Ottawa-based Assent Compliance, which provides enterprise compliance SaaS software and data management solutions, has raised a $40 million Series B round of funding.
Assent’s funding was led by Greenspring Associates, with participation from existing 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 other private investors.
“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.”
Founded in 2005, Assent provides a supply chain data collection platform that allows organizations to collect vendor management, ethical sourcing, and product compliance data. The company’s platform specifically includes applications for inspection and audits, a contract and parts database, a learning management system, a campaign manager, as well as a supplier data exchange portal.
“These are the best times to be rapidly growing a global SaaS company.”
Assent plans to use the funding to further develop and invest in its platform, as well increase the company’s number of employees across all divisions, but especially in research and development and product management.
Assent said it currently has 225 employees, but the company plans to leverage the funding to bring on 100 new hires over the next 12 to 18 months.
“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.”
According to Matt Whitteker, a co-founder of Assent, the company was bootstrapped until it completed its Series A round 12 months ago. Assent claims it has completed four consecutive years of over 100 percent compound annual growth rate (CAGR) in annual recurring revenue.
In a statement, Assent mentioned that its main goal is to provide clients with the necessary tools to survey and manage 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 a network of over 300,000 supplier companies.