Vista Equity and Blackstone Acquire Assent Inc. for $1.3 Billion

In March 2025, U.S.-based investment firms Vista Equity Partners and Blackstone Inc. quietly acquired Ottawa-based compliance software company Assent Inc. for approximately $1.3 billion. The transaction involved a $400 million payout to Assent's venture capital investors, including Volition Capital, Warburg Pincus, StepStone Group, and First Ascent Ventures, who all sold their stakes as part of the deal.

Assent, founded in 2010, specializes in cloud-based solutions that assist over 1,000 global industrial companies—such as Honeywell, Boeing, General Electric, and Johnson & Johnson—in managing regulatory and ethical standards within their supply chains. The company achieved $100 million in annual recurring revenue in 2024 and has experienced consistent growth, posting 44 consecutive quarters of revenue increases.

Following the acquisition, Assent appointed Michael Southworth as its new CEO in late May 2025, with former CEO Andrew Waitman transitioning to the role of executive chairman. Southworth, a veteran American tech executive, was selected to lead Assent's next phase of growth and customer focus. He previously served as the CEO of Babel Street, an AI-enabled analytics platform, and has held executive roles at leading technology firms, including Transflo, Verint-Systems, Contact Solutions, Corning Incorporated, and MobileAccess Networks.

"Assent sits at the intersection of global supply chain transformation and corporate sustainability — and the opportunity ahead is massive," Southworth said. "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, who led Assent for more than a decade, expressed confidence in the new leadership. "Assent’s strength lies in its people, its culture, and its relentless focus on customers and growth," he said. "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."

The acquisition reflects Vista and Blackstone's strategic interest in expanding their portfolios within the compliance and supply chain management software sectors. Notably, the deal was conducted discreetly, with no formal announcement from the involved parties.

Vista Equity Partners, founded in 2000, is an American private equity firm specializing in software businesses, managing over $100 billion in assets. Blackstone Inc. is the world's largest alternative asset manager, with a diverse portfolio including private equity, real estate, and credit.

The acquisition underscores the growing importance of compliance and supply chain management in the global industrial sector. Assent's solutions help companies navigate complex regulatory environments, ensuring ethical standards are maintained throughout their supply chains. The investment by Vista and Blackstone highlights the increasing value placed on companies that can provide such critical services.

This strategic move positions Assent to accelerate global expansion, pursue strategic acquisitions, and deepen its product innovation—building on its supply chain expertise, unique sustainability data, and advanced AI capabilities.