With its revenues growing and additional sales being generated through two acquisitions made in 2012, Cary-based SciQuest (Nasdaq: SQI) is projecting big revenue growth this year.
In quarterly earnings released Thursday, the online procurement and spend management services firm said it expects revenues this year to increase 30 percent to between $86 million and $90 million.
Revenues for 2012 were $66.5 million, a jump of more than 20 percent from $53.4 million in 2011.
SciQuest acquired Upside Software in August and Spend Radar in October.
“2012 was a year of strong results and solid execution,” said SciQuest Chief Executive Officer Stephen Wiehe in summing up the last quarter of 2012 and full-year performance.
“Fourth quarter and full year non-GAAP revenues grew 46 percent and 27 percent over the applicable 2011 periods, inclusive of strong organic performance.
“Our customer focus and commitment to generating long-term value helped us gain 42 new customers during 2012, excluding those gained via acquisition.
“We experienced growth across all of our markets, and the fourth quarter of 2012 was the best quarter ever for the Commercial sales team.
“In addition, we dramatically expanded our modular solution suite, meeting our 2012 objectives to add Contract Lifecycle Management, Spend Analysis and Accounts Payable products.
“Our performance and accomplishments in 2012 provide us with an excellent foundation for continued success that will help to further solidify our leadership position in the marketplace.
“Our priorities in 2013 will be to capitalize on the significant opportunities that our expanded product suite and market focus provide, attract new customers and cross-sell our enhanced and expanded suite to existing customers. At the same time, we are focused on driving operational efficiencies across the business.”
Revenues for the fourth quarter grew to $19.7 million from $14.2 million a year earlier.
Earnings minus one-time and other expenses were $1.6 million 7 cents per share, down from $2 million a year earlier. Cutting into profits were the acquisitions as well as what SciQuest described as “planned investments in product development and sales.”
