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This company completed an initial public offering (IPO) of its stock in 2010. View articles that reference this company. Recent IPOs: Globe Specialty Metals • LogMeIn • Invesco Mortgage Capital • Medidata • Chemspec |
SciQuest (NASDAQ:SQI) sells software which helps organizations improve the efficiency of their procurement of goods process. SciQuest focuses on organizations in the higher education, life sciences, healthcare and local governments market. The software it sells integrates with the suppliers to help maintain contacts, drive spending and promote general efficiency throughout the process.[1]
SciQuest's customers are the ones who pay the fee to have access to the software. The subscriptions are generally multi-year contracts ranging from 3 to 5 years. SciQuest's customers deal with over 30,000 distinct suppliers.[1] Being a subscription based service, SciQuest's renewal rate has been 94% over the past 3 years. SciQuest has also achieved a renewal rate, in terms of dollars, of 106%. This rate consists of the average spend an existing client has with SciQuest in the next year. The number is above 100% purely due to price increases.[1]
The company's initial public offering of stock on the NYSE and occurred on September 23, 2010. Its initial price range was $9.50-$11.50, and the stock priced at the bottom at $9.50. The company sold 6M shares and raised $57M. The lead underwriter was Stifel Nicolaus Weisel.[2]
SciQuest's revenues have risen consistently since 2007. In 2009, it announced net revenues of $36M, which consists of a 20% increase over 2008. The company has also achieved consist rise in net income from $1.1M in 2008 to $19.4M in 2009.[3] This dramatic rise was due to a reversal in the company's original valuation against its deferred tax asset. This resulted in a $16.8M tax benefit.[4]
References
- ↑ 1.0 1.1 1.2 SQI S-1/A 2010 "Our Business" pg 1
- ↑ Renaissance Capital - IPO "SciQuest prices IPO at $9.50, at low end of the range" 24 Sept 2010
- ↑ SQI S-1/A 2010 "Results from Operation" pg 50
- ↑ SQI S-1/A 2010 "Results from Operation - Income Tax Benefit" pg 54
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