Afternoon Coffee: SciQuest Announces New CEO, US Economy Expands Modestly

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P2P provider SciQuest announced Friday Robert Bonavito had joined the company as its new CEO, replacing Stephen Wiehe, who has stepped down. Bonavito was most recently the Chairman of On Center Software and has held executive roles in several Fortune 500 Companies.

“We’ll be adding to our suite of solutions and aggressively pursuing the commercial, food and beverage and manufacturing sectors,” Bonavito said in a press release. “This is a fantastic opportunity to take the dominant market player to the next level.”

SciQuest was acquired by Accel-KKR in July 2016. Read our in-depth analysis of the deal on our PRO research service.

The U.S. economy grew in the third quarter, putting this year’s expansion on pace to be the fastest in two years, the Wall Street Journal reported. Economists now estimate the current quarter could post annualized growth of 3% or more based on some upbeat figures released through Thursday.

Consumers in the U.K. seem to be spending as normal after June’s Brexit vote. The services sector there grew 0.4%, the BBC said — much more than expected. While the new data cannot paint a full picture of the U.K.’s post-Brexit economic prospects, the reports show no sign of an immediate shock to the economy.     

And finally, Deutsche Bank is rattling global stock markets over rumors that clients of the major lender are reducing exposure. The lender’s shares are down more than 60% for the year in Germany amid concerns about its turnaround and the possibility of having to pay billions of dollars in fines in a Justice Department investigation.

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