CARY, N.C., Sept. 28, 2012 (GLOBE NEWSWIRE) -- SciQuest, Inc., (Nasdaq:SQI) a leading provider of cloud-based spend management solutions, 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.
SciQuest Acquires Assets Of Spend Radar, A Leading Spend Analysis Firm
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