- Assent’s compliance platform provides users central access to supply chain data to be used by teams across the organization.
- The company plans to use its new capital to expand in Europe, eventually enter the Asian market and grow the number of people by 40% in sales, services, engineering, customer success, and marketing department.
The importance of a smooth supply chain has never been more apparent as it has been during the COVID-19 pandemic. Managing intricate supply chains has been challenging, especially for manufacturers.
This is where Assent Compliance, a Canada-based company focused on supply chain sustainability management, has come as a breather. In simple words, Ottawa-based Assent is on a mission to help manufacturers make decisions smarter related to “who they do business with and how the products are sourced,” noted CEO Andrew Waitman.
The company announced that it has raised USD 350M at a valuation of USD 1B, with Vista Equity Partners leading this round of funding. The development has come close on the heels of a USD 131 million Series C funding led by Warburg Pincus, which remains the company’s biggest shareholder.
Assent is a leading provider of enterprise-wide supply chain sustainability solutions across product and trade compliance and ESG. In particular, its extensive network of supplier intelligence helps manufacturers identify and manage risk, accelerate market access and growth and promote brand reputation.
Assent’s compliance platform provides users central access to supply chain data to be used by teams across the organization. It collects data, validates it automatically and provides “configurable” reporting so that its customers “can stay ahead” of their data requirements.
The company plans to use its new capital majorly to continue its expansion in Europe, eventually enter the Asian market and grow the number of people by 40% in sales, services, engineering, customer success, and marketing department.
Companies across the world are facing an increasing demand to ensure they source their components and raw materials ethically and responsibly, either from government regulators who oversee them or from customers and partners whose expectations hold them to higher standards, noted Severson. Assent is “ahead of the curve” when it comes to solving enterprise supply chain challenges through technology.
“The increasing complexity and scale of regulations and varying requirements globally, combined with a heightened focus on ESG, presents challenges for companies across industries, particularly for manufacturers,” Waitman said. “Assent enables deep insight and rapid transparency to help ensure products are made with environmental and human rights standards necessary to compete — and win — in markets of the future.”
“Manufacturing represents 20% of GDP,” Waitman added. “It’s an enormous market.”
“Assent’s solution empowers companies to mitigate their brand and reputation risk and become better corporate citizens,” Severson added. “The scrutiny being placed on 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 adopting supply chain sustainability best practices.”