SciQuest, one of the Triangle’s “dot com” darlings that re-invented itself as an e-procurement company and then went private in 2004, finished 2006 cash flow positive for the first time.
Citing near 100 percent revenue growth over 2005, SciQuest reported $16.2 million in revenues for 2006. The company also has more than $100 million in contract revenue.
“2006 proved to be a momentous year for SciQuest as we hit several major milestones including ash flow generation for the year, a positive earnings quarter, and the expansion of numerous customer and partner relationships,” said Stephen Wiehe, SciQuest’s chief executive officer.
“Sciquest established a true foothold in the industry with proven solutions that provide our customers with 80 percent plus contract compliance, up to 20 percent savings on every dollar under management, and return on investment within year one with millions in recovered savings.," he added in a statement.
SciQuest offers e-procurement services through a software-as-service model.