SciQuest Announces Fourth Quarter and Full Year 2013 Financial Results

SciQuest Announces Fourth Quarter and Full Year 2013 Financial Results                    Posted Strong Quarterly and Annual Results                             Attained 2013 Priorities                Generated Significant Growth in Commercial Market  CARY, N.C., Feb. 6, 2014 (GLOBE NEWSWIRE) -- SciQuest, Inc. (Nasdaq:SQI), a leading provider of cloud-based business automation solutions for spend management, today announced its financial results for the fourth quarter and full year ended December 31, 2013.  "2013 was an important year of execution that accelerated our transformation from a niche eProcurement solutions company to the leading provider of cloud-based spend management solutions. In the fourth quarter, we extended our track record of rapid growth. We increased non-GAAP revenues by 26% from a year ago, excluding a settlement fee we received. On this same basis, full-year revenue increased 37%. Strong non-GAAP revenue helped to generate non-GAAP net income per share that exceeded our guidance ranges. In addition, adjusted free cash flow beat expectations," said Stephen Wiehe, President and Chief Executive Officer of SciQuest. "Success was fueled by a combination of robust customer additions, solid cross-selling and the transformation of our sales organization that enhanced the team's people, processes and structure. We are particularly encouraged by the strong contribution from the commercial market, which complemented continued growth in other market segments. On the financial front, we are beginning to drive leverage from the operations we acquired in the second half of 2012. We also substantially completed operational integration of CombineNet.  "Looking ahead, we plan to leverage our successes and continue executing on the strategy that drove our performance in 2013: attract new customers, increase cross-selling, enhance and expand the solution suite and improve operational and financial efficiency, particularly at acquired entities. Our 2013 accomplishments and ongoing improvement efforts are expected to enable us to achieve our long-term targets of 20% non-GAAP revenue growth and 20% non-GAAP operating margins."  Fourth Quarter 2013 Results  SciQuest reported GAAP revenues of $25.8 million for the quarter ended December 31, 2013 compared to $19.7 million in the fourth quarter of 2012.  GAAP loss from operations in the fourth quarter of 2013 was $1.0 million compared to GAAP loss from operations of $2.1 million in the fourth quarter of 2012. GAAP net loss was $1.2 million in the fourth quarter of 2013 compared to GAAP net loss of $2.4 million in the same quarter in the prior year. The primary drivers of the fourth quarter 2013 losses were the expected impacts of acquisition related costs and stock-based compensation.  GAAP basic net loss per share was $0.05 in the fourth quarter of 2013 based on 23.8 million weighted average basic shares outstanding. GAAP diluted net loss per share in the fourth quarter of 2012 was $0.11 based on 22.4 million weighted average basic shares outstanding.  Non-GAAP revenue^(1) in the fourth quarter was $26.7 million. Excluding the additional revenue generated by a settlement fee that we received from a former customer, non-GAAP revenues^(1) would have been $26.2 million, an increase of 26% from the prior year.  Non-GAAP income from operations^(2) in the fourth quarter of 2013 was $4.4 million compared to non-GAAP income from operations^(2) of $2.7 million in the fourth quarter of 2012. Non-GAAP net income^(3) in the fourth quarter of 2013 was $2.7 million compared to non-GAAP net income^(3) in the fourth quarter of 2012 of $1.6 million.  Non-GAAP diluted net income per share^(3) was $0.11 in the fourth quarter of 2013 based on 24.3 million weighted average diluted shares outstanding. Excluding the additional revenue generated by the settlement fee, non-GAAP diluted net income per share^(3) in the quarter would have been $0.10. Based on 22.8 million weighted average diluted shares outstanding, non-GAAP diluted net income per share^(3) in the fourth quarter of 2012 was $0.07.  Full Year 2013 Results  On a full year basis, GAAP revenues were $90.2 million in 2013 compared to $66.5 million in 2012. GAAP loss from operations was $5.1 million in 2013 compared to GAAP loss from operations of $1.1 million in 2012. GAAP net loss was $4.7 million in 2013 and GAAP basic net loss per share during the year was $0.21 based on 23.0 million weighted average basic shares outstanding. In 2012, GAAP net loss was $1.2 million and GAAP basic net loss per share was $0.05 based on 22.3 weighted average basic shares outstanding. The primary drivers of these losses were the expected impacts of acquisition related costs and stock-based compensation.  Non-GAAP revenues^(1) in 2013 were $93.6 million. Excluding additional revenue generated by a settlement fee that we received from a former customer, non-GAAP revenues^(1) would have been $93.1 million, up 37% from 2012.  Non-GAAP income from operations^(2) was $14.5 million in 2013 compared to non-GAAP income from operations^(2) of $8.9 million in 2012. Non-GAAP net income^(3) was $8.8 million in 2013 compared to non-GAAP net income^(3) of $5.5 million in 2012.  