Sept. 2 /PRNewswire/ -- SciQuest, Inc., the global leader empowering enterprises to realize the potential of strategic procurement, today announced that the company was once again named to Inc. magazine's exclusive ranking of the nation's 5,000 fastest-growing private companies. Additionally, the Inc. 5000 sub-ranking of the top 100 software companies included SciQuest at number 85.
The company's revenue increased by more than 230 percent during the four-year period spanning 2005 to 2008, which continues to push SciQuest higher in the rankings. According to the research firm Sageworks, SciQuest's growth rate in the same period was 36 percent faster than the Inc. 5000 industry median.
"SciQuest's appearance on the Inc. 5000 for the third consecutive year is a testament to the ease with which organizations can reduce costs and operate more efficiently via our on-demand eprocurement solutions," said Stephen Wiehe, president and CEO of SciQuest. "There is a growing awareness that a strategic approach to procurement enabled by our solutions provides a powerful alternative to budget cuts. With SciQuest, organizations can attain the same goods and services for less, driving real bottom-line results that can be used to offset shortfalls in other areas or simply operate more profitably."
Methodology for Inc. 5000 selection
The 2009 Inc. 5000 is ranked according to percentage revenue growth from 2005 through 2008. To qualify, companies must have been founded and generating revenue by the first week of 2005, and therefore able to show four full calendar years of sales. Additionally, they have to be U.S.-based, privately held, for profit, and independent -- not subsidiaries or divisions of other companies -- as of December 31, 2008. Revenue in 2005 must have been at least $200,000, and revenue in 2008 must have been at least $2 million.
For more information on the Inc. 5000, please visit: http://www.inc.com/inc5000/2009/index.html.
SciQuest's procurement automation and supplier enablement solutions empower leading organizations to realize the potential of strategic procurement. The company's specialized knowledge, on-demand software, and service-first approach enable public and private enterprises across the globe to manage spend, drive ROI, and advance their critical missions.
SciQuest's deep understanding of its served vertical markets combined with a broad supplier network and intuitive, online shopping experience increase user adoption and contract compliance while improving operational efficiencies. Through software-as-a-service (SaaS) deployment, organizations can quickly implement the right eprocurement solution to augment existing ERP investments or fully enable all aspects of purchasing from sourcing to settlement.
For more information about SciQuest, please visit 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.
For further information: contact Ken Phillips, Davies Murphy Group, 781-418-2437, sciQuest@daviesmurphy.com.