I'm pleased to announce that SciQuest, Inc. has joined Spend Matters as an associate sponsor. SciQuest is a provider of cloud-based source-to-settle solutions, with a particularly strong (dominant, even) presence in higher education market, and also in life sciences, with a growing footprint among Global 2000 commercial clients.
Vertical agnostic – the company has had a strong focus on a few verticals in the past but is now pursuing clients in all industries. One example of this is their rollout earlier this year with an accounts payables solution aiming to take transactional work out of the accounts payable function and improve the speed and accuracy of the entire invoice settlement process. This solution includes automated supplier onboarding and invoice capture, and streamlines the accounts payable process with matching and invoice approval functionality to ensure invoice issues are quickly identified and resolved. It means that the right suppliers are paid the right amount at the right time, and lets clients manage their cash more effectively.
Strong growth – the company has added around 50% to its stock price since going public less than two years ago, which puts
FB other recent IPOs to shame. Granted, the company got a major boost from the SAP/Ariba announcement so the marketplace clearly views them as a strong contender to pick up business when SAP and Ariba (presumably) learn to dance together.
A dealmaker – since going public in 2010 (NASDAQ: SQI), the company has acquired AECsoft USA and most recently (last month, in fact) Upside Software, the renowned contract management solution provider. This acquisition added an automated contract lifecycle management solution with collaborative contract creation and negotiation technology, as well as performance, compliance and deliverables management to SciQuest's solutions portfolio.
The Power of Q – SciQuest's summary label for their unique value-add will be on display at the upcoming NextLevel conference (SciQuest's annual procurement conference), held at the JW Marriott Hill Country, in San Antonio, TX on February 10-13, 2013. Sessions will focus on an array of source-to-settle topics, including supplier management, accounts payable, contract management, spend analytics etc. Read more about it here. I should point out that you will get a discount on the conference if you sign up before the end of the month! SciQuest also maintains their own blog with more content.
Future outlook – we think it will be especially interesting to see how the SAP/Ariba deal plays out for SciQuest and we're also interested in how they'll turn their large Upside-derived client footprint into broader engagements. Additionally (and this has not been written about much), SciQuest acquired a Force.com-based solution when they bought Upside and this opens up many possibilities in the CRM and Salesforce.com area. We look forward to seeing where this might lead SciQuest.