Research Triangle Park , NC - SciQuest, Inc. today announced that Trinity Ventures has syndicated its investment in the company with participation from Cincinnati based River Cities Capital Funds and Intersouth Partners. This announcement follows the closing of the acquisition by Trinity Ventures which resulted in SciQuest’s return to private company status. Trinity Ventures will remain the lead investor in the company.
This investment will allow SciQuest to continue the momentum it has experienced over the last year without facing the regulatory burden and expense of being a public company. “We are pleased to have Intersouth and River Cities Capital Funds as equity investors,” said Stephen J. Wiehe, president and CEO of SciQuest. “They bring significant experience and resources that will allow us to aggressively pursue our reach into the supplier relationship management market.
Founded in 1995, SciQuest began as a virtual distributor of scientific products, completing a successful initial public offering in 1999. Responding to the dramatic downturn in the dot.com market, SciQuest changed its business model to that of a recurring revenue software company. This milestone benefited both buyers and sellers and better accommodated the ever-changing market. After identifying new verticals such as higher education and shifting its focus to on-demand supplier relationship management solutions, SciQuest has a stronger market opportunity and outlook. Today, as a private company, SciQuest is well-situated to take a leadership position as a premier provider of supplier enablement and spend management solutions.
“SciQuest has good customer traction and a proven revenue model,” said Kip Frey of Intersouth Partners, who has also joined the SciQuest board of directors. “They’ve successfully transitioned to a viable software company and we’re excited to help lead them in what is sure to be another successful stage of the company’s history.”
“We are extremely pleased to be able to provide capital in support of SciQuest’s continued growth,” said Ed McCarthy of River Cities Capital Funds. “This company has all the essential elements to build value — experienced management, a proven growth record and an expanding market.”
About Intersouth Partners
Located in Durham, North Carolina and Reston, Virginia, Intersouth Partners is one of the largest and most experienced early stage venture funds in the Southeast, having invested in more than 75 private companies. Founded in 1985, Intersouth Partners manages more than $500 million in six venture capital limited partnerships, focused on the technology and life sciences sectors. Visit www.intersouth.com for more information.
SciQuest’s on-demand solutions integrate organizations with their suppliers to enable comprehensive spend management for the life sciences and higher education markets.
SciQuest’s complete suite of modular applications helps to automate the source-to-settle process. When used with the SciQuest Supplier Network, these solutions reduce redundant tasks and maintain data integrity throughout the cycle of finding, acquiring and managing goods to increase efficiency, reduce cost and provide total spend visibility.
Many of the world’s leading pharmaceutical, biotechnology, chemical and academic organizations rely on SciQuest solutions such as Biogen Idec, GlaxoSmithKline, Pfizer, Roche, Schering-Plough, Arizona State University, Indiana University, University of Michigan and University of Pennsylvania. SciQuest is headquartered in Research Triangle Park, NC. For more information about SciQuest, please visit www.sciquest.com or call +1-919-659-2100.
SciQuest and SelectSite are registered trademarks of SciQuest, Inc. HigherMarkets is a trademark of SciQuest, Inc.