Award Recognizes the 'Most Promising' Companies Driving the Future of
Technology
CARY, N.C., April 22 /PRNewswire/ -- SciQuest, Inc., the global leader
in helping academic, healthcare and research-centric organizations realize
the potential of strategic procurement, today announced that the company
has been named a finalist for the Red Herring 100 Award, recognizing the
100 most innovative private technology companies based in North America.
"SciQuest is honored to be a finalist for the Red Herring 100," said
Stephen Wiehe, president and CEO of SciQuest. "The on-demand eprocurement
and supplier enablement technologies we pioneered enable our customers to
realize dramatic savings on the goods and services they purchase while
freeing users to focus more on medical research, the development of new
pharmaceuticals and clinical care. The 40 percent year-over-year revenue
growth we achieved in 2007 is a direct reflection of the success that
SciQuest empowers its customers to achieve."
SciQuest's procurement and supplier enablement solutions, offered
through the software-as-a-service business model, foster a strategic
approach to procurement that enables organizations to save millions of
dollars by consolidating their buying power, effectively managing spend,
and automating processing tasks. The company's customers include more than
60 of the best known colleges and universities, nine of the 15 largest
pharmaceutical companies and other prestigious healthcare organizations and
biotechnology firms.
SciQuest's focus on the second "S" in SaaS -- Service -- and the
customer focus that marks its development process, operations and support,
resulted in the company's unprecedented customer renewal rate: In 2007,
SciQuest had a customer renewal rate of 100 percent. The company also
continued on its path of meteoric growth. Since 2002, SciQuest's customer
base has grown by a compound annual growth rate of 39 percent.
For this award, the Red Herring editorial board diligently surveyed the
entrepreneurial scene throughout the North American region and identified
the top 200 out of more than 800 closely evaluated companies that are
leading the next wave of innovation.
"We can see the exciting evolution of the technology sector reflected
in the quality and variety of exceptional companies that we had to choose
from in putting our list together," said Joel Dreyfuss, editor-in-chief of
Red Herring. "It was tough to choose just 200 finalists from such a large
list of excellent contenders, and we are very happy with the quality of the
companies we selected as finalists."
The 100 winning companies will be announced at the Red Herring North
America event in San Jose, Calif., on May 12-14 at The Fairmont. This
year's Red Herring 100 North America event marks the 11th anniversary of
the Red Herring 100 Awards.
About Red Herring
Red Herring is a global media company which unites the world's best
high technology innovators, venture investors and business decision makers
in a variety of forums: a leading innovation magazine, an online daily
technology news service, technology newsletters and major events for
technology leaders around the globe. Red Herring provides an insider's
access to the global innovation economy, featuring unparalleled insights on
the emerging technologies driving the economy. More information about Red
Herring is available on the Internet at http://www.redherring.com.
About SciQuest
SciQuest is the global leader in helping academic, healthcare and
research-centric organizations realize the potential of strategic
procurement. The company's specialized knowledge, on-demand software, and
service-first approach empower more than 100 of the best-known academic,
pharmaceutical, biotechnology, research hospitals, and ambulatory surgical
organizations to manage spend, drive ROI, and advance their critical
missions.
SciQuest's strategic procurement solutions are strengthened by a deep
understanding of the higher education, clinical and research environments
combined with a broad supplier network for everything from lab equipment to
office supplies to services. The company's intuitive, online shopping
experience and diverse supplier offerings are proven to increase user and
contract adoption. Through software-as-a-service (SaaS) deployment,
organizations can quickly implement the right eprocurement solution,
whether it's a robust shopping platform for existing eprocurement tools or
to fully enable all aspects of purchasing from sourcing to settlement.
For more information about SciQuest, please visit
http://www.sciquest.com or call 877-710-0413 in the U.S. or +44 1794 341182
in Europe.
SciQuest is a registered trademark of SciQuest, Inc. Other trademarks
contained herein remain the property of their respective owners.
SciQuest media contact:
Ken Phillips
Davies Murphy Group
781-418-2437
kphillips@daviesmurphy.com
SOURCE SciQuest, Inc.
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Related links:
http://www.sciquest.com
http://www.redherring.com
CONTACT:
Ken Phillips of Davies Murphy Group for
SciQuest, +1-781-418-2437, kphillips@daviesmurphy.com
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