By WRAL Tech Wire
CARY, N.C. – SciQuest (Nasdaq: SQI) is off to a strong start in 2011.
The Cary company on Thursday reported a profit of $400,000 for the first quarter. Also for the three-month period ending March 31 revenue rose to $12.5 million, up 24 percent from a year earlier.
The company helps drug makers, universities, government agencies and others buy goods online. SciQuest provides e-procurement services through software-as-a-service (SaaS) business model.
Some of last quarter’s gain was tied to SciQuest’s acquisition of a Texas company, which also helped boost its customer count to 313, nearly double the total of a year ago. However, net income fell partly because of costs related to the acquisition.
SciQuest held an initial public offering of stock in September. Last month, the company raised another $15 million in a secondary stock sale.
A year ago, before the company’s fall 2010 IPO, SciQuest posted a profit of $1.3 million on revenue of $10.1 million.
The company said Friday that they are hiring in the Triangle and in Houston, the base for a company it bought in December.
It now employs about 240 people and expects to hire more in coming months.
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