SciQuest sees revenue soar by 18 per cent

9 August 2012

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9 August 2012 | Kamalpreet Badasha

E-procurement provider SciQuest reported $15.2 million (£9.71 million) revenue for its second quarter ending June 2012.

The vendor, which provides a range of spend management software to organisations in the scientific research and healthcare sector, increased revenue by 18 per cent in comparison to the same quarter last year, when revenue was $12.9 million (£8.2 million).

"We are pleased with our revenue performance in the second quarter, which was slightly above our expectations,” said Stephen Wiehe, president and CEO of SciQuest.

The business predicted its revenue for the third quarter this year would be between $17.4 million (£11.11 million) to $17.7 million (£11.3 million).

The firm recently acquired contract management technology business Upside Software, a deal completed on 1 August. This, and the release of new accounts payable software, decreased operations income, which was $800,000 (£511,517) for the second quarter in 2012, compared with $1 million (£639,355) in 2011.


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