8 May 2011 | Lindsay Clark
Procurement software supplier SciQuest has produced strong financial results for the first quarter of 2011.
The company reported total revenue of $12.5 million (£7.6 million) for the quarter ending March 31, 2011, an increase of 24 per cent compared to revenue of $10.1 million (£6.1 million) for the same period in 2010.
Stephen Wiehe, chief executive officer of SciQuest, said in a statement: "We continue to see strong activity levels in all of our target markets and renewal activity at existing customers remained within historical ranges.”
The company has added 150 customers since the first quarter of last year, which includes 108 who joined as a result of the firm’s acquisition of AECsoft, which provides supplier management software.
Meanwhile, spend management software provider Emptoris has announced a takeover of Xcitec, a purchasing and supplier management system vendor, whose customers include Siemens, BASF, and Deutsche Post DHL.
Patrick Quirk, president and CEO of Emptoris, said the deal would help customers consolidate supplier information. “The joining of Emptoris and Xcitec will dramatically shift the way companies gain access to the intelligence they need to make critical business decisions,” he claimed.
This week technology research firm Gartner found global IT services spending reached $793 billion (£482.8 billion) in 2010, a 3.1 per cent increase on 2009. Spending in the sector had fallen by 5.1 per cent during 2009.