Here is an edited version of the article:
Lessons of the pandemic: How this Ottawa software company adapted and became a $1-billion company
The COVID-19 pandemic brought unprecedented challenges to businesses worldwide. But for one Ottawa-based software company, it also presented opportunities for growth.
Assent Compliance, founded in 2013 by CEO Gary Shapiro, has been a leader in providing compliance solutions to large corporations. When the pandemic hit, many companies faced disruptions in their supply chains, making it even more important for them to ensure that their suppliers were compliant with regulations.
According to an interview with CEO Gary Waitman, some of Assent Compliance’s customers, including aerospace firms, were initially hurt by reduced orders due to government lockdowns. However, health science firms and other companies saw an increase in demand for compliance software, helping stabilize the company’s revenue growth.
Adapting quickly pays off
Assent Compliance’s ability to adapt quickly to changing market conditions was a key factor in its success during the pandemic. The company expanded its product offerings and increased its marketing efforts, which helped attract new customers.
In 2021, Assent Compliance received a significant investment from Vista Equity Partners of Austin, Texas, valuing the company at over $1 billion. This investment has enabled the company to accelerate its growth plans and expand into new markets.
Lessons learned
CEO Gary Waitman attributes the company’s success during the pandemic to several key factors:
- Adapt quickly: The ability to adapt to changing market conditions was crucial in navigating the challenges posed by the pandemic.
- Know what you can’t control: While it’s impossible to predict every twist and turn, companies that are agile and flexible can better navigate uncertainty.
These lessons learned during the pandemic have helped Assent Compliance become one of Canada’s fastest-growing technology companies. As the company continues to grow and expand its offerings, it serves as a model for other businesses looking to adapt and thrive in an ever-changing market landscape.
About Assent Compliance
Assent Compliance is a leading provider of compliance solutions for large corporations. Founded in 2013 by CEO Gary Shapiro, the company has experienced rapid growth and expansion under the leadership of its current CEO, Gary Waitman. Today, Assent Compliance serves hundreds of customers across various industries, including aerospace, health science, and finance.
Sources
- Interview with Gary Waitman, CEO of Assent Compliance
- Vista Equity Partners press release announcing investment in Assent Compliance
