Assent Compliance continues its drive for innovation and excellence in the supply chain data management 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, in addition to 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 management platform for organizations to collect product compliance, corporate social responsibility and vendor risk data.
“Assent Compliance has demonstrated its capabilities through proven success working with top-tier customers, [and is] further cementing itself as the global leader in the supply chain data automation market.”
“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 software 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 additional new hires over the coming 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 collect and analyze data from 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, and to increase transparency between businesses.
“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.”
For more information, visit our website at assent.com.