Ottawa-based supply chain data management company Assent Compliance has announced the close of over $131 million CAD ($100 million USD) in a Series C round from Warburg Pincus.
BDC Capital, Greenspring Associates, OpenText Enterprise Application Fund (OTEAF), and Volition Capital will all remain investors.
This marks Assent’s third funding round in three years. In July 2017, Assent Compliance raised a $40 million Series B with a goal to hire 100 employees.
The investment by Warburg Pincus will enable Assent to continue the development of its platform, which allows companies to collect data to identify and assess corporate social responsibility, product compliance, and vendor management risk.
“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 at 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 S&P 500 companies around the world. We look forward to working with Assent’s leadership team as the company embarks on its next chapter of growth.”
BDC Capital, Greenspring Associates, OpenText Enterprise Application Fund (OTEAF), and Volition Capital will all remain investors in the company. Members of Assent’s management team will also retain an ownership stake.
“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 to continue and 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.”