Ottawa’s Assent Compliance has raised $20 million.
The software as a service and data firm raised the money from Boston-based Volition Capital as well as from 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.
The Canadian company provides an all-in-one compliance automation platform for organizations required to comply with a variety of product stewardship, materials management and ethical sourcing regulations.
Assent currently has 165 employees; with this new funding it plans to hire up to 100 new workers within the next 18 months.
“We evaluate a lot of technology companies in a wide variety of industries,” said Sean Cantwell of Volition Capital. “Once in awhile, we come across an opportunity like Assent Compliance where we see a great leadership team, a sizable unmet market need, a track record of success and a leading product solution.”
“We are delighted to be partnering with the Assent management team,” said Richard Black, General Partner at OpenText Enterprise Apps Fund. “Assent Compliance has demonstrated their capabilities with proven success working with top tier customers.”
“These are the best times to be rapidly growing a global SaaS company,” said Andrew Waitman, CEO of Assent Compliance. “With Volition’s and our investment groups’ infusion of growth capital, we gain the scale and critical mass to partner with the world’s best companies, protect their brand and ensure they have unfettered access to global markets.”
Assent was founded in 2005.