CARY, N.C., April 12, 2011 (GLOBE NEWSWIRE) -- SciQuest, Inc. (Nasdaq:SQI), a leading provider of on-demand strategic procurement and supplier management solutions, today announced that in connection with its previously announced common stock offering, the underwriters exercised in full their option to purchase an additional 707,700 shares of common stock to cover over-allotments. As a result, the total public offering size was 5,425,702 shares, which consisted of 1,150,000 shares sold by the Company and 4,275,702 shares sold by the selling stockholders. The Company received approximately $15.0 million in net proceeds from the offering, after deducting underwriting discounts and commissions and estimated offering expenses. The Company did not receive any proceeds from the sale of shares by the selling stockholders.
Stifel Nicolaus Weisel is acting as book-running manager and William Blair & Company, JMP Securities, Pacific Crest Securities and Canaccord Genuity are acting as co-managers for the offering.
A registration statement (including a prospectus) relating to these securities was declared effective by the Securities and Exchange Commission on March 30, 2011. 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.
A copy of the final prospectus relating to the securities may be obtained for free by visiting EDGAR on the SEC website at 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.
The SciQuest, Inc. logo is available at
SciQuest is a registered trademark of SciQuest, Inc. Other trademarks contained herein remain the property of their respective owners.
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 or on our website at . 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.
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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
