MORRISVILLE, N.C.--(BUSINESS WIRE)--SciQuest, Inc. (Nasdaq: SQI), the leading public provider of spend management solutions delivering value beyond savings, today announced long-time customer Florida State University (FSU) will expand its use of the SciQuest Source-to-Settle Suite. The university will now use SciQuest’s complete eProcurement suite along with sourcing and supplier management modules in order to increase the amount of spend under management and to increase visibility into the entire procurement process.
“One of our main goals is to provide our end users with the most user friendly and efficient procurement experience possible,” said Ian Robbins, Chief Procurement Officer at FSU. “With SciQuest’s suite of solutions, we will have greater visibility into the entire procurement process and have the ability to maximize our spend with our contracted suppliers.”
Working with SciQuest since 2008, FSU expanded relations in late 2015 to have all eProcurement on one user-friendly platform. In addition, the organization will be able to consolidate shopping tools and avoid redundant data entry. These changes will create a more user-friendly system to encourage greater adoption which will subsequently increase spend under management throughout the organization. Based on current projections, the new solutions Florida State University is procuring will generate millions of dollars of savings over the life of the contract yielding an expected return on their investment of more than five times the value of their total costs.
FSU is deploying SciQuest’s suite of source-to-settle solutions, including:
- Spend Director, to transform manual and labor intensive procurement function into a an automated center of excellence, by driving organizational spend to preferred suppliers, bringing more spend into compliance, delivering significant cost savings and gaining efficiencies.
- Sourcing Director, to expand control and management of the sourcing process.
- Total Supplier Manager, to achieve a reduction in risk exposure brought by suppliers, a greater depth of and visibility into supplier data, and consistent and accurate supplier data for supporting sourcing and procurement strategies.
“After providing procurement solutions to Florida State University for eight years, it’s exciting to continue to serve as their provider of choice to achieve maximum savings and spend management,” said Stephen Wiehe, CEO of SciQuest. “With the latest implementation, the university is certain to see better compliance, improved workflow and enhanced understanding of its spend. We look forward to seeing how the organization grows.”
SciQuest (Nasdaq: SQI) is the leading public provider of spend management solutions delivering value beyond savings. Through the continued release of key innovative technology and a fanatical drive toward making our customers successful, we deliver exceptional value in user experience, productivity and operational efficiency. Our cloud-based, mobile-enabled, source-to-settle platform addresses all stages of procurement from the automation of core processes to enabling sophisticated, strategic and multifaceted sourcing solutions. We specialize in handling simple procurement needs to the most advanced supplier and supply chain requirements. SciQuest serves a wide range of industries and organizations including many of the Global Fortune 500. For more information visit http://www.sciquest.com. To join the conversation, please visit our blog at http://www.sciquest.com/blog or follow us on Twitter @SciQuest.
Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks are discussed in "Part I, Item 1A, Risk Factors" and elsewhere in SciQuest's most recent Annual Report on Form 10-K and other reports, as filed with the United States Securities and Exchange Commission ("SEC"). The company's SEC reports are available free of charge on the SEC's website at http://www.sec.gov or on the company's website at http://www.sciquest.com. These forward-looking statements speak only as of the date hereof, and SciQuest undertakes no obligation to update, amend or clarify any forward-looking statement for any reason. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.