Non-GAAP diluted net income per share^(3) in 2013 was $0.38 based on 23.5 million weighted average diluted shares outstanding. Based on 22.7 million weighted average diluted shares outstanding, non-GAAP diluted net income per share^(3) in 2012 was $0.24.  Net cash provided by operating activities in 2013 was $18.0 million. Adjusted free cash flow^(4) in 2013 was $14.5 million. Excluding the additional cash generated by the settlement fee, adjusted free cash flow^(4) would have been $14.0 million.  Business Outlook  Based on the Company's strong fourth quarter performance, SciQuest is issuing the following guidance:  First quarter 2014    *GAAP revenues to be between $25.5 million and $25.8 million.   *Per share results to be between GAAP basic net loss per share of $0.01 and     breakeven.   *Weighted average basic shares outstanding to be approximately 24.0     million.   *Non-GAAP revenues^(1) to be between $26.1 million and $26.4 million.   *Non-GAAP diluted net income per share^(3) to be between $0.08 and $0.09.   *Weighted average diluted shares outstanding to be approximately 24.5     million.  Full Year 2014    *GAAP revenues to be between $106.5 million and $111.5 million.   *GAAP diluted net income per share of between $0.05 and $0.10.   *Weighted average diluted shares outstanding to be approximately 24.6     million.   *Net cash provided by operating activities to be between $22.4 million and     $26.4 million.   *Purchase of property and equipment of approximately $5.5 million,     capitalization of software development costs of approximately $4.8     million, acquisition related cash costs of $3.6 million and headquarter     relocation costs of approximately $0.3 million.   *Non-GAAP revenues^(1) to be between $108.0 million and $113.0 million.   *Non-GAAP diluted net income per share^(3) to be between $0.40 and $0.44.   *Adjusted free cash flow^(4) to be between $16.0 million and $20.0 million.  A reconciliation of the most comparable GAAP financial measure to the non-GAAP measures used above is included with the financial tables at the end of this release.  ENDNOTES  1) Non-GAAP revenues exclude the purchase accounting deferred revenue adjustment.  2) Non-GAAP income from operations excludes the purchase accounting deferred revenue adjustment; stock-based compensation expense; acquisition related costs; and the amortization of (i) intangible assets and (ii) acquired software.  3) Non-GAAP net income and non-GAAP diluted net income per share exclude the purchase accounting deferred revenue adjustment; stock-based compensation expense; acquisition related costs; and the amortization of (i) intangible assets and (ii) acquired software. Non-GAAP net income includes the burden of the tax effect of these items.  4) Adjusted free cash flow is defined as net cash provided by operating activities plus acquisition-related costs, less (i) the purchase of property and equipment and (ii) capitalization of software development costs.  Conference Call Information            What:      SciQuest's fourth quarter and full year 2013 financial results            conference call When:      Thursday, February 6, 2014 Time:      4:30 p.m. ET Webcast:   http://investor.sciquest.com (live and replay) Live Call: (877) 407-8289, domestic           (201) 689-8341, international Replay:    (877) 660-6853, domestic           (201) 612-7415, international            Live and replay conference ID code: 13574601  Non-GAAP Financial Measures  SciQuest provides all information required in accordance with GAAP, but believes evaluating its ongoing operating results may not be as useful if an investor is limited to reviewing only GAAP financial measures. Accordingly, SciQuest presents non-GAAP financial measures in reporting its financial results to provide investors with additional tools to evaluate SciQuest's operating results in a manner that focuses on what SciQuest believes to be its ongoing business operations and what SciQuest uses to evaluate its ongoing operations and for internal planning and forecasting purposes. SciQuest's management does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. SciQuest's management believes it is useful for itself and investors to review, as applicable, both GAAP information that includes: (i) the amortization of acquired intangible assets; (ii) the impact of stock-based compensation; (iii) other significant items, such as acquisition related expenses; (iv) the purchase accounting impact on deferred revenue; and (v) the beneficial income tax effect of these items; and the non-GAAP measures that exclude such information in order to assess the performance of SciQuest's business and for planning and forecasting in subsequent periods. Whenever SciQuest uses such a non-GAAP financial measure, it provides a reconciliation of the non-GAAP financial measure to the most closely applicable GAAP financial measure to the extent possible. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measure as detailed herein.  