Trinity Ventures-backed SciQuest’s Shares Start Trading On Nasdaq

SciQuest Inc. has started trading its shares under the ticker “SQI” on Nasdaq. The Cary, N,C.-based provider of on-demand strategic procurement and supplier enablement solutions raised $57 million through its IPO. (It sold 6 million shares for $9.50 each.) Funds associated with Trinity Ventures hold a 35.9 percent stake in SciQuest after the offering, according to an SEC filing on Sept. 22. In addition, funds associated with Intersouth Partners hold a 15.4 percent stake, while River Cities SBIC III LP has a 5.1 percent stake. Shares of SciQuest recently changed hands at $12.56, up 32.21 percent, on volume of 1.8 million shares.

PRESS RELEASE

SciQuest, Inc. /quotes/comstock/15*!sqi/quotes/nls/sqi (SQI 12.53, +12.53, +Infinity) a leading provider of on-demand strategic procurement and supplier enablement solutions, today announced the initial public offering of 6,000,000 shares of its common stock at $9.50 per share. The shares will begin trading on Friday, September 24, 2010 on the NASDAQ Global Market under the ticker symbol “SQI.” SciQuest is offering 6,000,000 shares and certain selling stockholders have granted the underwriters the option to purchase up to an additional 900,000 shares at the initial public offering price to cover over-allotments, if any.

Stifel Nicolaus Weisel acted as book-running lead manager for the offering, and William Blair & Company, JMP Securities and Pacific Crest Securities acted as co-managers.

The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by calling 415-364-2720.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 23, 2010. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About SciQuest

SciQuest provides a leading on-demand strategic procurement and supplier enablement solution that integrates customers with their suppliers to improve procurement of indirect goods and services. Our on-demand software enables organizations to realize the benefits of strategic procurement by identifying and establishing contracts with preferred suppliers, driving spend to those contracts and promoting process efficiencies through electronic transactions. Using our managed SciQuest Supplier Network, our customers do business with more than 30,000 unique suppliers and spend billions of dollars annually.

Our current target markets are higher education, life sciences, healthcare and state and local governments. We tailor our solution for each of the vertical markets we serve by offering industry-specific functionality, content and supplier connections. We serve more than 165 customers operating in 16 countries and offer our solution in five languages and 22 currencies.

SciQuest is a registered trademark of SciQuest, Inc. Other trademarks contained herein remain the property of their respective owners.

For more information about SciQuest, please visit www.sciQuest.com or call 888-638-7322 in the U.S. or +44 1794 341182 in Europe.

SOURCE: SciQuest, Inc.