"The acquisition of Spend Radar represents further progress against the goals we announced at the beginning of the year and strengthens our strategic position as a leading provider of spend management software,” said Stephen Wiehe, president and CEO of SciQuest, in a statement. “Their unique, next generation technology that includes powerful yet intuitive analytical tools, allows customers to gain a deep understanding of their spending patterns.
Mr. Wiehe, who also is a member of the CED Board of Directors, appeared in this video released on the SciQuest website discussing the acquisition.
SciQuest expects the newly acquired operations to add approximately $0.5 million of non-GAAP revenue in the fourth quarter of 2012 and grow by approximately mid-twenties percent in full year 2013. The company also anticipates that the newly acquired operations will be slightly dilutive to neutral to non-GAAP net income in the fourth quarter of 2012 and neutral to slightly accretive in 2013. The financial impact of the acquisition on a GAAP basis cannot be estimated until the allocation of the purchase price is made following the closing of the acquisition.