SciQuest Acquires CombineNet Inc. - Quick Facts

(RTTNews) - SciQuest Inc. (SQI), a provider of cloud-based business automation solutions for spend management, Tuesday acquired CombineNet Inc., a provider of advanced sourcing software to large companies with complex procurement needs.

SciQuest purchased 100% of the outstanding stock of CombineNet for total consideration of approximately $43 million comprised of approximately $26 million in cash and approximately 820,000 shares of common stock.

The acquisition expands SciQuest's strategic sourcing footprint with an advanced, cloud-based tool that improves procurement decisions for spend categories that are typically beyond the capabilities of traditional eSourcing software.

SciQuest expects CombineNet to generate approximately $1 million of non-GAAP revenues per month during the remainder of 2013. Inclusive of integration costs, the Company expects the acquisition to have an approximately neutral impact in the third quarter and full year 2013 on non-GAAP diluted net income per share and adjusted free cash flow.