"The closing of this transaction marks a new beginning for SciQuest," said Stephen J. Wiehe, president and CEO of SciQuest. "As a privately-held company, we are better positioned to serve our customers and continue to build on the significant momentum that we have accomplished over the last year."
Each share of SciQuest common stock outstanding at the effective time of the acquisition was converted into the right to receive $6.3346 per share in cash. SciQuest's common stockholders will shortly be receiving instructions for redeeming their common stock in the form of a letter of transmittal from the paying agent for this transaction. Those stockholders who hold their shares with brokers will have their shares automatically surrendered electronically for redemption by their brokers.
"We are pleased to welcome SciQuest into the Trinity family," said Noel Fenton, general partner of Trinity Ventures. "With the rapid consolidation of capabilities in the Supplier Relationship Management space, we view SciQuest as a company that is well poised to rise to the top and we are looking forward to helping them realize their full potential in this growing space."
About Trinity Ventures
Founded in 1986, Trinity Ventures is a value-added investor that provides capital, networks and resources to software, services, communications and networked systems companies. With more than $1 billion under management, Trinity Ventures has a proven track record of working in close collaboration with entrepreneurs to build leading companies, such as Extreme Networks, Network Alchemy, Crescendo Communications, Forte Software, Illustra and Starbucks. For more information on Trinity Ventures, please visit www.trinityventures.com.
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.
Statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties, including all statements regarding the anticipated closing for the acquisition. For such statements, the Company claims the protection of the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995. The potential risks and uncertainties associated with these forward-looking statements could cause actual results to differ materially from those presented herein.
SciQuest and SelectSite are registered trademarks of SciQuest, Inc. HigherMarkets is a trademark of SciQuest, Inc.