Vista Equity increases stake in Assent at reported $1.3bn valuation
Vista Equity Partners increased its investment in Ottawa-based supply chain management software firm Assent, in a deal that reportedly values the company at $1.3bn, according to The Globe and Mail.
The US private equity firm was joined by Blackstone in buying out existing shareholders, including Volition Capital, Warburg Pincus, StepStone Group, and First Ascent Ventures, in a $400m transaction completed across two phases, with the most recent close occurring in March.
Despite reports that the company had been acquired, an Assent spokesperson told BetaKit that “Assent has not been acquired,” while confirming that Vista had increased its investment. The company declined to disclose the post-deal ownership structure, stating, “As a privately held company, we do not disclose specifics about investment terms or participants.”
First Ascent Ventures confirmed its exit to Vista last year and was recently recognised with the VC Regional Impact Award for Central Canada at the 2025 CVCA Awards.
The transaction coincides with recent leadership changes. In May, Assent named US-based executive Michael Southworth as CEO, with former CEO Andrew Waitman transitioning to the role of executive chairman. Southworth was “specifically chosen” to lead the company’s next growth phase, targeting $250m in revenue, according to an earlier company statement.
Southworth publicly acknowledged seven board members in a LinkedIn post, including three from Vista and one from Blackstone.
Assent reached centaur status – $100m in annual recurring revenue – in June 2024. The company’s platform helps complex manufacturers manage supply chain data related to ESG compliance, vendor management, and ethical sourcing. It currently serves nearly 1,000 manufacturers globally.
Despite increased US investor involvement and leadership changes, Assent maintains that its roots and headquarters remain “firmly” in Ottawa.