SciQuest Takes the Stevie® Award for ‘Best Business Turnaround’

CARY, N.C. – SciQuest, Inc., the global leader in helping academic, healthcare and research-centric organizations realize the potential of strategic procurement, today announced that the company was named the “Best Business Turnaround” in the 2008 American Business AwardsSM – the Stevie® Awards. SciQuest beat out seven other finalists in this category.

With more than 2,600 entries this year, a 30 percent increase over 2007, the American Business Awards are the only national, all-encompassing awards program honoring great performances in business. SciQuest was recognized for the company’s strong financial performance and an inspiring success story that started in 2002. Once an online marketplace selling lab equipment and supplies, SciQuest was reinvented that year to become a leading provider of on-demand eprocurement solutions.

“As evidenced by such a strong increase in entries this year, people are taking note of the Stevie Awards and that means being named a winner is more of an accomplishment than ever before,” said Michael Gallagher, founder and president of The Stevie Awards. “The judges chose SciQuest because the company exemplifies what it means to successfully turn a business around. We congratulate SciQuest on its achievement.”

Today, SciQuest’s strategic procurement solutions, including procurement automation and supplier enablement services offered through the software-as-a-service (SaaS) business model, enable organizations to save millions of dollars by consolidating their buying power, effectively managing spending and automating processing tasks. The company’s revenue, transaction volumes and customer base remain on an unparalleled growth trajectory – making SciQuest the “industry standard” in its served markets. SciQuest customers include more than 60 of the best known colleges and universities, nine of the 15 largest pharmaceutical companies and other prestigious healthcare organizations and biotechnology firms. These customers also aided in another rarity in the technology industry – SciQuest’s subscription renewal rate for the company’s software—a key indicator of customer satisfaction and value—was 100 percent last year.

“Our employees should take great pride in this award,” said Stephen Wiehe, president and CEO of SciQuest. “Their hard work and steadfast commitment to put the customer first and foremost in everything we do is responsible for SciQuest’s dramatic turnaround. Our proven ability to deliver millions of dollars in savings and untold efficiencies to our customers will continue to fuel dramatic growth, but our focus and commitment to the principles that make SciQuest successful and a great place to work will not change.”

Wiehe, also one of seven finalists named in the “Best Turnaround Executive” category, accepted the award on behalf of the entire company at the annual American Business Awards ceremony in New York City on June 12. Cheryl Casone, anchor of the Fox Business Network, served as the master of ceremonies. Results were announced before more than 650 executives from across the country.

Details about The American Business Awards and the list of winners in all categories are available at www.stevieawards.com/aba.

About SciQuest

SciQuest is the global leader in helping academic, healthcare and research-centric organizations realize the potential of strategic procurement. The company’s specialized knowledge, on-demand software, and service-first approach empower more than 100 of the best-known academic, pharmaceutical, biotechnology, research hospitals, and ambulatory surgical organizations to manage spend, drive ROI, and advance their critical missions.

SciQuest’s strategic procurement solutions are strengthened by a deep understanding of the higher education, clinical and research environments combined with a broad supplier network for everything from lab equipment to office supplies to services. The company’s intuitive, online shopping experience and diverse supplier offerings are proven to increase user and contract adoption. Through software-as-a-service (SaaS) deployment, organizations can quickly implement the right eprocurement solution, whether it’s a robust shopping platform for existing eprocurement tools or to fully enable all aspects of purchasing from sourcing to settlement. For more information about SciQuest, please visit www.sciquest.com or call 877-710-0413 in the U.S. or +44 1794 341182 in Europe.