About SciQuest  SciQuest (Nasdaq:SQI) is the largest publicly held pure-play provider of cloud-based, business automation solutions for spend management – offering deep domain knowledge and a leading, customer-driven portfolio. SciQuest solutions enable greater visibility and compliance organization-wide to help you gain control, optimize efficiencies, and reduce spend. These cloud-based solutions are easy to implement and proven to deliver measurable, sustainable value with SciQuest's high-touch support, analysis and automation. Learn more about our solutions and how we can help your organization turn spending into savings at www.sciquest.com.  To join the conversation, please visit our blog, The Open Kitchen at http://www.sciquest.com/blog/ or follow us on Twitter @SciQuest.  Cautionary Note Regarding Forward-Looking Statements  Forward-looking statements include information concerning SciQuest's possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, potential market opportunities, the effects of competition and other factors that could impact future performance. Forward-looking statements, which include references to the our business strategy, long-term targets and all statements in the "Business Outlook" section, consist of statements that are not historical facts and can be identified by terms such as, but not limited to, "accelerates", "anticipates," "believes," "could," "seeks," "estimates," "expects," "intends," "may," "plans," "potential," "predicts," "projects," "should," "will," "would" or similar expressions and the negatives of those terms. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Certain of these risks are discussed in "Part I, Item 1A, Risk Factors" and elsewhere in SciQuest's most recent Annual Report on Form 10-K and other reports, as filed with the United States Securities and Exchange Commission ("SEC"). The company's SEC reports are available free of charge on the SEC's website at http://www.sec.gov or on the company's website at www.sciquest.com. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Also, forward-looking statements represent management's beliefs and assumptions only as of the date of this release. Except as required by law, SciQuest assumes no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.   SQI-F  SCIQUEST, INC. CONSOLIDATED BALANCE SHEETS (in thousands except per share amounts)                                                                                                 As of December31, As of December31,                                       2013                2012                                       (unaudited)          Assets                                                     Current assets:                                            Cash and cash equivalents             $19,117           $15,606 Short-term investments                 15,105             29,740 Accounts receivable, net               12,987             12,916 Prepaid expenses and other current     3,268              1,434 assets Deferred tax asset                     290                77 Total current assets                  50,767             59,773 (Loss) earnings per share              10,028             7,093 Goodwill                              65,280             37,295 Intangible assets, net                29,490             16,346 Deferred project costs                6,701              6,962 Deferred tax asset                     10,885             12,682 Other                                 294                173 Total assets                          $173,445          $140,324 Liabilities and Stockholders' Equity                       Current liabilities:                                       Accounts payable                      $741              $1,864 Accrued liabilities                   13,765             8,771 Deferred revenues                     57,417             47,821 Total current liabilities             71,923             58,456 Deferred revenues, less current        13,343             14,640 portion Stockholders' equity:                                      Common stock, $0.001par value; 50,000shares authorized; 23,811 and 22,525shares issued and outstanding   24                 23 as of December 31, 2013 and December 31, 2012, respectively Acquisition related costs              108,864            81,894 Accumulated other comprehensive loss   (1,401)            (115) Accumulated deficit                   (19,308)           (14,574) Total stockholders' equity             88,179             67,228 Total liabilities and stockholders'    $173,445          $140,324 equity   SCIQUEST, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands except per share amounts)                                                                                          Three Months Ended December Year Ended December 31,                           31,                          2013          2012          2013         2012                          (unaudited)                 (unaudited)                                                                 Revenues                 $25,848     $19,704     $90,231    $66,465 Cost of revenues (1)(2)   7,469        6,341        27,411      20,270 Gross profit             18,379       13,363       62,820      46,195 Operating expenses: (1)                                          Research and development 7,742        6,283        28,267      17,188 Sales and marketing      7,197        5,719        24,261      17,907 General and               3,587        2,912        13,033      10,918 administrative (Loss) earnings per