SciQuest Acquires Assets of Spend Radar in $10M Cash, Stock Deal

SciQuest SQI today announced that it has signed a definitive agreement to acquire Spend Radar LLC, a rapidly growing provider of fast, easy and flexible spend analysis software. SciQuest purchased Spend Radar's assets for total consideration of approximately $8 million in cash and $2 million of common stock. SciQuest may also make additional payments of up to $7.5 million consisting of cash and stock if Spend Radar achieves certain revenue performance targets over the next 5 quarters. SciQuest expects the acquisition to close on or about October 1, 2012. "The acquisition of Spend Radar represents further progress against the goals we announced at the beginning of the year and strengthens our strategic position as a leading provider of spend management software," said Stephen Wiehe, president and CEO of SciQuest. "Their unique, next generation technology that includes powerful yet intuitive analytical tools, allows customers to gain a deep understanding of their spending patterns. "Customers have asked for us to help them obtain a holistic view of their expenditures in order to maximize their negotiating leverage with suppliers, and we believe Spend Radar's technology is the See full press release