SciQuest Inc. (Nasdaq: SQST), a software and information services company for the pharmaceutical industry, says a leading biotechnology company has signed a three-year license agreement to use its SelectSite Advanced Procurement Application (APA) as its enterprise e-procurement solution.
The life science company, which SciQuest did not disclose, chose the hosted SelectSite APA procurement solution to reduce its indirect materials spend through increased on-contract spending and utilization of local inventory. The SelectSite solution will replace the biotechnology firm’s internal requisitioning application.
“This agreement demonstrates that SelectSite is filling the needs of leading science-based companies by automating their purchasing processes and helping them better control spending,” Kerry May, vice president of worldwide sales for SciQuest, said in a statement. “The addition of this company to our portfolio of clients strengthens SelectSite’s position as a leading e-procurement solution for research-intensive organizations.”
SelectSite APA is a web-based sourcing, procurement and catalog management application designed for research-intensive organizations. It provides an electronic procurement system, including an online product catalog with over 1,000 suppliers, catalog management, requisition approval routing, electronic order distribution to suppliers, detailed reports and financial system integration.