Ottawa compliance software and data management solutions provider Assent Compliance Inc has secured $40 million in a Series B financing, according to a report by TechCrunch.
The round was led by U.S. venture capital firm Greenspring Associates. It was joined by Volition Capital, OpenText Enterprise Application Fund, BDC Capital, National Research Council of Canada, Royal Bank of Canada and other investors that backed the company’s $20 million Series A round last year.
Founded in 2005, Assent provides data-focused modular solutions to enhance corporate social responsibility, product compliance and vendor management programs, along with compliance training and education.
The company plans to use the proceeds of the Series B for expanding sales and marketing efforts, TechCrunch said.
Assent is led by CEO Andrew Waitman, who joined in 2014 after leading Ottawa information technology services specialist Pythian Group Inc. Between 1996 and 2008 he was a managing partner at Canadian venture capital firm Celtic House Venture Partners.
Photo (centre): Andrew Waitman, CEO of Assent Compliance Inc.
Photo courtesy of Assent Compliance Inc