share 837          532          2,382       1,268 Total operating expenses 19,363       15,446       67,943      47,281 Loss from operations     (984)        (2,083)      (5,123)     (1,086) Other income (expense),                                          net: Interest income          11           20           61          95 Other income (expense),   10           (41)         (48)        (82) net Total other income        21           (21)         13          13 (expense), net Loss before income taxes (963)        (2,104)      (5,110)     (1,073) Income tax (expense)      (257)        (338)        376         (103) benefit Net loss                 $(1,220)    $(2,442)    $(4,734)   $(1,176)                                                                 Other comprehensive loss:                                        Foreign currency          (680)        (12)         (1,286)     (115) translation adjustments Comprehensive loss        $(1,900)    $(2,454)    $(6,020)   $(1,291)                                                                 Net loss per share                                               Acquisition related costs $(0.05)     $(0.11)     $(0.21)    $(0.05) Diluted                   $(0.05)     $(0.11)     $(0.21)    $(0.05)                                                                 Weighted average shares outstanding used in                                              computing per share amounts Basic                     23,759       22,433       23,044      22,285 Diluted                   23,759       22,433       23,044      22,285                                                                 (1) Amounts include stock-based compensation                                         expense, as follows:                          Three Months Ended December Year Ended December 31,                           31,                          2013          2012          2013         2012                          (unaudited)                 (unaudited) Cost of revenues          $131        $109        $499       $300 Research and development 426          444          1,714       1,217 Sales and marketing      577          501          1,992       1,510 General and               696          534          2,727       2,170 administrative                          $1,830      $1,588      $6,932     $5,197                                                                 (2) Cost of revenues includes amortization of                                         capitalized software development costs of:                                                                 Amortization of capitalized software      $555        $287        $1,842     $928 development costs: Amortization of acquired  528          324           1,580       553 software:                          $1,083      $611        $3,422     $1,481   SCIQUEST, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)                                                                                          Three Months Ended December Year Ended December 31,                           31,                          2013          2012          2013         2012                          (unaudited)                 (unaudited) Cash flows from operating                                        activities Net loss                  $(1,220)    $(2,442)    $(4,734)   $(1,176)                                                                 Adjustments to reconcile net loss to net cash                                             provided by operating activities: Depreciation and          2,503        1,608        7,963       4,281 amortization Loss on disposal of fixed --           2            --          38 assets Stock-based compensation  1,830        1,588        6,932       5,197 expense Deferred taxes            233          166          (443)       (55) Changes in operating assets and liabilities,                                          net of effects of acquisitions: (Loss) earnings per share (212)        (5,470)      2,497       556 Prepaid expense and other (1,041)      233          (1,510)     (145) current assets Deferred project costs    (495)        29           290         (1) and other assets Accounts payable         417          1,575        (1,214)     1,764 Accrued liabilities      3,077        2,437        4,170       1,995 Deferred revenues        3,597        6,858        4,067       7,926 Net cash provided by      8,689        6,584        18,018      20,380 operating activities Cash flows from investing                                        activities Business acquisition, net (59)         (7,741)      (25,592)    (30,188) of cash acquired Addition of capitalized software development      (712)        (934)        (3,654)     (3,113) costs Purchase of property and  (1,032)      (115)        (2,873)     (1,825) equipment Purchase of short-term    --           (4,820)      (23,525)    (6,020) investments Maturities of short-term  125          1,625        38,160      20,965 investments Net cash used in          (1,678)      (11,985)     (17,484)    (20,181) investing activities Cash flows from financing                                        activities Proceeds from exercise of 495          216          2,103       528 common stock options Acquisition