The History of SciQuest
Today, we’re a leading provider of cloud-based business automation software for spend management, and we tailor our solution for each of the vertical markets we serve by offering industry-specific functionality, content and supplier connections. We help Higher Education, Life Sciences, Healthcare, Public Sector and Enterprise markets, as well as other industries, streamline business processes, improve contract compliance and capture value beyond savings.Read Our 20th Anniversary E-Book
SciQuest was acquired by Accel-KKR (“AKKR”), a leading technology-focused private equity firm and was taken private.
In September 2013, we acquired CombineNet, a leading provider of advanced sourcing software to large companies with complex procurement needs. The acquisition expanded SciQuest’s strategic sourcing footprint with an advanced, cloud-based tool that improves procurement decisions for spend categories that are typically beyond the capabilities of traditional eSourcing software.
In August 2012, we acquired Upside Software, Inc., and their contract lifecycle management (CLM) solution. This acquisition deepened our offerings in contract lifecycle management technology, which is an important aspect of a complete procure-to-pay solution and servicing large companies with complex requirements.
In October 2012, we acquired Spend Radar LLC, a rapidly growing provider of fast, easy and flexible spend analysis software. The acquisition represented further progress against our goal of strengthening our strategic position as a leading provider of spend management software.
In January 2011, we acquired all of the capital stock of AECsoft, a leading provider of supplier management and sourcing technology. AECsoft’s technology was incorporated into our product offering with Total Supplier Manager, Sourcing Director and Supplier Diversity Manager modules, delivering a comprehensive procurement solution suite to our customers.
In September 2010, we completed an initial public offering of our common stock, raising net proceeds of approximately $51 million prior to the redemption of our outstanding preferred stock for $36 million.
In 2001, we brought in a new management team, exited the business-to-business exchange model and began selling our on-demand strategic procurement software and supplier enablement solution.
Since 2001, we have focused on developing our current on-demand business model, building out our technology, acquiring a critical mass of customers in our higher education and life sciences vertical markets, and selectively expanding our solution to serve the healthcare and state and local government markets.
SciQuest was subsequently taken private in 2004.
SciQuest was founded in 1995 as an eCommerce business-to-business exchange for scientific products.
Conducted an initial public offering in 1999.