Accel-KKR has closed its previously announced buy of SciQuest Inc for about $509 million. As a result of the closing, the company’s stock has stopped trading on the NASDAQ. Based in Morrisville, North Carolina, SciQuest is a provider of spend management solutions.
MORRISVILLE, N.C. – July 28, 2016 – SciQuest, Inc., a leading provider of end-to-end spend management solutions delivering value beyond savings, today announced that affiliates of Accel-KKR, a leading technology-focused private equity firm, have completed their acquisition of the Company for approximately $509 million. With this transaction completed, SciQuest’s stock has ceased trading on the Nasdaq Global Select Market.
“As a private company, we will be better able to prioritize long-term benefits and strategic goals to generate more value for customers, employees, partners and suppliers. Areas of increased emphasis include innovation, thought leadership and efficiency,” said Stephen Wiehe, Chief Executive Officer of SciQuest.
“We look forward to working with SciQuest to build on its foundation of delivering leading technology, customer engagement and measurable results,” said Tom Barnds, Managing Director of Accel-KKR.
SciQuest is a leading provider of end-to-end spend management solutions delivering value beyond savings. Through the continued release of key innovative technology and a fanatical drive toward making our customers successful, we deliver exceptional value in user experience, productivity and operational efficiency. Our cloud-based, mobile-enabled, source-to-settle platform addresses all stages of procurement from the automation of core processes to enabling sophisticated, strategic and multifaceted sourcing solutions. We specialize in handling simple procurement needs to the most advanced supplier and supply chain requirements. Morrisville, NC-based SciQuest serves a wide range of industries and organizations including many of the Global Fortune 500. For more information visit http://www.sciquest.com.
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Accel-KKR is a technology-focused investment firm with $4.0 billion in capital commitments. The firm invests in software and IT enabled businesses well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions from minority-growth investments to buyouts, recapitalizations, divisional carve-outs and going-private transactions. The firm has offices in Menlo Park, Atlanta and London. For more information, please visit http://www.accel-kkr.com.