SciQuest, Inc., (NASDAQ: SQI) a leading provider of on-demand strategic procurement and supplier management solutions, announced today that Wayne State University (WSU) has selected SciQuest’s solution to gain greater control over individual business transactions and enhance overall strategic purchasing. WSU, Michigan’s only urban public research university, offers more than 400 academic programs to nearly 32,000 students through 13 schools and colleges. The university’s procurement team, which is responsible for purchasing all goods and services supporting academic and research projects, oversees approximately $190 million in spending annually. After working with a consulting group to evaluate operating processes in purchasing, administration and facilities management and following an extensive review process, WSU selected SciQuest. WSU wanted a purchasing solution that could manage the entire procure-to-pay process. SciQuest provides an easy-to-use system, which will integrate with WSU’s enterprise resource planning platform, enabling WSU to automate its entire purchasing and procurement processes. While WSU had succeeded in centralizing its purchasing operations, the university wanted the ability to effectively manage complex spending and gain a deeper understanding of the multiple suppliers in its network. The university’s previous purchasing system included information on more than 40,000 suppliers and was difficult to navigate. SciQuest will enable WSU to provide a more intuitive, user-friendly shopping experience for all users. “With SciQuest, we can further streamline the purchasing process – making it easier to manage suppliers and approve and process transactions and consolidate purchases with strategic suppliers,” said Ken Doherty, assistant vice president, Procurement & Strategic Sourcing at Wayne State University. “We were impressed with SciQuest’s solution breadth, ease of use and the company’s measurable success at other higher education institutions.” SciQuest enables colleges, universities and schools of all sizes to automate and manage every aspect of the purchasing process, including sourcing, shopping, requisitioning and accounts payable. With SciQuest, higher education organizations can also create multi-school procurement consortia, increasing purchasing and negotiating power with shared vendors and further reducing purchasing costs.
“In today’s challenging economic environment, it’s critical that colleges and universities streamline their purchasing processes, be vigilant about their expenses and do everything they can to turn spending into a source of savings,” said Max Leisten, market director for higher education, SciQuest. “Wayne State University conducted extensive research to ensure that it had a solution that could accomplish these objectives and we look forward to working with the university to create new efficiencies at every step in the purchasing lifecycle.”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. Join the conversation on our blog, The Open Kitchen— http://www.sciquest.com/blog. 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 http://www.sec.gov or on our website at www.sciquest.com. 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.