OTTAWA, Ontario--(BUSINESS WIRE)--Assent Compliance ("Assent" or “the company”), the Ottawa-based leader in supply chain data management software, today announced the receipt of an over $100 million (CAD$130 million) investment from Warburg Pincus, a leading global private equity firm focused on growth investing. The investment will enable Assent to enhance its proprietary software and supply chain data management platform, while expanding its product compliance, vendor management and corporate social responsibility solutions. Justin Sadrian and Sam Lipsick from Warburg Pincus will join Assent’s Board of Directors.
This investment is Assent’s third funding round in three years and highlights it as one of Canada’s most successful SaaS companies. Assent raised CAD$20 million in a Series A round in 2016 and CAD$40 million in a Series B round in 2017, which have fueled its rapid growth to more than 400 employees across three continents.
Assent provides cloud-based enterprise supply chain data management software and solutions – available through the Assent Compliance Platform – to help companies manage and reduce global third-party market access, reputational, financial and operational risks. Serving hundreds of corporate customers and hundreds of thousands of suppliers around the world, Assent’s solutions automate supply chain data management to increase supply chain transparency and respond to the significant volume of data and regulatory requirements faced in today’s global marketplace. Assent’s platform is supported by a world-class team of regulatory and supplier management experts, providing exceptional supply chain data program management.
"We are thrilled to partner with Warburg Pincus – one of the leading growth equity firms in the world," said Andrew Waitman, CEO of Assent Compliance. "Warburg’s enviable software domain experience complements our remarkable supply chain data management expertise and will help accelerate Assent’s rapid growth. Their thoughtful selection of Assent reinforces our market leadership and will enable us to continue to deliver innovative solutions that protect companies from third-party risks within their supply chains.”
"Assent’s innovative technology offerings and unmatched regulatory expertise have supported the company’s rapid growth, and cemented its leadership position in the supply chain data management sector," said Justin Sadrian, Managing Director, Warburg Pincus. "The company has taken supply chain transparency to a new level and created a clear category-leading platform. In doing so, Assent has earned an outstanding reputation for providing world class solutions and client support – making Assent the partner of choice for enterprise and mid-market companies around the world. We look forward to working with Assent’s leadership team as the company embarks on its next chapter of growth."
“Assent Compliance has emerged as a remarkable success story in the Canadian software and technology industry,” said Richard Black, Partner, OpenText Enterprise Apps Fund (OTEAF). “We identified Assent three years ago as a company with great opportunity, strong leadership and a clear vision for strategic growth. Warburg Pincus’ investment is a testament to Assent’s ability to execute against that vision and achieve its place as the global leader in its space. This marks a new chapter for one of Canada’s best and most exciting companies to watch, and we look forward to continuing to be a part of it.”
BDC Capital, Greenspring Associates, OpenText Enterprise Apps Fund (OTEAF), and Volition Capital will all remain investors in the company, reflecting their continued confidence in Assent and its growth potential. Members of Assent’s management team will also retain an ownership stake.
About Assent Compliance
Assent Compliance is the global leader in supply chain data management. Combining leading-edge technologies with extensive supply chain expertise, Assent provides SaaS solutions that manage third-party data to protect corporate brands, increase market accessibility, and reduce operational and financial risk. For more information, please visit www.assentcompliance.com.
About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $47 billion in private equity assets under management. The firm’s active portfolio of more than 170 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. The firm has been an active investor in the enterprise software sector, with current investments including Avalara, DocuTAP, Dude Solutions, Duetto, Liaison International, and NEOGOV.
Founded in 1966, Warburg Pincus has raised 17 private equity funds, which have invested more than $70 billion in over 835 companies in more than 40 countries. The firm is headquartered in New York with offices in Beijing, Hong Kong, Houston, London, Mumbai, San Francisco, São Paulo, Shanghai and Singapore. For more information, please visit www.warburgpincus.com.
About OpenText
The OpenText Enterprise Apps Fund (OTEAF) was formed in 2015 and invests in emerging Canadian technology companies that are building disruptive, enterprise applications that leverage the power of the internet, big data, predictive analytics, machine learning and mobility. The founding partners of OTEAF have been involved with over 25 technology companies as founders, executives, advisors or investors with a track record of successful growth and premium returns.