updated 3/9/2011 6:17:20 PM ET 2011-03-09T23:17:20

CARY, N.C., March 9, 2011 (GLOBE NEWSWIRE) -- SciQuest, Inc., (Nasdaq:SQI) a leading provider of on-demand strategic procurement and supplier management solutions, announced today that it has filed a registration statement on Form S-1 with the Securities and Exchange Commission for the offer by it of 1,000,000 shares of its common stock and by certain stockholders of the Company of 2,935,393 shares of common stock in an underwritten registered public offering, subject to market and other conditions. The Company will not receive any proceeds from the shares of common stock offered by the selling stockholders. In connection with this offering, the Company and selling stockholders expect to grant the underwriters an option to purchase up to 590,309 additional shares of common stock to cover over-allotments of shares, if any.

Stifel Nicolaus Weisel is the book-running manager and William Blair & Company, JMP Securities, Pacific Crest Securities and Canaccord Genuity are co-managers for the offering.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

When available, a copy of the prospectus for the above offering may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov or by contacting Stifel, Nicolaus & Company, Incorporated, One Montgomery Street, Suite 3700, San Francisco, California 94104, or by calling 415-364-2720.

About SciQuest

SciQuest (Nasdaq:SQI) is a leading provider of an integrated, web-based end-to-end eProcurement solution that enables users to realize significant efficiencies and savings on their purchases of indirect goods and services. SciQuest's unique industry segment expertise and innovative "source-to-settle" approach to eProcurement enables Fortune 1000 companies and organizations in the higher education, life sciences, healthcare and public sector markets, as well as other industries, to identify savings opportunities they may otherwise have missed, while improving contract management, compliance and supplier management. SciQuest's solutions help customers turn spending into a source of savings.

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

The SciQuest, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8288 

Cautionary Note Regarding Forward-Looking Statements

Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors" section of our Registration Statement on Form S-1 and other required reports, as filed with the SEC, which are available free of charge on the SEC's website at http://www.sec.gov or on our website at www.sciquest.com . Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These forward-looking statements speak only as of the date hereof, and we undertake no obligation to update, amend or clarify any forward-looking statement for any reason.

SQI-F

CONTACT: SciQuest media contact:
         Melissa London
         SciQuest, Inc.
         919-659-2228
         mlondon@sciquest.com
         
         SciQuest Investor contact:
         Garo Toomajanian
         ICR, LLC
         1-800-550-6380
         investorrelations@sciquest.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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