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6 November 2011 | Adam Leach
E-procurement suppliers SciQuest
have reported significant increases in revenues in their latest financial
SciQuest, which provides a range of spend management solutions to
organisations in the scientific research and healthcare sectors, saw revenues
increase by 28 per cent in the third quarter. The increase in sales, from $10.8
million (£6.8 million) in 2010 to $13.8 million (£8.6 million) in 2011, was
largely the result of continuing demand from higher education institutions and
a growth in activity in the healthcare sector.
Stephen Wiehe, president and CEO of SciQuest, said: “Overall activity levels
continue to be robust and we are seeing strong demand in the higher education
market. The healthcare market is showing renewed interest and our e-procurement
Wiehe said the scope of future opportunities had “never been larger”
and added that he was optimistic of “delivering an excellent 2011 performance”.
Supplier ePlus, which operates in the retail, manufacturing and banking
sectors, also experienced a rise in revenues. The company’s results for the
second quarter revealed a 12.8 per cent rise, up from $233 million (£145.9
million) during the same period last year to $251 million (£157.1 million).
Despite the increase, the company’s net earnings dropped by 14.7 per cent,
which it attributed to increasing investment in staffing, acquisitions and
Phillip Norton, chairman, president and CEO, said: “While strategic
investments in personnel, building out our geographic footprint broadening our
solution set, and amortisation of acquisition costs continue to impact
earnings, we believe these investments are essential to our long-term growth
Last month, Ariba reported a
rise of $123 million (£77 million) while Hubwoo experienced a drop of 4 per
cent compared with 2010 performance.