SciQuest, on of the first high-tech RTP firms that cashed in on the “dot com” revolution, is going private.
The company, which focuses now on software for financial transactions and acts as an application service provider (ASP), disclosed this morning that it has been sold to Trinity Ventures for $25.25 million.
Trinity will pay $6.25 a share.
As a result of the deal, SciQuest will become a private company, according to a company spokesperson. SciQuest plans to continue to operate as SciQuest and remain in RTP.
Trinity Ventures is based in California and had invested in SciQuest before it went public.
The deal comes after SciQuest went through a reverse stock maneuver that helped lift the per-share price substantially last year.
SciQuest (Nasdaq: SQST) closed at $4 a share on Friday.
“We have experienced significant momentum over the past year, and we are extremely proud of what we have accomplished,” said Stephen Wiehe, SciQuest’s president and chief executive officer. “However, with the increasing demands on public companies in today’s business climate, this acquisition enables us to become a private company, which is the most effective way to continue that growth and to focus on delivering the most value to our customers.”
Wiehe will stay with SciQuest, the spokesperson tells LTW.
SciQuest: www.sciquest.com
