SciQuest started 20 years ago as a B2B solutions provider and has, particularly after its second IPO in 2010, rapidly gone from a narrow e-procurement focus to offering a full source-to-pay suite of products. Since January 2011, the company has acquired AECsoft USA (SLM, CLM, sourcing, supplier diversity), Upside Software (advanced CLM), Spend Radar (SA) and CombineNet (advanced sourcing).
SciQuest has made great strides in migrating acquired IP onto its core technology offering, most recently releasing a native version of the sophisticated SLM, onboarding and supplier diversity functionality from the AECsoft acquisition. This is not to be underestimated – this functionality is in hot demand from a risk management perspective and several competitors do not have similar capabilities. We expect to soon see similar enhancements making their way into the core from the Upside (CLM) acquisition.
The company has historically been particularly dominant among higher education (as well as pharmaceuticals and biotech) with strong ties to Banner, an ERP provider with strong presence in the vertical. SciQuest's acquisitions have all been from the commercial sector and have brought in many clients across all verticals. The company is now a contender in most verticals.
Particular reasons to choose SciQuest include organizations that are interested in:
- E-procurement with native best-of-breed SLM/3PM
- Advanced sourcing – aka optimization
- Spend analytics – across multiple ERP solutions
- Vertical supply base insights – e.g. higher education, pharmaceuticals