Ottawa-based software-as-a-service and data company Assent Compliance Inc has secured $20 million in financing. U.S. growth equity firm Volition Capital led the round and was joined by OpenText Enterprise Application Fund, BDC Capital, National Research Council of Canada, Royal Bank of Canada and other investors. Founded in 2005, Assent provides an automation platform that helps businesses manage their supply chain and product compliance efforts. It said the funds raised will support further investment in its technology and more staff hires, particularly in research and product management. Assent is led by CEO Andrew Waitman, formerly a managing partner at Celtic House Venture Partners.
Photo (centre): Andrew Waitman, CEO of Assent Compliance Inc.
Assent Compliance Attracts $20 Million Investment To Drive Global Growth
MAY 4, 2016
Ottawa, ON – Assent Compliance, an Ottawa-based software as a service (SaaS) and data firm, will continue its drive for innovation and excellence in the regulatory compliance space with the addition of $20 million in growth capital funding.
The investment is led by Boston-based Volition Capital with participation from 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 all-in-one compliance automation platform for organizations required to comply with a variety of product stewardship, materials management and ethical sourcing regulations. The funding will enable Assent Compliance to continue to invest in its platform and increase the number of team members across all divisions, particularly in R&D and Product Management. With a current headcount of 165, this growth will involve an additional 100 new hires over the coming 12-18 months.
“We evaluate a lot of technology companies in a wide variety of industries,” said Sean Cantwell of Volition Capital. “Once in awhile, we come across an opportunity like Assent Compliance where we see a great leadership team, a sizable unmet market need, a track record of success and a leading product solution. We are excited to be partnering with the Assent team to help build a meaningful and sizable business that continues to address the many compliance needs of its customers.”
“We are delighted to be partnering with the Assent management team”, said Richard Black, General Partner at OpenText Enterprise Apps Fund. “Assent Compliance has demonstrated their capabilities with proven success working with top tier customers. With the support of an outstanding syndicate of investors, Assent has a unique opportunity to become the global leader in the compliance automation market. “
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 30 percent of S&P 500 product companies and a network of over 300,000 supplier companies globally to ensure compliance with these regulations.
Assent Compliance 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 educational materials for companies and suppliers to stay ahead of the regulatory curve through an internally-developed, integrated learning management system.
“These are the best times to be rapidly growing a global SaaS company,” said Andrew Waitman, CEO of Assent Compliance. “With Volition’s and our investment groups’ infusion of growth capital, we gain the scale and critical mass to partner with the world’s best companies, protect their brand and ensure they have unfettered access to global markets.”
In the midst of an evolving global regulatory landscape, companies turn to Assent Compliance to fulfill an integral role in the compliance process.
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 30 percent of S&P 500 product companies and thousands of small and medium-size businesses globally.
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
Photo courtesy of Assent Compliance Inc