SciQuest, Inc., (NASDAQ: SQI) a leading provider of cloud-based spend management solutions, congratulates long-time customer, The University of California, Office of the President (UCOP), on winning the ProcureCon and IACCM 2012 Collaborate to Innovate Award. UCOP’s efforts to create a strategic purchasing consortium were recognized in the “Driving Innovation Through Collaboration” category. Winners of the 2012 Collaborate to Innovate Awards were honored on Oct. 15 at the ProcureCon USA conference. The 2012 Collaborate to Innovate Awards recognize procurement organizations that have achieved innovative collaborative efforts that add essential value to their companies. Procurement organizations were asked to highlight their biggest collaborative procurement and supply-chain based accomplishment and outline why they should be acknowledged as a leader in collaborative strategic procurement among their peers. The University of California system looked to SciQuest’s e-Procurement platform (Supplier Information Management, Spend Radar, and Consortium) as a solution to drive collaboration and change across its 10 campuses. Prior to SciQuest, UCOP’s purchasing department did not make negotiated contracts available to end users or track spending through its existing contracts. “Higher education institutions in California are under continuous pressure to reduce expenses and increase efficiencies while coping with numerous budget cuts,” said Alan Moloney, director, Procurement Services, UCOP. “With SciQuest, we’ve created a comprehensive, easy-to-use purchasing system that enables us to achieve deeper visibility into spending. As a result, we have been able to negotiate more strategic contracts and increase overall savings. Since implementing the strategic sourcing consortia, we have achieved $85 million in savings in the last year alone.” A crucial part of the consortia is communication and collaboration among the participating schools. In addition to weekly calls, purchasing staff share insights on marketing the value of procurement best practices to the campus. Purchasing staff also routinely share information about suppliers and contracts with campus employees.
“UCOP’s visionary approach to purchasing is a roadmap for public sector and higher education institutions looking to increase efficiencies, enhance negotiating power and facilitate collaboration,” said Eric Zoetmulder, director, product marketing, SciQuest. “Organizations are under enormous stress to reduce spending as budgets continue to tighten. By pooling resources, they can continue to successfully meet their constituents’ needs while operating with fewer resources.”To learn more about UCOP’s consortia, please visit SciQuest’s blog, The Open Kitchen, for a behind-the-scenes Q&A with UCOP’s Alan Moloney. About SciQuest SciQuest’s (NASDAQ: SQI) easy-to-use solutions help contract management, procurement, and accounts payable professionals make daily operations efficient through smart automation, and turn the focus on more strategic decisions that impact the bottom line. With unmatched visibility into spending, combined with the Power of Q — the Company’s unique combination of products and support — SciQuest provides organizations with a strategic approach to procurement, improving bottom-line results. To join the conversation, please visit our blog, The Open Kitchen— http://www.sciquest.com/blog/ or follow us on Twitter @SciQuest. Cautionary Note Regarding Forward-Looking Statements Any statements in this release that are not historical or current facts are forward-looking statements, including all references to financial performance in future periods. These forward-looking statements include references to the integration of Upside’s CLM solution, our long-term strategy and the impact of the acquisition on non-GAAP revenue and non-GAAP net income for 2012 and 2013. 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 Annual Report on Form 10-K and other required reports, as filed with the SEC, which are available free of charge on the SEC's website at 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.