US private equity firm Vista ups stake in Assent at reported $1.3-billion USD valuation

American private equity firm Vista Equity Partners and alternative investment manager Blackstone have reportedly bought out the other investors of Ottawa-based supply chain management software company Assent for $400-million USD, valuing the company at $1.3 billion, according to The Globe and Mail.

The Globe and Mail reported that the American firms bought Assent, citing undisclosed sources, but an Assent spokesperson told BetaKit in a statement that the company “has not been acquired.” The spokesperson did confirm that Vista had increased its investment in the business, though declined to break down Assent’s ownership structure.

“As a privately held company, we do not disclose specifics about investment terms or participants,” the spokesperson said.

Assent is “entering a new phase of growth and customer focus,” according to a spokesperson.

Volition Capital, Warburg Pincus, StepStone Group, and sole Canadian backer First Ascent Ventures all sold their stake in Assent as part of the deal, which took place in two parts with the most recent close happening in March, according to the Globe and Mail. BetaKit has reached out to all named parties for comment.

For its part, First Ascent publicly confirmed that it exited its Assent investment to Vista last year, and even won the VC Regional Impact Award for Central Canada for it at the 2025 CVCA Awards last month.

The news follows Assent tapping United States (US)-based former AI startup CEO Michael Southworth as its new CEO while shifting longtime leader Andrew Waitman to an executive chairman role last month, a move that now appears related to the change in ownership structure. Southworth specifically thanked seven board members in a LinkedIn post when he announced his new job, three of whom hail from Vista and one from Blackstone.

Southworth was “specifically chosen” to spearhead Assent’s growth toward a $250-million revenue target, the company said in a statement at the time, praising him for his “exceptional record of strategic growth and successful [mergers and acquisitions] leadership.” Assent achieved centaur status, or $100 million in annual recurring revenue, in June 2024.

Assent’s platform collects vendor management, ethical sourcing, and product data to help complex manufacturers navigate compliance and environmental, social, and governance (ESG) reporting.

“We have nearly 1,000 manufacturers around the world who rely on the Assent Sustainability Platform to manage their supply chain data and drive more sustainable, responsible business practices,” The Assent spokesperson told BetaKit in a statement, adding that the company is “entering a new phase of growth and customer focus.”

While the company is seeing increased stake from American shareholders and a new United States-based CEO, the Assent spokesperson told BetaKit last month that the company’s headquarters and roots remain “firmly” in Ottawa.

Feature image courtesy Assent.