Assent Compliance lands KO with $20 million in venture capital funding

Ottawa’s Assent Compliance came out of its corner swinging on Wednesday by announcing a $20-million venture capital deal, expanded office space (complete with boxing ring) and intent to hire 100 new employees.

The investment was led by Boston-based Volition Capital with participation from OpenText Enterprise Application Fund (OTEAF), Business Development Bank of Canada (BDC), Industrial Research Assistance Program (IRAP), Royal Bank of Canada (RBC) and private investors.

If you’re missing the boxing connection, here’s the explainer. Key Assent execs, including Matt Whitteker and Rob Imbeault (both Forty Under 40 alum), established themselves in Ottawa, in part, by organizing a fundraiser called Fight For The Cure, the same fundraiser that featured now PM Justin Trudeau duke it out with Senator Patrick Brazeau.

Assent CEO Andrew Waitman also fought a white-collar bout in Fight For The Cure.

That boxing spirit is now part of the company’s corporate culture with a “regulation-sized boxing ring in the middle of the office used for company meetings, scrums and the odd sparring match.”

Assent says the funding will allow it to invest in its platform and boost its headcount from 165 to 265 in the next 12-18 months.

Said one investor, “We evaluate a lot of technology companies in a wide variety of industries. Once in a while 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 excited to be partnering with the Assent team to help build a meaningful and sizable business that continues to address the many compliance needs of its customers.”

Assent’s SaaS solution is used by 30 per cent of S&P 500 product companies to help them meet compliance regulations.