SciQuest Expands its Spend Management Solutions with an Event-Based Reverse Auction Offering

RESEARCH TRIANGLE PARK, N.C., February 8, 2005-- SciQuest, Inc. today announced the availability of event-based reverse auctions to organizations seeking to capitalize on larger procurements, while assessing the ROI of online sourcing tools. As part of the offering, users can take advantage of a single event or a package of several events for a one time flat fee and a capped supplier transaction fee. For early users of the event-based service, SciQuest is offering an introductory offer, waiving the transaction fee through June 30, 2005.

"This offering is part of our ongoing initiative to help organizations gain greater control over their spend," said Stephen Wiehe, president & CEO at SciQuest. "We understand the need for organizations to have access to a pay-per-use model to realize the immediate and compelling savings that reverse auction tools can provide. This new offering also allows organizations the ability to assess the use of a reverse auction tool before moving to a fully licensed product."

The event-based reverse auctions will be fully managed by SciQuest professional services, including event selection and preparation, event creation, supplier management, event monitoring, and event reporting. The event-based packages offered by SciQuest include:

• One or Three single-stage auction events, fully managed by SciQuest
  
• Event Scope Services
  
• Reverse Auction tool branding and configuration
  
• Event Strategy Determination
  
• Pricing Controls
  
• Competitive Environment Controls
  
• Auto-Extend Controls
  
• Establishment of Savings Metrics
  
• Rapid event execution
  
• Flat fee plus capped supplier transaction fee

About SciQuest
SciQuest's on-demand solutions integrate organizations with their suppliers to enable comprehensive spend management for the life sciences and higher education markets.

SciQuest's complete suite of modular applications help to automate the source-to-settle process. When used with the SciQuest Supplier Network, these solutions reduce redundant tasks and maintain data integrity throughout the cycle of finding, acquiring and managing goods to increase efficiency, reduce cost and provide total spend visibility.

Many of the world's leading pharmaceutical, biotechnology, chemical and academic organizations rely on SciQuest solutions such as Biogen Idec, GlaxoSmithKline, Pfizer, Roche, Schering-Plough, Arizona State University, Indiana University, University of Michigan and University of Pennsylvania. SciQuest is headquartered in Research Triangle Park, NC. For more information about SciQuest, please visit www.sciquest.com or call +1-919-659-2100.

SciQuest and SelectSite are registered trademarks of SciQuest, Inc. HigherMarkets is a trademark of SciQuest, Inc.

Contacts:

Media Relations

Kristi Lee
SRK Communications
919-270-8054
kristi@srkcommunications.com