Private Equity Acquires Canadian Supply Chain Sustainability Software Company; Assent Names New CEO

Private equity firms Vista Equity Partners and Blackstone have acquired Assent Inc., which specializes in supply chain monitoring and sustainability software, The Globe and Mail reported. The Assent ownership shift includes a CEO transition to Michael Southworth from Andrew Waitman.

The Assent purchase, which quieted closed in March 2025, valued the company at $1.3 billion, the report said. Key sellers included Volition Capital, First Ascent Ventures, Warburg Pincus, and U.S. investor StepStone Group Inc., the report added.

Private Equity Firms Acquire Assent: Business Background

Assent, founded in 2010, is based in Ottawa, Ontario, Canada. The company develops a supply chain sustainability management solution that roughly 1,000 businesses have adopted. Assent's business strategy includes managed and professional services to support customer deployments and ongoing software consumption. Assent had roughly 970 employees listed on LinkedIn as of June 2025.

Assent has grown steadily, posting 44 straight quarters of annual recurring revenue growth, and is expanding in the mid-teens, percentage-wise, The Globe and Mail reported. Annual revenue topped $100 million in 2024, according to Waitman's corporate biography. Vista has owned a stake in the business since December 2021.

Among the question marks we'll be watching: Will Assent build a more formalized partner program for IT service providers and sustainability consultants?

Assent CEO Transition: Southworth Succeeds Waitman

Amid the ownership transition, Assent also completed a CEO transition -- hiring Michael Southworth to succeed co-founder and former CEO Andrew Waitman.

Southworth will oversee Assent's march toward $250 million in annual revenue, the company said -- though a target date for the goal was not disclosed. Southworth previously was CEO of Babel Street, an AI-enabled analytics platform. Earlier posts included such businesses as Transflo, Verint-Systems, Contact Solutions, Corning Incorporated and MobileAccess Networks.

In a prepared statement about his new role, Southworth said: “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.”

Added Waitman, who transitions to executive chairman: “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.”

Sustainability Software: Challenging M&A Market

M&A activity in the sustainability software market has been slow, and recent funding announcements have been rare in 2025.

The entire sustainability ecosystem -- from startups to venture capitalists to private equity firms -- faces intense pressure amid pushback from the Trump Administration. Indeed, President Trump and White House officials have eliminated various sustainability initiatives and associated regulations. As a result, many businesses are rethinking their commitments to various sustainability goals.

Further complicating matters, many sustainability startups depended heavily on federal funding programs during the Biden administration. Fast forward to present day, and many of those startups lack a path to profitability and could have trouble finding new funding sources.