Company adds best-in-class software for authoring and managing contracts to its comprehensive source-to-settle suite.
SciQuest, Inc., (NASDAQ: SQI) a leading provider of cloud-based source-to-settle solutions, announced that it has signed a definitive agreement to acquire Upside Software, Inc., a worldwide leader in contract lifecycle management (CLM) solutions in an asset purchase for total consideration of approximately $22 million in cash, net of cash acquired.
Upside’s award winning product suite offers a fully automated contract lifecycle management solution, which includes collaborative contract creation and negotiation technology. It also includes performance, compliance and deliverables management as well as on-going event monitoring and management. The entire suite is overlaid with extensive security and business intelligence features.
SciQuest anticipates that the transaction will close within two weeks, subject to customary closing conditions. SciQuest expects that Upside Software will contribute approximately $5 million to non-GAAP revenue for the remainder of 2012 and approximately $15 million to non-GAAP revenue for the full year 2013. The transaction is expected to decrease non-GAAP net income by approximately $0.04 to $0.05 per share in 2012 and to be neutral to slightly accretive to non-GAAP net income in 2013. The financial impact of the acquisition on a GAAP basis cannot be estimated until the allocation of the purchase price is made following the closing of the acquisition.
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SciQuest’s solution offerings are available through the cloud. PayStream recently released a white paper on the Total Cost of Ownership for Cloud vs. On-Premise/Network Solutions. Download a complimentary copy of the white paper today to learn more about Cloud based solutions.