million and has grown its workforce from approximately 20 to 820 today ( 45% of whom identify as female). While half a billion dollars raised in the US is not uncommon, it is a bit rarer on the Canadian tech scene.

Assent’s trajectory continues to grow, and Waitmen predicts that the SaaS company will exceed $100 million in annual recurring revenue (ARR) this year after experiencing an ARR of more than 50% in the past 12 months. Its clients include: GE Appliances, Polaris, Stryker and Escatec.

The company provides company-wide supply chain sustainability solutions in product compliance, trade compliance and ESG — better known as Environment, social and (corporate) governance. Assent has made a name for itself by focusing exclusively on complex manufacturing. By doubling that niche, it has been able to build what it claims to be “the largest network of supplier information in the industry”. In particular, it helps complex manufacturers proactively identify and manage risk, accelerate market entry and growth, and promote brand reputation.

Assent’s compliance platform provides centralized access to supply chain data for use by teams in a given company. It automates data collection and validation and provides “configurable” reporting so that its customers can “get ahead” of their data requirements.

“The increasing complexity and scale of regulations and varying requirements worldwide, combined with an increased focus on ESG, presents challenges for companies in a variety of industries, particularly for manufacturers,” said Waitman. “Assent enables deep insight and rapid transparency to ensure products are made with environmental and human rights standards necessary to compete – and win – in the markets of the future.”

The company plans to use its new capital primarily to expand further in Europe, eventually entering the Asian market and growing its workforce by 40% in its sales, service, engineering, customer success and marketing teams.

“Production represents 20% of GDP,” Waitman told BestFitnessBands. “It’s a huge market.”

Vista’s Foundation Fund, which invests in medium-sized companies looking to scale and accelerate their growth trajectory, led the investment. Patrick Severson of Vista, co-head of the Vista Foundation Fund, and Jake Hodgman, director of the Foundation Fund, will join Assent’s board of directors.

Companies around the world are facing an increasing 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, noted Severson on. Assent is at the forefront of solving enterprise supply chain challenges through technology.

Assent’s solution empowers companies to reduce their brand and reputation risk and become better corporate citizens.” Added Severson. “There is only a growing scrutiny of complex manufacturers in the way they manage their supply chains. Assent is uniquely positioned to be a clear leader in a future focused on manufacturers adopting supply chain sustainability best practices.”

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