CARY, N.C., June 17 SciQuest, Inc., the global leader inhelping academic, healthcare and research-centric organizations realize thepotential of strategic procurement, today announced that the company was namedthe "Best Business Turnaround" in the 2008 American Business Awards(SM) -- theStevie(R) Awards. SciQuest beat out seven other finalists in this category.
With more than 2,600 entries this year, a 30 percent increase over 2007,the American Business Awards are the only national, all-encompassing awardsprogram honoring great performances in business. SciQuest was recognized forthe company's strong financial performance and an inspiring success story thatstarted in 2002. Once an online marketplace selling lab equipment andsupplies, SciQuest was reinvented that year to become a leading provider ofon-demand eprocurement solutions.
"As evidenced by such a strong increase in entries this year, people aretaking note of the Stevie Awards and that means being named a winner is moreof an accomplishment than ever before," said Michael Gallagher, founder andpresident of The Stevie Awards. "The judges chose SciQuest because the companyexemplifies what it means to successfully turn a business around. Wecongratulate SciQuest on its achievement."
Today, SciQuest's strategic procurement solutions, including procurementautomation and supplier enablement services offered through the software-as-a-service (SaaS) business model, enable organizations to save millions ofdollars by consolidating their buying power, effectively managing spending andautomating processing tasks. The company's revenue, transaction volumes andcustomer base remain on an unparalleled growth trajectory -- making SciQuestthe "industry standard" in its served markets. SciQuest customers include morethan 60 of the best known colleges and universities, nine of the 15 largestpharmaceutical companies and other prestigious healthcare organizations andbiotechnology firms. These customers also aided in another rarity in thetechnology industry -- SciQuest's subscription renewal rate for the company'ssoftware -- a key indicator of customer satisfaction and value -- was 100percent last year.
"Our employees should take great pride in this award," said Stephen Wiehe,president and CEO of SciQuest. "Their hard work and steadfast commitment toput the customer first and foremost in everything we do is responsible forSciQuest's dramatic turnaround. Our proven ability to deliver millions ofdollars in savings and untold efficiencies to our customers will continue tofuel dramatic growth, but our focus and commitment to the principles that makeSciQuest successful and a great place to work will not change."
Wiehe, also one of seven finalists named in the "Best TurnaroundExecutive" category, accepted the award on behalf of the entire company at theannual American Business Awards ceremony in New York City on June 12. CherylCasone, anchor of the Fox Business Network, served as the master ofceremonies. Results were announced before more than 650 executives from acrossthe country.
Details about The American Business Awards and the list of winners in allcategories are available at www.stevieawards.com/aba.
SciQuest is the global leader in helping academic, healthcare andresearch-centric organizations realize the potential of strategic procurement.The company's specialized knowledge, on-demand software, and service-firstapproach empower more than 100 of the best-known academic, pharmaceutical,biotechnology, research hospitals, and ambulatory surgical organizations tomanage spend, drive ROI, and advance their critical missions.
SciQuest's strategic procurement solutions are strengthened by a deepunderstanding of the higher education, clinical and research environmentscombined with a broad supplier network for everything from lab equipment tooffice suppl