In its second go-round as a public company, SciQuest (Nasdaq: SQI) is off to a good start.
The software-as-a-service and e-procurement services firm reported $10.8 million in revenue and a $1.5 million profit, or 10 cents per share, for the quarter ending Sept. 30. Revenues were up 19 percent from a year ago.
SciQuest returned to the public markets with an initial public offering of stock on Sept. 24. Its shares closed at $12.19 Monday. SciQuest announced earnings after the markets closed. Its shares have traded as high as $13.75 and as low as $10.50 since the IPO.
"During the third quarter, we added a number of new customers across our targeted vertical markets, and renewal and follow-on sales activity at existing customers remained high,” said Chief Executive Officer Stephen Wiehe in a statement.
“SciQuest’s ability to continue growing at a solid pace throughout the more challenging economic environment is a result of the compelling return on investment that our customers can realize from using our suite of on-demand e-procurement solutions,” he added.
Founded in 1995 as a provider of scientific and lab equipment, SciQuest. 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.
Under the direction of Chief Executive Officer Stephen Wiehe, who joined the company in 2001, SciQuest has completely refocused its business to become a software-as-a-service provider.
The company is profitable, having earned $2.63 million on revenues of $36.2 million last year.
For the earnings report,
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