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.
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