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Local Tech Wire

CARY, N.C. – , once a public company that went private, wants to go public again.

The Cary-based firm, which provides online procurement and related services, said in a filing with the Securities and Exchange Commission on Friday that it wants to return to the public markets.

In 1999 at the height of the “dot com” boom, SciQuest went public for some $120 million.

However, after the “dot com” crash, SciQuest changed its business strategy to become a software-as-a-service provider and went private in 2004 with backing from Intersouth and Trinity Ventures.

SciQuest is targeting the New York Stock Exchange and wants to list its shares under the symbol SQI.

The company hopes to raise $75 million. Of those funds, some $35 million will be used to redeem all its outstanding shares. The remaining funds would be used for capital and other purposes.

The public markets, which are operating at 18-month highs, have become more receptive to IPOs in recent months. Earlier this week, two venture capital-backed tech firms executed successful IPOs. VC-backed IPOs have been extremely rare over the past two years.

Trinity had invested in SciQuest before its first IPO.

Thomas Weisel Partners will handle the IPO along with William Blair & Company, JMP Securities and Pacific Crest Securities.

SciQuest launched in 1995.

The company is profitable, having earned $2.63 million on revenues of $36.2 million last year.