FAQs – SciQuest Acquires Upside Software
What is being announced?
SciQuest has signed a definitive agreement to acquire Upside Software, a leading provider of Contract Lifecycle Management (CLM) software. With this acquisition, SciQuest adds to its comprehensive suite of source-to-settle solutions powering the entire procurement lifecycle, including supplier management, sourcing, CLM, inventory management, invoicing and accounts payable
Why is SciQuest making this acquisition?
Contract Lifecycle Management is a critical component of the source-to-settle process, and an important capability for our customers looking to streamline the authoring and management of contracts and maximize contract compliance. Upside is the leader in providing contract lifecycle management solutions, as recognized by Forrester Research and Gartner. The Upside acquisition enables SciQuest to provide customers with an innovative, proven CLM solution from a trusted source, and also allows SciQuest to further expand its comprehensive suite of source-to-settle products.
Additionally, Upside has market-leading customer satisfaction rates, making the company a great fit for SciQuest’s customer-centric culture.
How will customers benefit?
The Upside acquisition expands SciQuest’s CLM capabilities, enabling SciQuest to provide customers with a single solution from a trusted vendor for all their source-to-settle requirements. Upside understands CLM better than anyone in the industry; SciQuest understands SaaS better than anyone in the industry. This combination allows SciQuest to provide customers with a comprehensive SaaS suite to help them automate the source-to-settle process, so customers can realize significant improvements in cost savings and efficiency.
Upside has been ranked the leader in CLM by Forrester Research (click for report). Forrester evaluated CLM vendors on 113 criteria that examined each step of the contract lifecycle and measured how each vendor performed against key determining factors. Upside had the highest overall score in the evaluation, with deep functionality and intuitive usability. According to Forrester, “Upside leads the pack. Upside was able to pull ahead of a very competitive field with advanced functionality across the board, very good growth momentum in the market, and extremely positive reference results.”
Can you provide an overview of Upside?
Headquartered in Edmonton, Alberta, Canada, Upside is the worldwide leader in contract lifecycle management (CLM) software with hundreds of deployments globally. Upside’s award winning product suite offers a fully-automated contract management process that starts from collaborative contract creation, negotiation and award, and includes performance, compliance and deliverable tracking and management, and on-going event monitoring and management. Upside ensures its customers obtain a full return on investment in less than one year and often in less than three months. Upside has extensive experience delivering real value to customers of every size, in virtually every industry.
Will Upside management team remain after the acquisition?
The Upside management team will remain in place after the acquisition, with the exception of the company’s founder who has chosen to pursue other interests.
Do you plan on moving Upside operations to Cary, NC?
There is no expectation of moving Upside operations to Cary.
How do I learn more about SciQuest’s new CLM products?
Please contact your account executive, client partner or contact SciQuest toll-free at 888-638-7322 or through the website http://www.sciquest.com/contact/index.php.
How do I learn more about SciQuest’s other products?
Please contact your account executive, client partner or contact SciQuest toll-free at 888-638-7322 or through the website http://www.sciquest.com/contact/index.php.
Will there be any change to support of Upside products?
Upside and SciQuest share a very similar philosophy with regard to customer service: both companies consistently deliver market-leading customer satisfaction rates. Upside customers will continue to receive the same high level of customer support they have always received, and should continue to contact their account executives by the same phone numbers and email addresses they have been using.
What are the expected changes to SciQuest or Upside products?
SciQuest will continue to support and invest in all products. We will be presenting an integrated roadmap at our NextLevel conference in February 2013.
What is next for SciQuest?
SciQuest’s stated strategy for growth has been and continues to be focused on enhanced offerings for Accounts Payable, Contract Lifecycle Management and Spend Analytics. By further enhancing these offerings to provide best-in-class products, SciQuest strives to offer the most comprehensive, cloud-based source-to-settle solution in the industry.
How many employees does Upside have?
Upside has 147 employees.
Will Upside be at NextLevel?
We will be presenting Upside products at NextLevel 2013, SciQuest’s annual conference for procurement professionals.
Who are some examples of Upside key customers?
Upside has extensive experience delivering real value to customers of every size in virtually every industry. Customers include: Deutsche Bank, Government of Manitoba, Worely Parsons, John Deere, P&G, Bristol-Myers Squibb, and Eastman Chemical to name a few.
Who can I contact with questions?
Employees should contact their direct supervisor. Customers should contact their account executives or client partners.
For other queries:
SciQuest Media contact:
SciQuest, Inc.
Michelle Perkins, 919-659-2228
mperkins@sciquest.com
SciQuest Investor contact:
SciQuest, Inc.
Jamie Andelman, 919-659-2322
jandelman@sciquest.com
