Friday, October 1, 2010

Local Biz News: SciQuest, Inc. Announces Pricing of its IPO

SciQuest, Inc. (Nasdaq: SQI), a Cary-based provider of on-demand strategic procurement and supplier enablement solutions, recently announced the initial public offering of 6,000,000 shares of its common stock at $9.50 per share. The shares began trading on Friday, September 24, 2010 on the NASDAQ Global Market under the ticker symbol "SQI."

SciQuest is offering 6,000,000 shares and certain selling stockholders have granted the underwriters the option to purchase up to an additional 900,000 shares at the initial public offering price to cover over-allotments, if any.

The company, which was backed by CED member company, Intersouth Partners, is profitable, based on SEC filings.

SciQuest, a CED member since 1997, has a rich history with the organization. In 1996, company co-founder, Peyton Anderson, participated in CED's Fast Trac course. In 2004, co- founder, Scott Albert spoke at CED's Entrepreneur conference. In 2007, the company sponsored CED's Biotech conference and in 2010, SciQuest made a generous gift to CED's membership campaign. Current CEO, Steve Wiehe, served two consecutive terms as Chairman on CED's Board of Directors. He oversaw the change in executive leadership from 24-year president, Monica Doss to current president, Joan Siefert Rose. Wiehe was instrumental in CED re-focusing on its mission to identify, enable and promote high growth companies.

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