e-Procurement solution provider agrees to be acquired for $25.25 million
Research Triangle Park, NC — April 19, 2004 — e-Procurement solution provider SciQuest has agreed to be acquired by a private investment firm in a move that will take the company private.
The company will continue to operate as SciQuest, with employees and operations headquartered in Research Triangle Park, N.C.
SciQuest provides a hosted e-procurement solution for the life sciences and higher education markets. The company's customers include Biogen Idec, GlaxoSmithKline, Pfizer, Roche and Schering-Plough, as well as Arizona State University, Indiana University, University of Michigan and University of Pennsylvania.
Trinity will acquire SciQuest in a transaction valued at just over $25 million in a cash transaction that put about a 50 percent premium on the provider's stock price. SciQuest will become wholly owned by Trinity Ventures, and SciQuest will no longer be a public company and no longer be listed on the NASDAQ.
The provider said that the acquisition would allow SciQuest, as a privately held company, to focus its attention on expanding its reach in the supplier relationship management market.
"With the increasing demands on public companies in today's business climate, this acquisition enables us to become a private company, which is the most effective way to continue ... growth and to focus on delivering the most value to our customers," said Stephen Wiehe, president and CEO at SciQuest, in the company's statement.
The closing of the acquisition is subject to a number of conditions, including clearance by the Securities and Exchange Commission.