Briefing

Ottawa’s Assent Compliance raises US$350M, valuation tops US$1B

The company makes software that manufacturers use to manage regulatory and corporate social responsibility obligations as well as data related to their supply chains. Austin-headquartered Vista Equity Partners’ Foundation Fund led the round. Warburg Pincus, which invested US$100-million-plus in Assent in October 2018, remains its biggest shareholder. (The Logic)

Talking point: Assent plans to use the new capital in part to finance hiring—it has at least 600 staff—and a European expansion, although the company declined to say whether it will enter new markets organically or via acquisitions. Amid pandemic-prompted supply chain snarls, logistics tech is drawing investors and customers, with startups raising US$28.3 billion in 818 deals in the first nine months of 2021, according to PitchBook. Assent claims to have hit annual recurring revenue of $50 million last year, with 50 per cent growth over the last 12 months. In Canada, it joins a herd of newly-minted unicorns. (The title is losing some sheen as the number of such firms grow—Axios is trying to make “dragons” happen, for private companies worth at least US$12-billion, net of funds raised).

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