SciQuest Inc., a vendor of technology and support for strategic procurement and supplier enablement, has signed a definitive agreement to acquire AECsoft USA, Inc. and its affiliate, AEC Global (Shanghai) Co., Ltd. The two are leading providers of supplier management and sourcing technology. The deal is valued at approximately $13m, consisting of about $9m in cash and $4m in stock. SciQuest said it might pay additional shares of stock with a current value of up to $4m, based on the meeting of certain performance targets over the next three fiscal years. SciQuest said in late December of 2010 that it anticipated the transaction to close within two to three weeks. The company's on-demand software helps companies to establish contracts with preferred suppliers. Customers do business with more than 30,000 unique suppliers through the managed SciQuest Supplier Network. SciQuest targets the higher education, life sciences, healthcare and state and local government sectors. It claims more than 175 customers in 16 countries, with an offering in five languages and 22 currencies.
Read Full Article
Timely, incisive articles delivered directly to your inbox.