SciQuest (Nasdaq: SQI) is acquiring an on-demand procurement and supplier services provider in a deal worth some $13 million.
The Cary-based company, which went public earlier this year, said it had struck a deal to pay $9 million in cash and $4 million in stock for AECsoft USA and a China-based affiliate.
Another $4 million could be paid to AECsoft over the next three years based on achievement of certain milestones, SciQuest said.
“We are excited about our acquisition of AECsoft, as it increases the robustness of our eProcurement solution by strengthening our supplier management and sourcing components with the industry’s highest user-rated Supplier Information Management solution, according to Gartner,” said Stephen Wiehe, SciQuest’s chief executive officer, in a statement.
Tom Ren, chairman, co-founder and chief technology officer at AECsoft, will join SciQuest as part of the deal.
“We believe this combination will provide customers with comprehensive, industry-leading solutions for strategic source-to-settle procurement technology from a single, trusted resource,” Wiehe said. “We are confident that this addition will improve our technology offering for our existing customers and will enhance our growth prospects by offering a more compelling solution to potential customers in the markets we currently serve and expands our opportunities into markets currently served by AECsoft.”
SciQuest provides e-procurement services through software-as-a-service.
The deal was announced after the markets closed.
SciQuest shares closed Tuesday at $12.31.
Read the full announcement here.
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