Eprocurement services firm SciQuest, which was acquired for some $500 million earlier this year, has a new CEO. Long-time leader Stephen Wiehe has left the firm and has been replaced by business veteran Robert Bonavito.
“SciQuest is the proven procurement solutions leader within the higher education, life sciences and government spaces. We are road-mapping the company’s growth to realize the same level of success within new markets, while further expanding existing ones. We’ll be adding to our suite of solutions and aggressively pursuing the commercial, food and beverage and manufacturing sectors,” Bonavito said in a statement.
“This is a fantastic opportunity to take the dominant market player to the next level.”
No reason was disclosed for Wiehe’s departure.
“Our team built a great business and Robert Bonavito is the right person to continue our forward growth and momentum,” Wiehe said in a statement.
Wiehe hd been head of SciQuest for 15 years. He also is a former chair of the board of the Council for Entrepreneurial Development and remains a CED board member.
Private equity firm Accel-KKR closed on its acquisition of SciQuest in July.
SciQuest, which is now privately held, says it has some 550 customers as well as 500,000 suppliers that are integrated into is platform Customers include Sunoco, Kimberly-Clark, Toshiba, the United States Air Force, Starbucks as well as other corporations, universities and government agencies.
Robert Bonavito bio
Robert Bonavito joined SciQuest as the new CEO in September 2016. He was most recently the Chairman of On Center Software. He has held executive roles in Fortune 500 Companies and helmed one of the most successful companies within the supply chain space. He founded and was the CEO of iTradeNetwork, a Saas based global provider of supply chain management solutions serving over 10,000 companies, with over 220B in annual commerce.
Source: SciQuest
