SciQuest Shows 40 Percent Revenue Spike Over Last Year

Cary, N.C. — Software-as-a-Service (SaaS) is proving profitable to Triangle-based SciQuest, Inc., whic is a global leader of SaaS for procurement. Rapid growth of the SaaS model drove company revenues up 40 percent in 2007 over the previous year.

During 2007, SciQuest saw its customer base rise 18 percent. Activity across its on-demand procurement network totaled more than $5.3 billion – an increase of more than 500 percent in the past year.

In order to support this rapid growth and 100 percent contract renewal rate, SciQuest made several infrastructure and human capital investments in 2007.

“SciQuest achieved its most profitable year to date in 2007 and is poised for even greater success in 2008,” said Stephen Wiehe, chief executive office of SciQuest. “We remain the market leader due to our continuous and aggressive investment in the technical and service infrastructure required to deliver flawless support to our customers. For research-centric organizations, there simply is no better on-demand procurement solution than SciQuest.”

SciQuest also met a milestone with the signing of its 100th customer, the University of Oxford.