Cary, N.C. (PRWEB) March 06, 2013
Not-for-Profit Company Seeks to Identify New Cost Reduction Initiatives by Analyzing Consolidated Spending Data for 18 Member Universities
Cary, N.C., - March 6, 2013 – SciQuest, Inc. (NASDAQ: SQI), a provider of cloud-based spend management solutions, today announced that Interuniversity Services Inc. has chosen the SciQuest Spend Radar spend analysis solution to provide member institutions with ongoing access to consolidated post-secondary spending data to identify and implement new cost reduction initiatives in the procurement of goods and services.
“We were looking for a solution that would easily collect and consolidate data from a lot of different systems, from all of our member universities,” said David Davidson, CEO at Interuniversity Services, Inc. “We didn’t want to have to support the solution, so Software-as-a-Service was key, and Spend Radar fit our requirements.”
Interuniversity Services Inc has signed a three-year contract with SciQuest and includes four working groups to implement. The first working group will be in charge of establishing an effective and efficient semi-annual transfer of the university spend data to SciQuest. The success of this working group will ensure timely access to quality consolidated spending data. Two additional working groups, with representation from all 18 members of ISI, will analyze the spend data with the goal to identify and implement collaborative contracting. A fourth working group, focused on information technology and telecommunication spend, will be implemented at a later date.
Interuniversity Services Inc. also expects to identify and implement collaborative contracting initiatives in the area of facilities and general procurement to further identify savings.
“We’re pleased to assist Interuniversity Services with their spend analysis initiative,” said Brian Daniels, VP of Spend Analysis at SciQuest. “We were able to demonstrate to them that we easily and accurately collect and consolidate data from multiple systems, which met one of their core requirements.”
About Interuniversity Services Inc.
Interuniversity Services Inc. (ISI) is a not-for-profit company incorporated in 1984 by four independent universities. ISI currently provides select central administrative services to eighteen member institutions in Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador, thus reducing their overall operating costs, improving services, and providing a framework for cooperation among the universities, while maintaining their independence. ISI manages a diversified suite of collaborative contracts with an annual value in excess of $66.6 Million (2011-2012).
SciQuest’s (NASDAQ: SQI) easy to use solutions help contract management, procurement, and accounts payable professionals make daily operations efficient through smart automation, and turn the focus on more strategic decisions that impact the bottom line. With unmatched visibility into spending, combined with the Power of Q — the Company’s unique combination of products and support — SciQuest provides organizations with a strategic approach to spend management, improving bottom-line results.
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Cautionary Note Regarding Forward-Looking Statements
Any statements in this release that are not historical or current facts are forward-looking statements. These forward-looking statements include references to the integration of Upside’s CLM solution, our long-term strategy and the impact of the acquisition on non-GAAP revenue and non-GAAP net income for 2012 and 2013. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors" section of our Annual Report on Form 10-K and other required reports, as filed with the SEC, which are available free of charge on the SEC's website at http://www.sec.gov or on our website at http://www.sciquest.com. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. These forward-looking statements speak only as of the date hereof, and we undertake no obligation to update, amend or clarify any forward-looking statement for any reason.
SciQuest Media contacts:
Fama PR for SciQuest
Ted Weismann, 617-986-5009
SciQuest Investor contact:
Jamie Andelman, 919-659-2322