related costs 170          --           930         -- Net cash provided by      665          216          3,033       528 financing activities Effect of exchange rate change on cash and cash   (17)         (19)         (56)        (79) equivalents Net increase (decrease) in cash and cash          7,659        (5,204)      3,511       648 equivalents Cash and cash equivalents at beginning of the       11,458       20,810       15,606      14,958 period Cash and cash equivalents $19,117     $15,606     $19,117    $15,606 at end of the period   RECONCILIATION DATA (UNAUDITED) (in thousands except per share amounts)                                                                 Reconciliation of Net     Three Months Ended December Loss to Non-GAAP Net      31,                        Year Ended December 31, Income:                          2013          2012          2013         2012 Net loss                  $(1,220)    $(2,442)    $(4,734)   $(1,176) Purchase accounting deferred revenue          888          1,084        3,323       1,490 adjustment Amortization of           837          532          2,382       1,268 intangible assets Amortization of acquired  528          324          1,580       553 software Stock-based compensation  1,830        1,588        6,932       5,197 Acquisition related costs 1,346        1,256        5,377       1,506 Tax effect of adjustments (1,482)      (705)        (6,015)     (3,378) Non-GAAP net income       $2,727      $1,637      $8,845     $5,460                                                                 (Loss) earnings per share                                        Basic                     $0.11       $0.07       $0.38      $0.25 Diluted                   $0.11       $0.07       $0.38      $0.24                                                                 Weighted average shares outstanding used in                                              computing per share amounts: Basic                     23,759       22,433       23,044      22,285 Diluted                   24,306       22,822       23,520      22,712                                                                 Reconciliation of Loss from Operations to        Three Months Ended December Year Ended December 31, Non-GAAP Income from      31, Operations:                          2013          2012          2013         2012 Loss from operations      $(984)      $(2,083)    $(5,123)   $(1,086) Purchase accounting deferred revenue          888          1,084        3,323       1,490 adjustment Amortization of           837          532          2,382       1,268 intangible assets Amortization of acquired  528          324          1,580       553 software Stock-based compensation  1,830        1,588        6,932       5,197 Acquisition related costs 1,346        1,256        5,377       1,506 Non-GAAP income from      $4,445      $2,701      $14,471    $8,928 operations                                                                 Reconciliation of Operating Expenses to     Three Months Ended December Year Ended December 31, Non-GAAP Operating        31, Expenses:                          2013          2012          2013         2012 Operating expenses        $19,363     $15,446     $67,943    $47,281 Amortization of           (837)        (532)        (2,382)     (1,268) intangible assets Stock-based compensation  (1,699)      (1,479)      (6,433)     (4,897) Acquisition related costs (1,346)      (1,256)      (5,377)     (1,506) Non-GAAP operating        $15,481     $12,179     $53,751    $39,610 expenses                                                                 Reconciliation of Net Cash Provided by          Three Months Ended December Year Ended December 31, Operating Activities to   31, Adjusted Free Cash Flow:                          2013          2012          2013         2012 Net cash provided by      $8,689      $6,584      $18,018    $20,380 operating activities Purchase of property and  (1,032)      (115)        (2,873)     (1,825) equipment Capitalization of software development      (712)        (934)        (3,654)     (3,113) costs Free cash flow            6,945        5,535        11,491      15,442 Acquisition related costs 521          56           2,977       306 Adjusted free cash flow   $7,466      $5,591      $14,468    $15,748   RECONCILIATION DATA (UNAUDITED) (in thousands)                                                                 Reconciliation of         Three Months Ended December Revenues to Non-GAAP      31,                        Year Ended December 31, Revenues:                          2013          2012          2013         2012 Revenues                  $25,848     $19,704     $90,231    $66,465 Purchase accounting deferred revenue          888          1,084        3,323       1,490 adjustment Non-GAAP Revenues         $26,736     $20,788     $93,554    $67,955                                                                 Reconciliation of Cost of Three Months Ended December Revenues to Non-GAAP Cost 31,                        Year Ended December 31, of Revenues:                          2013          2012          2013         2012 Cost of revenues          $7,469      $6,341      $27,411    $20,270 Amortization of acquired  (528)        (324)        (1,580)     (553) software Stock-based compensation  (131)        (109)        (499)       (300) (Loss) earnings per share $6,810      $5,908      $25,332    $19,417                                                                 Reconciliation of Research and Development  Three Months Ended December Year Ended December 31, to Non-GAAP Research and  31, Development:                          2013          2012          2013         2012 Research and development  $7,742      $6,283      $28,267    $17,188 Stock-based compensation  (426)        (444)        (1,714)     (1,217) Acquisition related costs (600)        (600)        (2,400)     (600) Non-GAAP Research and     $6,716      $5,239      $24,153    $15,371 development                                                                 Reconciliation of Sales   Three Months Ended December and Marketing to Non-GAAP 31,                        Year Ended December 31, Sales and Marketing:                          2013          2012          2013         2012 Sales and marketing       $7,197      $5,719      $24,261    $17,907 Stock-based compensation  (577)        (501)        (1,992)     (1,510) Acquisition related costs (600)        (600)        (2,400)     (600) Non-GAAP Sales and        $6,020      $4,618      $19,869    $15,797 marketing                                                                 Acquisition related costs Three Months Ended December Year Ended December 31,                           31,                          2013          2012          2013         2012 General and               $3,587      $2,912      $13,033    $10,918 administrative Stock-based compensation  (696)        (534)        (2,727)     (2,170) Acquisition related costs (146)        (56)         (577)       (306) Non-GAAP General and      $2,745      $2,322      $9,729     $8,442 administrative                                                                 Reconciliation of Amortization of           Three Months Ended December Intangible Assets to      31,                        Year Ended December 31, Non-GAAP Amortization of Intangible Assets:                          2013          2012          2013         2012 Amortization of           $837        $532        $2,382     $1,268 intangible assets Amortization of           (837)        (532)        (2,382)     (1,268) intangible assets Non-GAAP Amortization of  $--        $--        $--       $-- intangible assets   RECONCILIATION DATA (UNAUDITED) (in thousands except per share amounts)                                                                 Reconciliation of Revenue      Three Months Ended March Twelve Months Ended Outlook to Non-GAAP Revenue    31, 2014                 December 31, 2014 Outlook:                               Low end of  High end of  Low end of High end of                                Range       Range        Range      Range Revenues                       $25,500   $25,800    $106,500 $111,500 Purchase accounting deferred   600         600          1,500      1,500 revenue adjustment Non-GAAP revenues              $26,100   $26,400    $108,000 $113,000                                                                 Reconciliation of (Loss) Earnings per Share Outlook to  Three Months Ended March Twelve Months Ended Non-GAAP Earnings per Share    31, 2014                 December 31, 2014 Outlook:                               Low end of  High end of  Low end of High end of                                Range       Range        Range      Range (Loss) earnings per share      $(0.01)   $--       $0.05    $0.10 Purchase accounting deferred   0.02        0.02         0.05       0.05 revenue adjustment per share Amortization of intangible assets per share and acquired  0.06        0.06         0.22       0.22 software per share Stock-based compensation per   0.06        0.07         0.27       0.27 share Headquarter relocation         0.00        0.00         0.05       0.05 expenses per share Tax effect of adjustments per  (0.05)      (0.06)       (0.24)     (0.25) share Non-GAAP earnings per share    $0.08     $0.09      $0.40    $0.44                                                                 Reconciliation of Net Cash Provided by Operating                                 Twelve Months Ended Activities Outlook to Adjusted                          December 31, 2014 Free Cash Flow Outlook:                                                      Low end of High end of                                                         Range      Range Net cash provided by operating                        $22,400  $26,400 activities Purchase of property and                              ($5,500)   ($5,500) equipment Capitalization of software                            ($4,800)   ($4,800) development costs Acquisition related costs                             $3,600     $3,600 Headquarter relocation costs                          $300       $300 Adjusted free cash flow                               $16,000  $20,000  CONTACT: SciQuest media contact:          Michelle Perkins          SciQuest, Inc.          919-659-2228          mperkins@sciquest.com                   SciQuest Investor contact:          Jamie Andelman          SciQuest, Inc.          919-659-2322          jandelman@sciquest.com