Revenues surged 18 percent in the last quarter compared to a year ago, but profits were flat, Cary-based SciQuest (Nasdaq: SQI) reported Thursday after the markets closed.
Plus, SciQuest sees more growth ahead, forecasting revenue “in the range of $17.4 million to $17.7 million.”
The company, which provides online procurement and related services to a growing number of global customers, said revenues increased to $15.2 million in the quarter ending June 30. That total compares to $12.9 million from a year earlier.
Profits after one-time and other related expenses were $1.4 million, or 6 cents a share, the same as last year.
The company cited the flat profits as being due to “planned strategic investments.”
SciQuest last week acquired Upside Software.
“We are pleased with our revenue performance in the second quarter, which was slightly above our expectations and helped produce non-GAAP net income at the upper end of our guidance range,” SciQuest Chief Executive Officer Stephen Wiehe said in a statement.
“Moreover, we made progress toward our strategic growth initiatives to expand our market opportunity, including the acquisition of Upside Software, Inc. that closed on August 1. In addition, we rolled out version 12.2 of our software suite with the first commercially available release of our stand-alone Accounts Payable solution. It was also the first to include multi-tenant versions of our Supplier Information Management and Sourcing solutions. We continue to focus on customer success, quality and execution in order to extend our leadership position in the cloud-based, source-to-settle software market,”
