CARY, N.C., Jan. 10 SciQuest, Inc. today announced it hassurpassed a significant milestone with the signing of its 100th customer, theUniversity of Oxford, and 16 additional customers during the second half of2007. This achievement reflects SciQuest's dramatic growth and leadershipproviding eprocurement products and services for academic, pharmaceutical,biotechnology and other research-intensive organizations.
"SciQuest's expertise and the professional services they offer made usconfident in our decision to implement the full suite of eprocurementsolutions," said Linda Collins, director of procurement and contract servicesat the University of California, San Diego. "Instead of managing manyseparate procurement processes and systems, we have now moved forward with aconsolidated solution based on SciQuest's proven technology. We strive tobecome a leader in procurement innovation and, ultimately, achievebest-in-class recognition."
"SciQuest's focus on research-centric organizations with a superiorsoftware-as-a-service-based eprocurement solution has enabled the company tooutperform competitors," said Stephen Wiehe, president and CEO of SciQuest."Our strong financial performance, industry recognition and leadingcustomer-base have clearly positioned us as the eprocurement market leader foracademic and research-intensive organizations."
Software-as-a-Service Pays Dividends
This past year marked the culmination of SciQuest's vision for on-demandeprocurement automation. The company achieved record revenue growth, and itsfocus on customer service as part of the SaaS model and supplier enablementservices allowed SciQuest to achieve unprecedented customer retention, with a99 percent subscription renewal rate and a 66 percent compound annual customergrowth rate since 2002.
According to researchers at TripleTree, only five percent of the 550 SaaSproviders started in the past five years generate revenues greater than $15million. SciQuest is in this rare class.
About the University of California, San Diego
Since its founding less than 50 years ago, UC San Diego -- one of the tencampuses in the world-renowned University of California system-has rapidlyachieved the status as one of the top institutions in the nation for highereducation and research. With annual research funding of nearly $700 million,UCSD ranks fifth in the nation-and first in the UC system -- in federal R&Dexpenditures. UCSD faculty and graduate programs have been ranked 10th bestin the nation by the National Research Council. The campus, which enrollsmore than 25,000 students, has one of the nation's highest percentages offaculty elected to the prestigious national academies.
SciQuest is the global leader in helping academic and research-centricorganizations realize the potential of strategic procurement. The company'sspecialized knowledge, on-demand software, and services-first approach empowermore than 100 of the best-known academic, pharmaceutical, biotechnology andresearch organizations to manage spend, drive ROI, and advance their criticalmissions.
SciQuest's strategic procurement solutions are strengthened by a deepunderstanding of the higher education and research environments combined witha broad supplier network for everything from lab equipment to office suppliesto services. The company's intuitive, online shopping experience and diversesupplier offerings are proven to increase user adoption and contractcompliance. Through software-as-a-service (SaaS) deployment, organizationscan quickly implement the right eprocurement solution, whether it's a robustshopping platform for existing eprocurement tools or to fully enable allaspects of purchasing from sourcing to settlement.
For more information about SciQuest, please visit http://www.sciquest.comor call 877-710-0413 in the U.S. or +44 179