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| 8-K - FORM 8-K - SCIQUEST INC | c10435e8vk.htm |
Exhibit 99.1
SciQuest Completes Acquisition of AECsoft
Adds Leading Supplier
Information Management, Supplier Diversity and Sourcing Technology to
eProcurement Suite
CARY, N.C., January 3, 2011 – SciQuest, Inc., (NASDAQ: SQI) a leading provider of on-demand strategic procurement and supplier enablement solutions, today announced that it has completed its acquisition of AECsoft USA, Inc., a leading provider of supplier management and sourcing technology. As announced on December 21, 2010, the acquisition adds comprehensive supplier management, sourcing and compliance reporting to SciQuest’s best-in-class eProcurement suite.
Total consideration for the transaction was approximately $13 million, consisting of approximately $9 million in cash and 325,203 shares of SciQuest common stock, having a current value of approximately $4 million. SciQuest may also pay additional shares of common stock having a current value of up to approximately $4 million based on successful achievement of certain performance targets over the next three fiscal years.
About SciQuest
SciQuest
provides a leading on-demand strategic procurement and supplier enablement
solution that integrates customers with their suppliers to improve procurement
of indirect goods and services. Our on-demand software enables
organizations to realize the benefits of strategic procurement by identifying
and establishing contracts with preferred suppliers, driving spend to those
contracts and promoting process efficiencies through electronic
transactions. Using our managed SciQuest Supplier Network, our customers
do business with more than 30,000 unique suppliers and spend billions of
dollars annually.
Our current target markets are higher education, life sciences, healthcare and state and local governments. We tailor our solution for each of the vertical markets we serve by offering industry-specific functionality, content and supplier connections. We serve more than 175 customers operating in 16 countries and offer our solution in five languages and 22 currencies.
SciQuest is a registered trademark of SciQuest, Inc. Other trademarks contained herein remain the property of their respective owners.
For more information about SciQuest, please visit www.sciQuest.com or call 888-638-7322 in the U.S. or +44 1794 341182 in Europe.
Cautionary Note Regarding
Forward-Looking Statements
Any statements in this release that are not
historical or current facts are forward-looking statements. These
forward-looking statements include references to the payment of additional
stock upon the achievement of certain performance targets. All forward-looking
statements in this release are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. These statements are not
guarantees of future performance and involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance
or achievements to be materially different from any future results,
performances or achievements expressed or implied by the forward-looking
statements. Certain of these risks and uncertainties are described in the
“Risk Factors” section of our Registration Statement on Form S-1
and other required reports, as filed with the SEC, which are available free of
charge on the SEC’s website at www.sec.gov or on our website at
www.sciquest.com.
Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These forward-looking statements speak only as of the date hereof, and we undertake no obligation to update, amend or clarify any forward-looking statement for any reason.
SciQuest Media contact:
SciQuest, Inc.
Melissa London, 919-659-2228
mlondon@sciquest.com
SciQuest Investor contact:
ICR,
LLC
Garo Toomajanian, 1-800-550-6380
investorrelations@sciquest.com