Assent Compliance, an Ottawa-based software as a service (SaaS) and data firm, will continue its drive for innovation and excellence in the data collection and compliance space with the addition of $40 million in growth capital funding.
The investment is led by Greenspring Associates, with participation from current investors Volition Capital, OpenText Enterprise Application Fund (OTEAF), Business Development Bank of Canada (BDC), National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP), Royal Bank of Canada (RBC) and private investors.
Assent Compliance provides a comprehensive supply chain data collection platform for organizations to collect vendor management, ethical sourcing and product compliance data.
“Assent Compliance is a company on the verge of doing some very big things,” said John Avirett of Greenspring Associates. “Their roots are embedded in strong leadership and positive corporate culture, they have a market-leading product and boast an impressive track record of success with some of the world’s biggest and best companies. We are excited to partner with the Assent team and be part of its exceptional growth.”
The funding will enable Assent Compliance to invest in its platform, which includes applications for inspection and audits, a contact and parts database, an embedded learning management system, a robust campaign manager, and a supplier data exchange portal. Assent plans to increase the number of employees across all divisions, particularly in R&D and Product Management. With a current headcount of 225, this growth will involve an additional 100 new hires over the coming 12-18 months.
“These are the best times to be rapidly growing a global SaaS company,” said Andrew Waitman, CEO of Assent Compliance. “With Greenspring and our investment groups’ infusion of additional growth capital, we continue to scale and gain critical mass to further our partnerships with the world’s best companies, protecting their brands and ensuring they have unfettered access to global markets.”
Global supply chains are complex. Companies are often required, by law, to survey their supply chains to ensure materials are sourced ethically, workers are treated fairly, products are safe and their environmental impact is limited. Assent currently works with over 40 percent of S&P 500 product companies and a network of over 300,000 supplier companies globally to ensure compliance with these regulations.
The company helps clients incorporate best practices into their compliance programs and provides them with the tools to survey their supply chains efficiently, without incurring extravagant costs. Assent Compliance also provides training and educational materials for companies and suppliers to stay ahead of the regulatory curve through an internally-developed, integrated learning management system.
In the midst of an evolving global regulatory landscape, companies turn to Assent Compliance to fulfill an integral role in their supply chain data collection, risk analysis, education, and compliance programs.
“Assent Compliance has demonstrated their capabilities with proven success working with top-tier customers,” said Sean Cantwell with Volition Capital. “With the support of an outstanding syndicate of investors, Assent has the unique opportunity to further cement itself as the global leader in the supply chain data automation market.”
About Assent Compliance:
Assent Compliance, founded in 2005, enables companies to manage and streamline their supply chain and product compliance efforts to ensure their products meet the standards of various market access regulations. Assent currently works with over 40 percent of S&P 500 product companies and thousands of small and medium-size businesses globally.
About Greenspring Associates:
Greenspring Associates focuses on venture capital and has built a comprehensive platform dedicated to the asset class. Founded in 2000, Greenspring Associates has offices in Owings Mills, Maryland, and Palo Alto, California. It manages approximately $5.2 billion in capital commitments across a variety of solutions and bespoke venture capital strategies.
About Volition Capital:
Volition Capital is a growth equity firm based in Boston, Massachusetts. The Volition team principally invests in high-growth, founder-owned companies across different technology sectors. Volition Capital currently manages a portfolio of 17 market-leading companies.
The OpenText Enterprise Apps Fund (OTEAF) was formed in 2015 and invests primarily in emerging Canadian technology companies that are building disruptive, enterprise applications that leverage the power of the internet, big data, predictive analytics and mobility. OTEAF has offices in Toronto, Ontario and Montreal, Quebec. www.oteaf.vc