Vista Equity Partners and Blackstone Acquire Assent Inc. for $400 Million

In March 2025, private equity firms Vista Equity Partners and Blackstone acquired Ottawa-based compliance software company Assent Inc. for approximately $400 million, valuing the company at $1.3 billion. Assent specializes in supply chain sustainability management solutions, serving over 1,000 global industrial companies. Following the acquisition, Michael Southworth was appointed CEO, succeeding co-founder Andrew Waitman, who transitioned to the role of executive chairman.

Founded in 2010 and headquartered in Ottawa, Ontario, Assent develops software solutions that help complex manufacturers manage supply chain data, ensuring compliance with regulatory standards and promoting sustainability. The company's platform is utilized by approximately 1,000 businesses, including industry leaders like Honeywell, Boeing, General Electric, and Johnson & Johnson. As of June 2025, Assent employed around 970 individuals.

The acquisition, finalized in March 2025, involved Vista Equity Partners and Blackstone purchasing Assent for approximately $400 million, resulting in a company valuation of $1.3 billion. Key sellers included Volition Capital, First Ascent Ventures, Warburg Pincus, and StepStone Group Inc. Notably, First Ascent Ventures, Assent's sole Canadian institutional backer, exited its investment, achieving a return of $50 million, which multiplied its initial investment by a factor of 6.2.

In conjunction with the acquisition, Assent appointed Michael Southworth as CEO in May 2025. Southworth brings extensive experience in leading SaaS and AI-driven organizations, having previously served as CEO of Babel Street and held executive roles at Transflo, Verint-Systems, Contact Solutions, Corning Incorporated, and MobileAccess Networks.

Co-founder and former CEO Andrew Waitman transitioned to the role of executive chairman. Under Waitman's leadership, Assent experienced significant growth, expanding its team to over 1,000 employees across four continents.

Michael Southworth expressed enthusiasm about his new role, stating, "Assent sits at the intersection of global supply chain transformation and corporate sustainability — and the opportunity ahead is massive. I’m energized to lead a company with such a strong foundation, deep expertise, and bold ambition. Together, we’ll extend Assent’s global impact, scale with purpose, and set a new industry standard for supply chain intelligence, sustainability, and resiliency."

Andrew Waitman highlighted the company's strengths, noting, "Assent’s strength lies in its people, its culture, and its relentless focus on customers and growth. Michael brings the strategic clarity and operational excellence to take Assent to new heights. As Executive Chairman, I’m committed to supporting Michael and the company as we continue building one of Canada’s most successful global tech businesses."

Vista Equity Partners, founded in 2000 by Robert F. Smith, is an American private equity firm specializing in software, data, and technology-enabled businesses. As of 2023, Vista manages over $100 billion in assets and has invested in numerous technology companies, including Citrix, SentinelOne, and Marketo.

Blackstone Inc., established in 1985, is the world's largest alternative asset manager, with over $1.1 trillion in assets under management as of 2024. The firm invests across various sectors, including real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds.

This acquisition underscores the growing importance of compliance and sustainability in global supply chains. By investing in Assent, Vista Equity Partners and Blackstone are positioning themselves to capitalize on the increasing demand for supply chain transparency and regulatory adherence. The leadership transition aims to drive Assent's growth toward a $250 million revenue target, reflecting confidence in the company's potential to expand its market presence and enhance its product offerings.

The acquisition of Assent Inc. by Vista Equity Partners and Blackstone, coupled with the appointment of Michael Southworth as CEO, marks a significant development in the compliance software industry. This strategic move highlights the increasing emphasis on supply chain sustainability and positions Assent for substantial growth in the coming years.