Software company SciQuest (NASDAQ:SQI) reported a $600,000 first quarter net loss, a result the company attributed to the expected impacts of two acquisitions.

In the first quarter last year, SciQuest reported $200,000 in net income. But in the last year, Cary-based SciQuest has completed two large acquisitions for Spend Radar and Upside Software, which is now known as SciQuest Canada. Those acquisitions contributed to stronger SciQuest sales. Under  generally accepted accounting principles, SciQuest reported $20.7 million in first quarter revenues, up 43 percent compared to first quarter 2012 results. The company reported non-GAAP revenue in the first quarter of $21.3 million, up 48 percent over the prior year. The average first quarter revenue estimate of analysts polled by Thomson Reuters was $20.98 million.

In a statement, SciQuest President and CEO Stephen Wiehe said that the company’s sales growth was boosted by the addition of 10 new customers and upselling to the company’s existing customer base.

SciQuest provides software that enables institutions such as universities and government bodies to manage purchases and spending decisions online via a software-as-a-service offering. The company generates revenue from subscriptions to the software.