Exhibit 99.1

SciQuest Announces Second Quarter 2012 Financial Results

Reports Strong Financial Results

Releases New Version of Software

Completes Upside Software Acquisition

CARY, N.C. – August 2, 2012 – SciQuest, Inc. (Nasdaq: SQI), a leading provider of on-demand source-to-settle solutions, today announced its financial results for the second quarter ended June 30, 2012.

Stephen Wiehe, President and Chief Executive Officer of SciQuest, said, “We are pleased with our revenue performance in the second quarter, which was slightly above our expectations and helped produce non-GAAP net income at the upper end of our guidance range. Moreover, we made progress toward our strategic growth initiatives to expand our market opportunity, including the acquisition of Upside Software, Inc. that closed on August 1. In addition, we rolled out version 12.2 of our software suite with the first commercially available release of our stand-alone Accounts Payable solution. It was also the first to include multi-tenant versions of our Supplier Information Management and Sourcing solutions. We continue to focus on customer success, quality and execution in order to extend our leadership position in the cloud-based, source-to-settle software market,” he stated.

Second Quarter 2012 Results

SciQuest reported total revenue of $15.2 million for the quarter ended June 30, 2012, an increase of 18% compared to revenue of $12.9 million for the comparable period in 2011.

GAAP income from operations in the second quarter of 2012 was $0.8 million, compared to income from operations of $1.0 million in the second quarter of 2011. GAAP net income was $400,000 or $0.02 per share, in the second quarter of 2012, compared to $576,000 or $0.03 per share, in the comparable period in 2011. This decrease was due to planned strategic investments in 2012.

Non-GAAP income from operations was $2.2 million in the second quarter of 2012, excluding stock-based compensation expenses and amortization of intangible assets. Non-GAAP income from operations was $2.3 million in the second quarter of 2011, excluding stock-based compensation expenses and amortization of intangible assets.

Non-GAAP net income was $1.4 million, or $0.06 per share, for the second quarter of 2012, based on 22.7 million weighted average diluted shares outstanding, excluding stock-based compensation expenses, and amortization of intangible assets. This compares to non-GAAP net income of $1.4 million, or $0.06 per share, in the second quarter of 2011, based on 22.5 million weighted average diluted shares outstanding and excluding stock-based compensation expenses and amortization of intangible assets.

A reconciliation of the most comparable GAAP financial measure to the non-GAAP measures used above is included with the financial tables at the end of this release.

Business Outlook

Based on currently available information, SciQuest is issuing guidance on a non-GAAP basis for the third quarter and updating its full year 2012 guidance to include the anticipated impact from our Upside acquisition. Until the purchase price allocation is completed, SciQuest cannot provide the comparable GAAP outlook figures.

Third Quarter 2012: The Company expects third quarter non-GAAP revenue to be in the range of $17.4 million to $17.7 million. The Company expects non-GAAP net income of $0.05 to $0.06 cents per share based on diluted weighted average shares outstanding of 22.8 million shares. Non-GAAP revenue excludes the purchase accounting impact on deferred revenue. Non-GAAP net income excludes the purchase accounting impact on deferred revenue, stock-based compensation expenses of approximately $1.3 million, amortization of acquired software and intangible assets and acquisition-related costs of approximately $0.5 million.

Full Year 2012: The Company expects full year 2012 non-GAAP revenue to be in the range of $66.5 million to $67.5 million.

Non-GAAP net income per share is expected to be in the range of $0.22 to $0.24 based on diluted weighted average shares outstanding of 22.7 million shares. Non-GAAP revenue excludes the purchase accounting impact on deferred revenue. Non-GAAP net income excludes the purchase accounting impact on deferred revenue, stock-based compensation expenses of approximately $5.0 million, amortization of acquired software and intangible assets and acquisition-related costs of approximately $0.5 million.

The Company expects operating cash flow in 2012 to be in the range of $20.5 million to $21.5 million. Free cash flow, which is defined as net cash provided by operating activities less purchases of property and equipment of approximately $2.0 million and capitalization of software development costs of approximately $2.5 million, to be in the range of $16.0 to $17.0 million in 2012.

Conference Call Information

Live and replay conference ID code: 11282160

Non-GAAP Financial Measures

SciQuest provides all information required in accordance with GAAP, but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Accordingly, SciQuest presents non-GAAP financial measures in reporting its financial results to provide investors with additional tools to evaluate SciQuest’s operating results in a manner that focuses on what SciQuest believes to be its ongoing business operations and what SciQuest uses to evaluate its ongoing operations and for internal planning and forecasting purposes. SciQuest’s management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. SciQuest’s management believes it is useful for itself and investors to review, as applicable, both GAAP information that includes: (i) the amortization of acquired intangible assets; (ii) the impact of stock-based compensation; (iii) other significant items, such as acquisition related expenses; (iv) the income tax effect of non-GAAP pre-tax adjustments from the provision for income taxes; and (v) the purchase accounting impact on deferred revenue; and the non-GAAP measures that exclude such information in order to assess the performance of SciQuest’s business and for planning and forecasting in subsequent periods. Whenever SciQuest uses such a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure to the extent possible. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed herein.

About SciQuest

SciQuest (NASDAQ: SQI) provides organizations with a comprehensive suite of on-demand source-to-settle software solutions, driving cost and efficiency savings across the supply chain. By improving supplier management, negotiating more strategic contracts, generating an online marketplace for purchasing goods and services, and streamlining the accounts payable process, SciQuest customers turn spending into a source of savings.

With unmatched visibility into spending, combined with the Power of Q — the Company’s unique combination of products and support — SciQuest provides organizations with a strategic approach to procurement, improving bottom-line results.

To join the conversation, please visit our blog, The Open Kitchen—http://www.sciquest.com/blog or follow us on Twitter @SciQuest.

Cautionary Note Regarding Forward-Looking Statements

Any statements in this release that are not historical or current facts are forward-looking statements, including all references to third quarter activity and all statements in the “Business Outlook” section. 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 most recent Annual Report on Form 10-K and other required reports, as filed with the SEC, which are available free of charge on the SEC’s website at http://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.

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SciQuest media contact:

Michelle Perkins

SciQuest, Inc.

919-659-2228

mperkins@sciquest.com

SciQuest Investor contact:

Jamie Andelman

SciQuest, Inc.

919-659-2322

jandelman@sciquest.com

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SCIQUEST, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands except share and per share amounts)

SCIQUEST, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(in thousands except per share amounts)

SCIQUEST, INC.

NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except per share amounts)

SCIQUEST, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

RECONCILIATION DATA

(UNAUDITED)

(in thousands except per share amounts)

Reconciliation of Net Income to Non-GAAP Net Income:

RECONCILIATION DATA

(UNAUDITED)

(in thousands)

Reconciliation of Cost of Revenues to Non-GAAP Cost of Revenues: