Assent Compliance, a Canada-based supply chain data management software developer backed by enterprise software producer OpenText, has received $100m in series C funding from private equity firm Warburg Pincus.
Founded in 2005, Assent Compliance has created a cloud-based platform that helps clients automate supply chain data management, thereby increasing transparency and facilitating regulatory compliance in global markets.
Assent claims the platform is used by hundreds of corporate clients and hundreds of thousands of suppliers internationally.
Warburg Pincus’ investment will enable the company to enhance its software and expand its product compliance, vendor management and corporate social responsibility functionalities.
Justin Sadrian, managing director at Warburg Pincus, and Sam Lipsick, vice-president at the firm, will join Assent’s board of directors.
Assent raised $31.4m in a July 2017 series B round led by venture capital firm Greenspring Associates and backed by the OpenText-anchored OpenText Enterprise Application Fund (OTEAF).
The round also featured Business Development Bank of Canada (BDC), financial services firm Royal Bank of Canada, Volition Capital, government-owned research agency National Research Council of Canada’s Industrial Research Assistance Program and assorted private investors.
OTEAF also took part in Assent’s $12m series A round in 2016, which was led by Volition, with participation from Royal Bank of Canada, BDC, National Research Council of Canada’s Industrial Research Assistance Program and a range of angel investors.
Richard Black, partner of OTEAF, said: “Assent Compliance has emerged as a remarkable success story in the Canadian software and technology industry.
“We identified Assent three years ago as a company with great opportunity, strong leadership and a clear vision for strategic growth. Warburg Pincus’ investment is a testament to Assent’s ability to execute against that vision and achieve its place as the global leader in its space.
“This marks a new chapter for one of Canada’s best and most exciting companies to watch, and we look forward to continuing to be a part of it.”
