Never before has the importance of a smooth supply chain been so clear as it has been in the era of the COVID-19 pandemic. For manufacturers in particular, managing complex supply chains can be particularly difficult.
Enter Approval Compliance – a Canadian company focused on managing the sustainability of the supply chain. Put simply, Ottawa-based Assent aims to help manufacturers make more informed decisions about “who they do business with and how their products are purchased,” notes CEO Andrew Waitman.
And today, the company announces that it has raised $ 350 million for a valuation of more than $ 1 billion in a funding round led by Vista Equity Partners. The financing follows a $ 131 million Series C fundraiser led by Warburg Pincus, who remains the company’s largest shareholder.
Interestingly, Assent was primed for the first five years of its life – from 2010 to 2015. In the following years, after Waitman took over as CEO, the company raised over $ 500 million and grew. its workforce of around 20 to 820 today (45% of them identify as women). While half a billion dollars raised in the United States is not uncommon, it is a bit rarer in the Canadian tech scene.
Assent’s trajectory continues to grow, and Waitman predicts that the SaaS company will cross $ 100 million in annual recurring revenue (ARR) this year after increasing ARR by more than 50% in the past 12 months. Her clients include people like GE, Polaris, Stryker and Escatec appliances.
The company offers enterprise-wide supply chain sustainability solutions for product compliance, trade compliance and ESG, better known as Environmental, social and (corporate) governance. Assent has made a name for itself by focusing exclusively on complex manufacturing. Doubling down on this niche has allowed it to create what it claims to be “the largest supplier information network in the industry.” Specifically, it helps complex manufacturers proactively identify and manage risk, accelerate market access and growth, and promote brand reputation.
Assent’s compliance platform provides centralized access to supply chain data for use by teams within a given organization. It automates data collection and validation and provides “configurable” reports so its customers “can stay one step ahead” of their data needs.
âThe increasing complexity and magnitude of globally changing regulations and requirements, combined with an increased focus on ESG, present challenges for businesses across industries, especially manufacturers,â said Waitman. âAssent enables deep understanding and rapid transparency to help ensure that products are manufactured with the environmental and human rights standards necessary to compete – and win – in the markets of the future. “
The company plans to use its new capital primarily to continue its expansion in Europe, eventually entering the Asian market and increasing its workforce by 40% in its sales, services, engineering, customer success and marketing teams. .
âManufacturing accounts for 20% of GDP,â Waitman told TechCrunch. âIt’s a huge market.
Vista’s Foundation Fund, which invests in mid-market companies looking to expand and accelerate their growth trajectory, led the investment. Patrick Severson of Vista, Co-Head of the Vista Foundation Fund, and Jake Hodgman, Managing Director of the Foundation Fund, will join the Assent Board of Directors.
Companies around the world are facing increased demand to ensure that they source components and raw materials in an ethical and responsible manner, either from the government regulators who oversee them, or from customers and partners whose expectations. force them to higher standards, Severson noted. Assent is one step ahead when it comes to solving business supply chain challenges through technology.
“Assent’s solution enables companies to mitigate risks related to their brand and reputation and to become better corporate citizens â, Severson added. âThe scrutiny of complex manufacturers in how they manage their supply chains is only increasing. Assent is uniquely positioned to be a clear leader in a future focused on manufacturers who embrace best practices in supply chain sustainability.